its simple imo prisoner dilemma. cooperation vs defection early markets/communities need strong cooperation to succeed. this is nfts right now after 4 years of bear and super scummy bayc copycat fiverr culture. the remaining survivors and true enthusiasts gather in one new collection and raid as hard as possible because there is nothing to gain from defection. its bottomed. so the remaining people are real ones who build super cool stuff and support each other to build a new culture that attracts outside people and this is how they grow into mainstream trends. memecoins was this in 2023/early 2024. perp dex space and user base was also way different pre HL genesis. people cared about more than just points and tge. late markets/communites prefer defection because the original user base is gone, tourists and opportunists dominate and the costs of doing business become excessively high (trenches trading requires strong infrastructure, botnets, wallet trackers, access to fnf groups etc to be profitable) nft are cooperation rn. pve memecoins are max defection. pvp people are left with 2 options: frontrun the big migration now or buy higher later