If you've been feeling the weight of the current crypto market slump, you're not alone. Prices are down, sentiment is low, and it all feels a bit too familiar—like the dark days of the FTX collapse or the Luna crash. But according to investor and researcher 0xJeff, there's more to the story beneath the surface, especially in the world of decentralized AI (DeAI).

In his latest post on X, 0xJeff points out that while the vibes are grim with relentless drawdowns and no real bounces, fundamentals are quietly stacking up. He specifically highlights DeAI as a bright spot:

Been saying this every week for the past 3-4 weeks now

Vibes feel like FTX/Luna all over again. Drawdown without any bounce.

BUT under the surface, fundamentals are forming (especially with DeAI)

• Open models (DeepSeek, Qwen, Kimi) becoming the default for YC & Silicon Valley startups
• DeAI infra being used for real workloads, by real people (and agents).. Yep
• Bittensor’s biggest event in ~2 weeks

Doing a little bit of further DeAI breakdown on The After Hour EP.30

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DeAI, short for decentralized artificial intelligence, refers to AI systems built on blockchain technology. Unlike traditional AI that's controlled by big tech companies, DeAI spreads out the computing power, data, and decision-making across a network, making it more accessible and resistant to censorship. Think of it as AI meets crypto's ethos of decentralization.

One key point 0xJeff raises is the rise of open models like DeepSeek, Qwen, and Kimi. These are open-source AI models that startups in prestigious programs like Y Combinator (YC) and across Silicon Valley are starting to adopt as their go-to options. This shift means more innovation without relying on closed systems from giants like OpenAI or Google.

Then there's DeAI infrastructure actually being put to work. Real people—and even AI agents—are using these tools for everyday tasks and complex computations. This isn't just hype; it's practical adoption that's building a solid foundation.

And don't forget Bittensor, a blockchain project that's all about creating a decentralized marketplace for machine intelligence. Their upcoming major event could be a game-changer, potentially announcing new features or partnerships that push DeAI forward.

0xJeff ties this back to his podcast, "The After Hour," where he dives deeper in Episode 30. He also quotes his earlier post from a week ago, which echoes similar sentiments:

Feels like it’s over

Prices down, fear at extremes, everyone tired.

But zooming out - liquidity, AI, and policy are lining up again.

The setup looks eerily similar to the months before every past recovery.

The After Hour EP.29 — Reading Between the Fear.

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For those in the meme token space, this is particularly interesting. Many meme coins draw inspiration from trending tech like AI—think tokens themed around Grok, neural networks, or futuristic agents. If DeAI fundamentals continue to strengthen, it could spark a wave of interest in AI-related memes, especially as market recovery sets in. Projects like Bittensor might even inspire new meme narratives, blending humor with real utility.

While the market might feel like it's on the brink, 0xJeff's perspective reminds us that crypto cycles are just that—cycles. The fear today could be the setup for tomorrow's boom, particularly in innovative sectors like DeAI. If you're into meme tokens, keep an eye on how these developments play out; they could signal the next big trend.

Check out 0xJeff's full thread and his podcast for more unfiltered insights. As always, DYOR (do your own research) before jumping in.