Generally, flushes like this weekend's one almost always mark the end of a meta. However, in the last 2 years, we've seen very persistent metas, not much AI, but rather especially memecoins - and airdrops.
Not sure liquid perp dex tokens will keep rallying, however I do expect after the dust settles, that people just come back to perp dex farming, since historically they've been among the best deals (because it requires actual money and effort to farm them), and they're one of the most profitable categories.
This even though a recovery as fast as today's makes me think even more that we're up to a lot more volatility.
1/Perp DEX tokens retrace as volatility triggers mass liquidations
$HYPE dropped 20% to $37.85, $AVANTIS fell 42.5%, and $ASTER slid 36.6% following a surge in volatility. Protocols faced liquidations, ADL events, and price dislocations as market momentum abruptly reversed.
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