On August 16, Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, posted on social media that the market cap of counterfeit products (and ETH) should reach new highs in the new cycle. But it is becoming increasingly clear that this is not the case, and we are likely in the middle of a euthanasia roller coaster for many. Even if Bitcoin hits new highs, it does not mean that counterfeit products will catch up. This is the first cycle of counterfeit products hitting lower highs in market cap. Counterfeit products will bottom out around 2025, and the next wave will be driven by tokens associated with decentralized AI infrastructure. AGI will require unstoppable communication, value transfer, training, compute/inference, energy markets, and data storage rails.