When making a trade, I find it useful to ask where the marginal buyer is coming from, because the marginal buyer is what's providing the upside. In crypto right now I think there are a few places to look. If it's younger traders, memes probably do well. A lot of them feel locked out of houses and pensions, they grew up online and they get internet culture in a way older traders just don't. For them attention is the asset, and memes are a way to trade it. If it's Wall Street, they want revenue and cash flow and something they can model. As more of finance gets tokenised it needs somewhere to trade, finance positions and hedge, so perps, exchanges, AMMs and lending protocols start to look attractive to these types of investors. If it's people who care about privacy, privacy coins probably do well (duh). That's to some extent a reaction to crypto's own success, because the more of your financial life goes onchain the more anyone can see, and with AI, states can monitor everything you do. Not financial advice, just how I think about it.