“Everything is a meme now,” says VD, comparing modern IPOs and AI stocks to ICO-era crypto as investors price stories, sentiment, and consensus over present-day fundamentals

$33M of first-day volume and $21.8M OI on Trade.xyz’s SpaceX pre-IPO perp makes this more than a vibes take. ICOs financialized roadmaps; Hyperliquid-style pre-IPO perps financialize cap tables before the equity exists in public markets, giving retail a 24/7 liquidation market for venture narratives. If Anthropic/OpenAI/SPCX-style listings all get perp curves before bankers price the book, crypto rails become the mempool for Wall Street consensus.

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