Expert Explains Why This Crypto Cycle Breaks the Norm—Missing the Transformative Spark

Despite a slight bullish trend and Bitcoin reaching new highs, the current crypto cycle stands apart from previous ones due to a lack of groundbreaking technological innovations, according to expert Tieshun Roquerre, aka Pacman.

The ongoing crypto cycle has been marked by some positive developments, such as Bitcoin (BTC) hitting a new all-time high of $73,000 in March. However, according to Tieshun Roquerre, the founder of Blast and known in the crypto community as Pacman, this cycle diverges significantly from past cycles due to a noticeable absence of transformative technologies that typically drive mass adoption and market enthusiasm.

Speaking at the Foresight 2024 event in Hong Kong during a virtual Q&A session, Pacman emphasized that previous cycles were characterized by significant innovations like initial coin offerings (ICOs), decentralized exchanges such as Uniswap, and the explosive rise of non-fungible tokens (NFTs). These technologies spurred new waves of adoption, energized the market, and fueled bullish sentiments.

However, Pacman pointed out that the current cycle is driven more by external financial instruments, particularly exchange-traded funds (ETFs), and market pressures rather than by intrinsic technological advancements. He noted that the focus on integrating crypto with traditional financial markets through ETFs has introduced a different dynamic, shifting attention away from tech-centric developments that have historically driven the industry forward.

Pacman also addressed the state of the NFT market, suggesting that for it to regain momentum, an innovative twist on the existing models is essential. He likened the potential future innovation to the initial disruption NFTs caused to traditional fungible tokens, which expanded the creative and investment possibilities within the crypto space.

Despite these differences, the current crypto cycle has not been without its successes. Bitcoin reached new peaks, and the cycle has seen the rise of several popular meme coins, partly driven by celebrity involvement and the emergence of instant token launch platforms like pumpdotfun. Notable meme coins from this cycle include NEIRO, BOME, DADDY, MOTHER, and TRUMP.

Moreover, the cycle has witnessed significant regulatory shifts, such as XRP’s legal victory over the U.S. Securities and Exchange Commission (SEC) and the approval of Ethereum’s spot ETFs in the U.S., indicating a growing acceptance of ETH as a commodity rather than a security.

While the current cycle might not mirror the technological innovation seen in previous ones, it still presents unique opportunities and challenges as the market continues to evolve.

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