Everyone wants to catch the hottest new narrative. But there’s a harsh truth most forget: peak mindshare usually means the trade is already done. Social-Fi, ICM, DeFAI all dominated X over the last month. Constant attention, endless threads, everyone calling them “the next big thing.” Meanwhile, price action this month tells a different story: • Social-Fi: down ~55% • ICM: down ~45% • DeFi-AI: down ~35% When the narrative dominates, most value is already priced in. By then, the big moves are over, and what’s left is usually just exit liquidity for early holders. The real edge is in spotting narratives before they go mainstream. When they’re quiet, ignored, and unfashionable. By the time they’re in every thread and every pitch deck, the risk/reward has flipped against you. Being early or unfashionable is uncomfortable. Being late feels safe - but that’s usually where the pain starts.