Recently, I saw a bunch of PFP/member cards bragging about "brand moats," but honestly, it's mostly about attention moats. When the wind stops, it gets exposed. I wrote scripts to monitor for a while: new profile pictures on the chain, changes in holders, secondary transaction volumes, all soaring together with the market sentiment—it's quite lively. When sentiment cools down, only a few old addresses are left playing around with each other. Building a brand isn't just about issuing a whitelist; someone has to be willing to pay/ contribute long-term. Otherwise, it's just treating the community as a traffic pool. Recently, the rate cut expectations swing from hype to disappointment, and the dollar index and risk assets are starting to move together—rising and falling in unison, a strange phenomenon. People are more likely to see "stories" as a lifeline... Anyway, I think the data shows that the key is how long the hype can last.