The Memecoin craze has hit a wall. Everyone's eyeing the 'dev' badge now—launch your own project, bet on yourself, right? Sounds good until you realize the brutal math underneath. Liquidity's drying up faster than anyone expected. Market makers pulled back, retail's gotten smarter about chasing the next moonshot, and suddenly jumping into random plays looks like negative expected value. So what do people do? They figure, if the odds are against playing, might as well flip the script and start their own coin instead. Lower barrier to entry, right? Wrong move. This logic created a perfect storm—too many projects competing for the same scarce liquidity and attention. The ecosystem got stratified overnight. More coins launched doesn't mean more winners; it just means more dilution, more rug-pull risks, and more retail getting liquidated. The supply of quality projects crashed while quantity exploded. Classic tragedy of the commons in crypto form.