Onchain Sahara Desert
Extraction.
There has been a lot of contention about memecoins today after the latest extraction event involving the Argentine president and KIP protocol, which launched the LIBRA token that went up to $4B and then crashed 90% within hours while the team left with over $100M in proceeds. This is yet another extraction event that will not make it back on-chain as the ecosystem continues bleeding out. Many sidelined investors sold all their tokens (rightfully so), and for them to return with some of that capital, there needs to be something genuinely worth buying again. In the current landscape, that is not really the case.