The cryptocurrency market has seen a notable trend with the rise of memecoins, which have become a significant part of the current cycle. These memecoins are often characterized by their short-lived nature, with cycles now lasting less than an hour. The rapid rise and fall of these coins have led to a perception of them as gambling tools rather than investments with real utility. Observers have noted that the memecoin market is dominated by insiders and key opinion leaders (KOLs) who profit at the expense of retail investors. The total amount extracted from memecoin trading on the Solana blockchain is estimated to be between $3.6 billion and $6.6 billion over the last year or two. This has led to calls for a return to fundamentals in the crypto space, with some suggesting that the focus should shift to projects with real utility and sustainable value.