Why memecoins are succeeding in this cycle (a thesis): In the past cycles that I have witnessed, everyone was trying to compete with #Bitcoin, and during that time given Bitcoin's infancy and our limited knowledge it was almost plausible that it was even possible, talks about $ETH flipping $BTC, $EOS taking their lunch and $TRON taking desserts.

The ICO boom is yet another example of the "next Bitcoin" narrative and immediately failed as securities by the SEC and caused a lot of regulatory scrutinies, holding this industry back for years until clarity came around (see "proper disclosures".)

Memecoins are succeeding because they are not competing with Bitcoin or traditional financial markets, they simply exist and ppl love the concept
#Bitcoin