No digital asset can replace Bitcoin. It's unique, and any comparison is misleading. That said, from a psychological perspective, the current state of memecoins is truly fascinating. There are nearly ten memecoins with market capitalizations exceeding $1 billion. How is this possible? "That's outrageous!" say traditional finance gurus. Traditional finance worships "fundamentals." Price-to-earnings ratios, book value, cash flow, and so on are all considered indicators of "intrinsic value." But intrinsic value is always just a rhetoric used to convince you to buy or sell! Dozens of publicly traded companies have ridiculously high valuations (far exceeding any so-called intrinsic value), and this has been going on for a decade. Analysts are constantly and falsely telling you "stocks are expensive!" But if valuations are inherently subjective, then there's no reason for stocks to trade at some imaginary equilibrium point! They trade where belief, the need for narrative, and liquidity meet. As it turns out, Bitcoin has been the best-performing asset of the decade, without the need for cash flow. Now, memecoins have emerged; these assets no longer veneer on "fundamentals." They no longer pretend to be a "better Bitcoin" or incredible technology. They publicly promise nothing more than an idea. In reality, they're just empty talk (e.g., Fartcoin). A collective hallucination that can be traded. I've long argued that asset values are becoming detached from fundamentals due to the actions of central planners. We see more examples of this every day. TSLA/NVDA/GME/PLTR = frenzy equity. BTC = an intangible asset backed by real-world proof-of-work. Memcoins like SPX6900 are the first to claim value as pure subjective consensus. In an era where valuation equals virality and belief is collateral, they make perfect sense. In an era where belief itself has become the scarcest commodity.