Our USELESS position has ballooned to nearly 10% of the portfolio over the last few days (up 313%, unrealized). Our memecoin sleeve of the portfolio is now 14.4% (up from 5% at the lows) I often get a lot of pushback on why we hold memes. "How the hell are you going to pick the right one?" I have trouble explaining it, honestly. We track holder cohort data on the memes we view as "blue chip." But a lot of it is just crypto-native instinct. It just sort of seems obvious to me that USELESS could get huge. At a $40-$70m market cap (where we bought), I like the risk/reward. Just can't ignore that. Of course, I may not pick the right ones. That's why we only allocate 5% of the portfolio to them (and buy when they are deeply oversold). So, I can live with it if I'm wrong. And I only need one high-flyer to make it all work. That's why we allocate to memes. If it wasn't good for the portfolio, we wouldn't hold them. --- If you'd like to see what else is in the portfolio + receive alerts when we make changes, you can sign up for TDR Pro below and get one month free 👇