Imo the Baserun is over soon.
From minute 12 in the Fundamentals - Pattern Recognition video, Dan talks about the euthanasia rollercoaster: Something new pumps, then there are several good catch-ups, but then the whole thing dies due to inflation with too many bad projects. I think that's exactly what we're seeing right now with memecoins on the base chain. Toshi was the leader of the narrative, and for the first time, many people understood the base thesis that Dan has been talking about for a long time. Then there were good catch-ups like Mochi or TYBG, but imo way too many bad projects are being launched now. Sure, we can still play the catch-up game and try to squeeze out whatever capital is left, but do you really think there are hidden gems on Base right now, the ones that we're actually looking for? Also, whether the base thesis plays out or not remains to be seen, but it's already priced in because everyone understands it now. So imo it's mostly played out already because as you know, you make capital from the difference between perception and reality. If you ask me, it's time to look elsewhere, where attention isn't currently focused. It's not easy to build a new thesis like that of the base chain, but I think we should try it together. If you have ideas about where the market isn't currently but could be in the future, or what the market is currently overlooking and mispricing, please let me know.