Social Trading Supercycle: Perps Edition
Multiple voices in alpha degens are converging on the thesis that social/copy trading in perpetuals markets is the next major cycle, as FOMO perps and Pumpfun enter aggressively and the TAM of liquid perps dwarfs memecoins.
What we know
An account on X predicts social/copy apps will overcome wallets as the primary volume driver for Hyperliquid builder perps by year-end, noting a current 30% gap being closed by FOMO perps and Pumpfun. He argues the debate has moved to X but needs skill-based filtering, not engagement-based (link), and that the 'convo needs to come where people trade' (link). Another account on X separately sounds a note of caution: social media platforms are 'designed to defeat your self-control,' quoting based16z. Another account on X and the Goats feed flag FOMO's Friday mobile update (perps creator rewards, push notifications, faster UX) as concrete product progress in this direction. The key tension: memecoin social trading was 'destroyed by scammers' per another account on X; perps/stocks offer a cleaner, larger TAM.
How the story developed
Multiple voices in alpha degens are converging on the thesis that social/copy trading in perpetuals markets is the next major cycle, as FOMO perps and Pumpfun enter aggressively and the TAM of liquid perps dwarfs memecoins.
Controversy swirls around PumpFun's new custom pairs feature, while $STONK posts strong volume numbers and FOMO app quietly surpasses PumpFun in daily users by 4x.
Data shows 97% of PumpFun traders lost money in the last 30 days while the platform extracted $43M in fees; FOMO platform traders down $140M collectively — bearish sentiment on memecoins growing.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.