Remember when everyone was talking about NFTs?

BAYC, CryptoPunks, Pudgy Penguins.

Then we had memecoins like $DOGE , $SHIB , $PEPE and, more recently, $TRUMP .

Every cycle has a dominant narrative.

At first, I thought this was something unique to crypto.

But after looking at SpaceX, I'm not so sure anymore.

Because what are people actually buying?

A company?

Or a story about the future?

The bullish case is easy to understand.

SpaceX dominates launches, Starlink is becoming global infrastructure, AI is entering the equation and Elon Musk remains one of the most influential people in the world.

The bearish case is also compelling.

A valuation above $2 trillion, one of the most crowded trades in the market and expectations that may already price in years of future success.

What I find fascinating is that this feels surprisingly similar to crypto.

For years, we said memecoins proved that attention itself has value.

Now we're seeing that even the assets perceived as the most "serious" can also be heavily influenced by narrative, communication and public figures.

Maybe crypto wasn't an anomaly.

Maybe it was an early preview of how all markets work.

I was actually looking at SpaceX on BingX when this thought crossed my mind.

So I'm curious:

Are people buying the future, or buying the hype?

Long, short, wait for a dip, or stay on the sidelines?