This run has been super strange in the trenches so far.

We had a nearly $1B runner with $PONS, yet onchain new pairs are absolute hell.

There hasn’t been a real meta in a while. It’s mostly random runners like Orbio or this JeanPhil coin.

Everything else seems to be another AI-launchpad LARP or a random cat—endless PvP across 10+ coins, with maybe one eventual winner.

It used to be different.

A new coin would run to $20M+, create a clear meta on its chain, and you could research logical betas with realistic ceilings above $1M.

Right now, the volume simply isn’t enough to support this many chains, launchpads, and daily launches.

Add KOLs who either PvP the new runners or pump and dump them—and the sheep who blindly follow—and the whole market becomes extremely difficult to navigate.

Hopefully, this is only the beginning of the run and the onchain environment improves.

For now, I’m staying out of new pairs and continuing to hold my existing conviction plays.