I've come to a point where I see most Altcoins including the AI or Gaming narrative as Memecoins. Everything that has a real use case with actual users (aside from trading meme coins to make a profit which is still 90%+ of the purpose of the altcoin market) which can be measured tends to underperform as the marketcap can more easily be measured. This includes things Hive, Splinterlands, GambleFi,...

All projects that live from just a narrative and a big potential future use case or the potential to do a 100x tend to do well and pump in a bull market which also drives in all those that look for Fundamentals .

At least this is how I experience things, it's hard to spot a trend before or even during it takes place but easy to get crushed acting as exit liquidity. Everyone is chasing the big multiples but in reality you only see people flexing with their wins often trying to sell something in the process while many more likely end up losing.

This said, I do believe when you are in crypto in general over a longer period, you will come out as a big winner even including scams, hacks, rugpulls, ... you come across inevitably.

I also started to get into meme coins recently as it's just the way it is and you know that new people who come in will be drawn to them just like last time. At the same time, it kind of makes me sad because it feels like the only thing crypto is really used for.