“Social trading” memecoins has become exceptionally popular. Cool. But I’ve seen some wild takes. “Traders are the new athletes.” If we’re talking about Quintuple-A baseball in Tupelo, maybe. A) There’s a difference between identifying a good trade and having enough followers to make it a good trade. Buy a thinly traded token, broadcast the position, watch followers pile in, then point to the chart as proof of your genius. The prediction can become a self-fulfilling prophecy. Building that audience is a skill. Monetizing attention is a skill. But neither automatically proves you have a trading edge. The real test: would the trade have worked if nobody knew you took it? B) Our echo chamber makes this market look much bigger than it is. Spend all day surrounded by people trading memes and you start believing this is the future of finance. Step outside that bubble. Stocks, options, sports betting, prediction markets. There’s an entire world of speculation that doesn’t revolve around catching a token before someone with a cartoon avatar posts it. Popularity on your timeline is not mass adoption. C) Copying the entry doesn’t mean copying the return. You see the position after they bought. You pay a different price. You may see the exit after they sold. In a thin market, those differences can be the entire trade. The leader can make money while the followers lose money, even if everyone bought the same token. A screenshot of the leader’s P&L tells you very little about the experience of the people copying them. And the more followers there are, the harder it becomes for everyone to get out at the advertised price. I’m not dismissing social trading. It can be entertaining, useful and profitable. But if we’re going to call these people the new athletes, let’s see the full season: every trade, every loss, actual execution and what followers earned after fees. Athletes don’t get to publish only their highlights and call it the scoreboard.

social capital is becoming a bigger part of how onchain trades reach escape velocity - public PnL creates momentum around a position - leaderboards make winners highly visible to new retail - new users naturally gravitate toward coins where they can see others making money - that visibility can turn into social consensus and accelerate distribution we saw a version of this with DOGE, and i think it’ll matter even more with social trading apps this cycle