The best word I can think of to describe this bull market is— perplexing. I agree with @dbooster that meme coins have diverted the attention and capital away from alts. The SEC's obtuse/predatory regs didn't do the alt market any favors either. I think many of the new investors that have entered the market have little interest in the cypherpunk ideals and just want to make a quick buck. I hope the thread of that cypherpunk narrative can be picked up again and revived. It might take some financial hard times like the 2008 Housing Crisis to create a new crop of rebels.