In the ever-evolving world of cryptocurrency, one question keeps popping up: Have we already hit the "euphoria" stage in this bull cycle? If you're new to crypto lingo, the euphoria phase is that wild period where prices skyrocket, everyone seems to be making money, and FOMO (fear of missing out) drives the masses into the market. Traditionally, it's the peak before a potential downturn.

A recent tweet from PixOnChain, a trend spotter and advisor in the crypto space, sparked a lively debate on this topic. Posted on September 9, 2025, the tweet argues that we might have experienced euphoria, but in a more subtle, fragmented way than in previous cycles like 2017 or 2021.

Here's what PixOnChain had to say: "most people say we didn’t get to “euphoria” this cycle but i think we did maybe not as obvious as last time but memecoin season was insane so was the AI meta the difference is this time it was fragmented not everything pumped not every sector ran people keep expecting the same script like 2017 and 2021 will just repeat and their bags will print again but markets don’t move backwards and crypto isn’t early anymore with institutions entering and the space maturing this might be what a late-stage mania looks like this is not a bear post btw."

Spot on, right? Unlike past bull runs where almost every asset class surged uniformly, this cycle has been picky. Memecoins—those fun, community-driven tokens often inspired by internet memes like Dogecoin or newer ones on Solana—went absolutely bananas. We're talking billion-dollar valuations overnight for tokens tied to viral trends. If you're into meme tokens, you know the drill: projects like PEPE or DOGWIFHAT captured the imagination (and wallets) of retail investors, creating mini-euphorias within their niches.

Similarly, the AI meta exploded. Tokens linked to artificial intelligence projects, such as those integrating blockchain with machine learning, saw massive gains. Think of it as the intersection of two hot trends: crypto and AI, drawing in tech-savvy traders looking for the next big thing.

But why fragmented? PixOnChain points out that not every sector ran wild. While memecoins and AI tokens partied, other areas like DeFi (decentralized finance) or NFTs didn't see the same blanket hype. This could be because crypto is maturing. Institutions—big players like hedge funds and banks—are dipping their toes in, bringing more stability but also diluting the retail-driven madness of yesteryears.

The tweet isn't bearish, meaning it's not predicting a crash. Instead, it's a reminder that markets evolve. Expecting a carbon copy of 2017's ICO boom or 2021's NFT frenzy might leave you disappointed. Crypto isn't the wild west anymore; it's growing up, with regulations, ETFs, and mainstream adoption changing the game.

This perspective resonates especially in the meme token space, where we've seen insane pumps but also quick corrections. For blockchain practitioners, it's a cue to diversify and stay informed rather than chase past glories.

The discussion didn't stop there. Replies poured in, with some agreeing and others pushing back. For instance, user @yourfriendSOMMI shared charts arguing we haven't hit euphoria yet, complete with visuals showing market caps and sentiment indicators.

Others, like @seanpaszkwil, recalled last cycle's mainstream adoption—friends buying Dogecoin—as true euphoria, contrasting it with today's niche pumps.

Even @MagicEden chimed in with a humorous GIF, asking if it's over.

This fragmented view could signal a more sustainable growth path for crypto. As institutions enter via Bitcoin ETFs or stablecoins, the mania might look different—less explosive across the board, more targeted in hot sectors like memecoins and AI.

If you're building or investing in meme tokens, this is golden intel. It suggests focusing on community-driven narratives and emerging metas rather than waiting for a universal bull. Tools like Polymarket—where PixOnChain works—can help gauge market sentiments through prediction markets.

In summary, PixOnChain's take challenges the narrative that euphoria skipped this cycle. It was there, just not in the spotlight for everyone. As crypto matures, adapting to these shifts will be key for anyone in the blockchain space. Keep an eye on those memecoin seasons—they might just be the new face of mania.