remember when @coinbase did IPO and all CEX tokens went ballistic? $BNB pulled a 3x to reach ATH, $OKB 4x, $KCS 5x, $GT 10x, and a few others. now instead we had: • Circle IPO, oversubscribed, and massive un • Tether earning billlions and top UST buyer • Stablecoin supply broke ATH at $250B+ • Genius Act bill passed • Trump, Bessent, Powell, and others publicly supporting stablecoins • Plasma just launched raising $50M in minutes at $500M FDV • JP Morgan launching a “deposit” token on Base • Potential new players of stablecoins like Bank of America or Fidelity • Stripe bought Bridge in a $1b+ deal • Bvnk raises $50m at $750m fdv (I’m likely missing some extra points) Yet liquid crypto stablecoin proxies do not move. Or barely, definitely not comparable to other metas / narratives we’ve had. Crypto has stopped moving around main events. Or has become less dumb. Consequently, the concept of "narrative" is weaker than ever. I guess that’s a sign of a simultaneously more matured and saturated market. And definitely a less fun market.