Market players say the meme coin frenzy has become exhausting. "Sentiment now is probably as low, or probably lower than the FTX collapse."

If you're an optimist, this is a problem that the ETF application process should solve. In theory, only the safest, most trusted, and most liquid meme coins will even be considered for an ETF. And only the best of the best will ever get a seal of approval from the SEC.