meme coin ceilings are shrinking every cycle and i don't think people have really priced that in. 2021: doge to $85b, shib to $40b, safemoon to $17b. a handful of meme options, so the money piled into whoever was there. 2024/25: way more launches, still some real holds. wif topped at $5b. pepe $11b. doge got to maybe half its old high. a bunch crossed a billion. the ceiling came down and the count went up. this cycle: zero launch friction, insiders on every one, and everyone knows the bag goes to zero so nobody wants to be last out. my guess is a billion is the ceiling for a new meme, and most winners might top under that. that's the part that hurts retail. last cycle you needed to catch one wif trade to make really good money. now you need to catch maybe 5 smaller runners, and every extra decision is another place to be wrong. the leaderboards keep people coming back by showing the winners every day. what they don't show is how many decisions the winners had to get right. ansem coin is its own thing. one guy, mucho reach, i'm not counting it as part of this.