- The “left curves”, crypto investors who know little about the industry, are seeing massive gains in the current meme-driven bull market. Projects with silly names and no utility are surging fueled by hype and speculation.
- This shows a comeback happening fast after catastrophes like FTX, with less real money entering. Investors are chasing quick narrative-driven wins rather than long-term utility.
- While meme coin gains are real, they don’t signal increasing crypto influence. The industry needs more substance beyond speculative manias to mature and be valued for more than just speculation.
In this edition of the Bloomberg Crypto newsletter, Muyao Shen dives into the rise of the “left curves” in the current crypto bull market.
What are the ‘Left Curves’?
The “left curves” refer to crypto investors who know little about the industry. The nickname comes from a bell curve meme contrasting those who know nothing (left side) with experts (right side).
In the current meme-driven bull market, left curves are winning big. Projects with silly names and no utility are seeing massive gains fueled by hype and speculation. For example, a crypto project from founders like “Smokey The Bear” became a unicorn. A memecoin with a cute dog picture gained 1,400x. A developer accidentally burned tokens for a sloth-themed coin after raising $10M.
Why Are Left Curves Winning?
This shows crypto’s comeback is happening fast and somewhat ridiculous. The market is still reeling from past catastrophes like FTX, so there’s less real money entering. Investors are chasing quick wins rather than long-term projects.
Rotations between cryptos are more severe as investors chase narratives. Retail interest hasn’t fully returned either. It’s a bull market fueled by speculation, not growing utility.
The Road Ahead
While meme-driven gains are real, they don’t signal crypto’s influence is increasing. The industry needs more substance beyond speculative manias. But for now, the left curves are winning big.
Conclusion
In the current crypto bull market, investors with little knowledge are seeing huge gains. This shows a market still building itself back up after past crashes, not one driving real adoption. The return of hype and memes is real but not sustainable. For crypto to mature, it needs to be valued for more than speculation.
