If you've been riding the meme token wave, you know the crypto market can feel like a rollercoaster that's mostly downhill lately. Prices are dipping, fear is spiking, and everyone's wondering if it's game over. But according to investor and researcher 0xJeff, it's not all doom and gloom. In a recent tweet, he draws parallels to the infamous FTX and Luna collapses, yet points out underlying positives that could spark a turnaround, especially in the Decentralized AI (DeAI) space.

0xJeff quotes his earlier post from November 16, where he notes, "Feels like it’s over. Prices down, fear at extremes, everyone tired." He zooms out to highlight factors like liquidity, AI advancements, and policy shifts aligning for recovery, much like before past bull runs. Then, in his follow-up, he reinforces this by saying he's been echoing the sentiment for weeks: "Vibes feel like FTX/Luna all over again. Drawdown without any bounce. BUT under the surface, fundamentals are forming (especially with DeAI)."

For those new to the scene, FTX was a major crypto exchange that imploded in 2022 due to fraud and mismanagement, wiping out billions and triggering a market crash. Luna, part of the Terra ecosystem, collapsed even earlier that year when its stablecoin lost its peg, leading to massive losses. These events shook investor confidence, much like today's extreme fear levels, where the Fear & Greed Index has hit rock bottom.

But here's where it gets interesting for meme token enthusiasts. 0xJeff spotlights DeAI as a beacon of hope. DeAI, or Decentralized Artificial Intelligence, refers to blockchain-based systems that distribute AI computing power, data, and models across networks rather than centralizing them with big tech. This could democratize AI, making it more accessible and resistant to censorship.

He mentions open models like DeepSeek (a high-performance open-source AI model from China), Qwen (Alibaba's versatile language model), and Kimi (from Moonshot AI, known for its conversational capabilities) becoming go-tos for startups in Y Combinator and Silicon Valley. These aren't just hype; they're being integrated into real products, signaling mainstream adoption.

Moreover, DeAI infrastructure is handling actual workloads for users and AI agents. Think of it as the backbone for future apps where AI runs on decentralized networks, potentially fueling new meme narratives around AI themes.

A key highlight is Bittensor, a DeAI project with its token TAO. 0xJeff teases Bittensor's "biggest event" in about two weeks—which aligns with its first halving on December 10, 2025. In crypto, a halving cuts the rate of new token issuance in half (from 7,200 to 3,600 TAO daily), often leading to price surges due to reduced supply, similar to Bitcoin's halvings. This could pump TAO and ripple into AI-related meme tokens.

Speaking of memes, the DeAI buzz might supercharge AI-themed meme coins. Tokens like Fartcoin (FARTCOIN), Turbo (TURBO), and Goatseus Maximus (GOAT) are already topping lists on sites like CoinMarketCap and CoinGecko. These blend humor with AI concepts, and stronger DeAI fundamentals could attract more liquidity and community hype, turning dips into launchpads for the next big pump.

0xJeff dives deeper in his newsletter series, "The After Hour." Check out EP.29: Reading Between the Fear for market signals and DeAI plays. He's also teasing a DeAI breakdown in EP.30 on his Substack.

In the meme token world, sentiment swings fast. While the vibes scream caution, these emerging fundamentals suggest the party might just be on pause. Keep an eye on DeAI— it could be the spark that reignites the meme mania.