@zd

I think there's nuance here. Meme coins by nature have zero utility. They are a collectible - a signal of support and affiliation. Because of that, I agree with Cheryl that token marketing > traditional ads, and that you can turn your CAC into customer wealth creation. That’s net new. On the flip side, the more utility you add, the closer you get to “onchain security” land. These onchain securities will be regulated just like equity. I think this distinction is important and both should exist to create diversity in the market.

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