In the fast-paced world of crypto, narratives come and go, but few capture the imagination like the evolution of meme tokens. Recently, investor Kyle from Defiance Capital shared a thought-provoking tweet that's sparking discussions across the community. Quoting his own earlier post—"first came ICM next came PMF"—he expressed hope for a "utilities season" where a rising tide no longer lifts all boats. Instead, the focus shifts to individual products building on exciting verticals with proven traction, moving away from the usual broad-based rallies.

Let's break this down. ICM, or Internet Capital Markets, refers to a emerging trend in crypto where ideas—whether they're startups, products, or even memes—are tokenized and funded directly on the blockchain. Platforms like pump.fun and Believe on Solana make this possible by allowing anyone to launch a token with minimal barriers. It's like crowdfunding meets memecoins: post an idea on X (formerly Twitter), tag the launcher, and boom—your concept becomes a tradable asset. This democratizes funding, skipping traditional VCs and pitch decks for instant community backing.

Following ICM is PMF, or Product-Market Fit. This is the stage where a token or project proves it resonates with users, showing real demand and sustainability beyond hype. In meme token terms, it's when a fun idea turns into something with sticking power, like a community that keeps growing or features that add value.

Kyle's hope for a utilities season builds on this progression. Utilities mean actual use cases—think DeFi integrations, gaming mechanics, or real-world applications that give tokens purpose beyond speculation. In today's market, not every boat rises with the tide; only those with solid foundations and traction will thrive. This could signal a maturation in the meme space, where projects like those launched via ICM evolve into utility powerhouses.

For blockchain practitioners, this shift offers key lessons. Meme tokens aren't just jokes anymore; they're entry points to broader innovation. By focusing on verticals with traction—say, AI-assisted content creation or decentralized shopping—builders can create lasting value. It's a call to move past pump-and-dump cycles toward sustainable growth.

Replies to Kyle's tweet echo this sentiment. One user cheered for niche markets over broad strokes, while another agreed it's time for real products to get rewarded. Even mentions of PM (perhaps Product Management) highlight the need for structured development in this wild west.

As meme tokens continue to blend culture, capital, and community, keeping an eye on ICM to PMF transitions could uncover the next big opportunities. Whether you're a degen trader or a serious builder, this narrative reminds us: in crypto, traction trumps hype every time.