What is driving crypto right now?
I consider pride to be the most important condition for gambling. While people are trying to put a leash on the superhuman mechanism of global balance, they are starting to believe in their ability to grasp its laws and control it. The belief in this mechanism itself is the product of pride. Further people are led by signs that they feel by themselves, or by a leader, who has proven his ability to control this mechanism, or by a mob, which is always stronger than one human.
Crypto exchanges become one of the altars of this dead God. People are expecting recompenses for their sacrifices, and they know that they should take risks for that. The greater the sacrifice, the greater the recompense. The greater the risk, the greater the reward.
When choosing tokens to purchase, people are guided by their feelings, which are always real. Feelings are caused by the name (brand), logo, history (chart), price number, reputation in the community. These feelings are more real than some team or seed investors or fully diluted valuation, use cases, profitability. Economics is not important for sacrifice at all; there will always be excuses for the desire to take risks.
As a result the crypto market turns into a global totalizator: betting on tickers as on greyhound races. And we are seeing a rally of memecoins, dead networks, useless projects, outright Ponzi schemes.
Of course I’m not talking about all crypto. Healthy core always stays, but bad projects are receiving much more attention than expected. Perhaps a betting bubble is the best way to raise funding and attention possible.
