🥛 The market’s getting frothy 🔥

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THE ROTATION WINDOW IS WIDE OPEN (P1)

Listen degen.

I am no master of the wicked arts.

I have no crystal ball. I am not a wizard.

Most of my crypto wisdom is third party; I simply listen to the top voices in the space and combine it with my own gut instinct.

And boy, are those voices getting loud.

Just two days ago, the legend Zeneca wrote this note about his portfolio allocation. He teased that he had recently re-allocated his top holdings.

Source: Substack

And with the market getting into really high gear, it’s as good a time as any to get organized.

Today we’ll look at:

How to allocate degen assets
Where we are at in the cycle
The state of degen assets
My own allocation

Let’s dig in.

How to allocate degen assets

A few years back, I had Scott Melker on my old podcast.

This dude nearly laughed me out of the studio when I told him I had a podcast entirely about NFTs. But he was very kind and direct.

I asked him straight up, as a career jpeg holder: what should a crypto portfolio look like?

He said:

70% majors
15% stables
15% “degen shit”

It was clean. Simple. Smart. A framework for knowing how much exposure you should have to shitcoins versus $ETH. And while I didn’t always follow it (R.I.P. my NFT bags), it helped me think more critically about how much risk I was taking on.

Fast forward to today and Zen’s portfolio, as of June 9th he held:

43% in “majors”
11% in stables
52% in “degen shit” (a.k.a. all the other stuff)

So the lesson here: land somewhere between a pro trader’s 15%, and the master degen’s 52%.

Game on.

Where we’re at in the cycle

Some call this the golden bull. The memes are definitely reflecting it.

Source: @legendarygainz_

Others are eyeing a top this fall. Or early 2026. Or maybe even sooner.

Personally? I hope the golden bull crowd is right. But I’m trading like the top’s coming fast.

Why? Because this phase of the market smells a lot like the last hurrah moment from 2022. Back then, Moonbirds launched at the very top: a shiny new NFT project from Kevin Rose that Silicon Valley couldn’t resist. Floor hit 100K. Bags got heavy. We know how it ended.

Source: @HashBastardsNFT

(Don’t worry, it got much worse than that. Plus that tweet is TWO YEARS OLD)

I think we’re near that phase again. Where the market needs one final narrative to let the sidelined capital ape in before the curtains close.

Maybe it’s $PENGU, maybe it’s the Abstract TGE (slated for Q4), maybe it’s a new meme that hasn’t dropped yet. But I’m convinced we’re close to seeing one or two more huge liquidity moments before the slowdown.

Sidenote: I really thought the $PUMP TGE would be this big “liquidity event” but it never really materialized and that token has fallen way off. But that doesn’t mean the narratives are done.

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THE ROTATION WINDOW IS WIDE OPEN (P2)

The state of degen assets

So the big question is this: should we be holding memes? AI? Launchpad tokens? NFTs?

Let’s dive into each asset and its current state of affairs:

1/ Memecoins

Many are up 2-3x in just a few weeks, and if your bags aren’t up at least 10-30% it might be time to rebalance. Or really double down on the coin you believe in. Either way, all eyes are on the leaders as they flirt with ATHs and look to break out.

Source: CoinMarketCap

2/ AI Agents

Despite the broader AI trend cooling, top agents like $AIXBT and $MAMO are seeing strong runs. The agent market cap is up. $BNKR just pumped due to a Coinbase listing. $ADM just hit a 10x and is tied to an ex-Coinbase fund manager. There are still SOME gems to be had here.

Source: DEXscreener

3/ Airdrop farming

Still viable, especially if you’re parking funds in places like HyperLiquid, Abstract, or any other promising protocol. Even if that means buying NFTs, staking $ETH, or simply investing your time.

Source: @huntersolaire_

4/ NFTs (briefly)

$ETH pumped, and some NFTs followed with 2-3x moves. But be cautious. Utility is mostly gone, and you’re probably better off just holding $ETH.

5/ Launchpads

CreatorBid launched $RIZZY last week and it flopped. Kaito just revealed their first project launch, but it comes with a 12-month lockup which is the most anti-degen thing ever.

Source: DEXscreener

My current allocation

Don’t shame me for this. Here’s my current portfolio:

60% Majors: Mostly $ETH, some $SOL, a little $HYPE
30% Stables: Dry powder, ready to move
10% Degen: Rotating into trades when I see the setup

I play conservative because I got wrecked last cycle. I held my bags all the way down. This time, I sold early and often. Less upside, but way more peace of mind.

I took profits in January, dumped a chunk of AI that I’d bagged up, and haven’t ape’d back into any memecoins or altcoins. I am dabbling in new stuff, like getting into the PumpFun presale and locking a 40% gain. Not massive, but I went in with size and I’m happy with it.

TLDR: Ready to deploy capital, but getting out of trades quickly. The time to really go shopping was in April, and FOMO won’t get me this time.