TL; DR
Full story
Stupidity = health.
Yes, fair point – that you need a bit more context.
When markets are in a ‘boom’ phase, you will often see investors moving further along the risk curve (i.e. looking for higher returns in riskier assets, rather than lower returns in safer assets).
Another way to say that is:
Healthy markets lead investors to make stupid decisions (so in a strange way, an increase in stupidity = a sign of health for the market).
Well, we have good news!
The market is (apparently) healthier than your cousin Jen who is currently on a juice cleanse, as memecoins outperformed the broader crypto market this week.
And memecoins are about as far along the risk curve as possible.
(Except maybe when you tell your mother to shut up, which is a guaranteed death sentence).
At the time of writing, the total market cap for memecoins is ~$58 billion, up 10% in the last 24 hours.
(I wonder what could have started that).
Let’s hope this momentum can sustain itself.