At this point, we’ve covered the thesis on why GameFi has enjoyed some success over the last few months, and if you haven’t, feel free to catch up with the first or second entries of this series. The basic idea is that, through a combination of memecoin exhaustion, upcoming airdrops, and macro chop, people sought a new playground to speculate in. Some of those driving forces have changed a bit, so let’s dive in.

BTC and SOL are now up 24% and 48% from the April bottom, respectively. Fartcoin (arguably the onchain darling right now) is up 450%, and while I wrap up this post, a coin based on a more unhinged reply bot tied to X’s Grok has run to $50m FDV within 12 hours. To put it another way, majors and onchain token appetite — two of the “threats” to capit