Narrative Games: whats the next trade?

The author argues the market is healthy but overextended, with no clear consensus on the next trade, and that memecoins have likely topped while SocialFi may be the next narrative. Bitcoin is consolidating near the top of its range around $105k, and stablecoin supply has steadily increased. The author calls Clout and Yapster the leading SocialFi projects and favors Yapster, whose first token reached a $25M market cap in 10 minutes. The piece also describes XRP, HBAR and XLM as a hated trade with institutional adoption, and warns that liquid funds may be buying vested VC tokens at a discount before pumping narratives.