this chart pattern is so common in crypto.
here it's aixbt mindshare. but could be anything, friendtech, banana, goat, axie, nfts.
there is no pmf here. the floor can't be zero for a company with pmf.
recently seeing terms s.a. narrative-market fit/nmf (riding a hype) or token-market fit/tmf (useless token but with burns, buybacks, and healthy tokenomics). that's more accurate than saying pmf.
the main job of a late-stage crypto vc or liquid investor is to determine whether the traction of a project is coming from nmf, tmf, or real pmf. remember blast season?
there is good money to be made in projects with good nmf/tmf but the time horizon and tp strategies are very different.
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