One thing people seem to underestimate is that the memecoin market isn’t just losing retail. It’s losing its biggest participants. The wallets that once provided liquidity, the traders who moved entire narratives, the communities that could turn a random token into a multi-million dollar market cap. Many of them are simply moving on. And it’s not hard to understand why. When every launch becomes PvP, every narrative gets recycled, and every new token competes for the same shrinking pool of liquidity, eventually even the most aggressive players start looking elsewhere. The problem isn’t that people stopped liking speculation. The problem is that the current model gives them fewer reasons to stay. And that’s a much bigger issue than a bear market. What would actually bring retail back?