In Ep. 36 of The Spelunking Podcast, we discussed how AI agents trading shitcoins with a lot of capital, and capturing retail’s imagination, might be what ends up causing the next crypto bubble and brings this cycle down.
While someone else pointed me to a video on retail metrics to indicate consumers might not have arrived yet, I’m not sure those track from cycle to cycle, considering how quickly social changes.
Even so, having revisited the conversation with Mika, I suspect that in this cycle retail will arrive fast and hard, to things like Virtuals, and then blow themselves up even faster.
Put another way: agents with onchain access feels a bit like DeFi did back when. I don’t think the general idea is stupid but, much like with DeFi’s first iteration, people are going to get up to a lot of stupid shit.