In a recent post on X, DefiIgnas, a prominent voice in the DeFi space, shared his latest blog titled "The Changing Crypto Order." It's a deep dive into how the crypto landscape is shifting away from the wild rides of past cycles. If you're into meme tokens like we are here at Meme Insider, this is worth paying attention to—especially the parts about why not every token is pumping anymore and how community-driven coins might buck the trend.

DefiIgnas draws inspiration from Ray Dalio's "Changing World Order" model, urging us to zoom out from the daily Twitter drama and look at bigger trends. Crypto isn't the same as it was in 2017 or 2021, he argues. With spot Bitcoin and Ethereum ETFs launching and raking in billions, institutions are stepping in big time. Pensions, advisors, and banks are now treating crypto like gold or tech stocks.

The Great Rotation: From Retail to Institutions

One key idea is the "Great Rotation." Retail investors who bought low are selling into these ETFs, while institutions scoop up the supply. Bitcoin ETFs alone hold over $150 billion in assets under management (AUM), that's about 6% of Bitcoin's total supply. Ethereum ETFs aren't far behind at 5.59%.

This shift resets the cost basis higher, meaning new holders aren't quick to sell for small gains. Plus, with the SEC approving generic listing standards for commodity ETPs, more ETFs for tokens like Solana, Hyperliquid's HYPE, XRP, or even Dogecoin could be on the way. This could provide exit liquidity for retail while bringing in more institutional money.

But here's the question DefiIgnas poses: Will institutional buying outweigh retail selling? If the macro environment stays stable, those expecting a classic cycle might end up buying back in at higher prices.

Why Not All Tokens Are Pumping Anymore

Remember when everything pumped together? Bitcoin led, Ethereum followed, and small caps exploded. Not this time. With millions of tokens out there—thanks to easy launches on platforms like pump.fun—liquidity is spread thin. Creators are shifting attention to new memecoins, diluting focus on older ones.

Low-float, high fully diluted valuation (FDV) tokens used to be hot for airdrops, but retail has wised up. People want tokens with real value or strong cultural pull. Take Uniswap's UNI: despite solid trading volumes, it hasn't pumped. As influencer Ansem points out, we've hit peak pure speculation. The new focus is on revenue-generating apps with product-market fit.

Yet, there's hope for memes. Murad Mahmudov highlights that tokens that still surge are often new, weird, and backed by passionate communities. Think Pudgy Penguins or Punk NFTs—these have cultural gravity that keeps them alive until adoption kicks in. In a sea of tokens, strong belief and mission can make all the difference. For meme token enthusiasts, this means betting on coins with genuine community vibes over hype alone.

Stablecoins: Giving Crypto Real-World Credibility

Stablecoins like USDT and USDC aren't just for trading anymore. They're flowing into lending, payments, yield farming, and even treasuries. This boosts the ecosystem without always buying spot BTC or ETH—think more DEX liquidity and revenue for protocols like Aave.

New payments-focused layer-1s are emerging, like Tempo (backed by Stripe and Paradigm) for high-throughput stablecoin transactions, and Plasma (Tether-backed) for emerging markets with a neobank and card. These could pull payments into crypto but might create walled gardens, competing with Solana, Tron, and Ethereum L2s.

Regulation is catching up too, with acts like GENIUS pushing global stablecoin adoption, and the CFTC allowing stables as collateral in derivatives. Stablecoins are now crypto's second-biggest use case after speculation, adding geopolitical weight.

DATs: Leverage and Access for Non-ETF Tokens

Digital Asset Treasuries (DATs) are like new leverage tools. They issue shares, raise debt, and invest in tokens, amplifying upsides but risking brutal unwinds if sentiment flips. Think FTX collapse vibes.

On the positive side, DATs bridge tokens to equity markets, helping VCs exit and fund new projects. As Ethena's founder notes, we might have maxed out crypto-native capital for alts, so DATs could bring in fresh money from TradFi.

RWAs: Bringing the Real Economy Onchain

Real World Assets (RWAs) are exploding, with the onchain market hitting $30B. Treasuries, credit, commodities, and equities are tokenized, letting you stay onchain without cashing out to fiat.

This breaks DeFi's "loop Ponzi" reliance and adds real revenue. Protocols like Aave's Horizon let you borrow against tokenized S&P 500 indices. RWAs create a base rate for DeFi and global access—anyone can hold US treasuries without a bank account.

Big players like BlackRock (BUIDL) and Franklin (BENJI) are in, signaling trillions could flow in. RWAs make DeFi a true capital market.

Is the 4-Year Cycle Dead?

DefiIgnas thinks yes—this time is different. ETFs make BTC and ETH institutional assets, stablecoins are geopolitical tools, DATs open equity flows, and RWAs merge crypto with TradFi. Speculation and culture still drive it, but it's more structural now.

For meme tokens, this means being selective. Many might dump in a "cycle," but those with revenue or strong communities could win big. Adapt to these shifts, and memes could thrive in this new order.

Check out the full blog here and follow DefiIgnas on X for more insights. What do you think—will memes defy the odds? Share in the comments!