Just finished scrolling through a round—so many PFP projects are rolling out membership tiers: alpha groups and airdrop priority, and the whole thing. It feels like that same playbook from back when brands did collaborations, just repackaged with a new shell. Long-term value? Honestly, when I look at the liquidity of those little profile pictures versus the on-chain net inflows, there aren’t many that can sustain community activity for more than three months, let alone any so-called “brand moat.”

The funding rates in the group have been extremely outrageous these past couple of days. Some people are calling for a reversal, others are shouting to keep squeezing the bubble—there’s nonstop arguing… Anyway, I’m currently flat, no positions, so I’ll just wait and see.

They talk big about logic, but their actions are all timid—displaying like a peacock with no position. Same old problem.