The days of making a killing on obscure cryptocurrencies during a market upswing may soon be a thing of the past, according to James Check, a leading analyst at Glassnode. Check, an expert in on-chain markets, predicts that a significant number of young Bitcoin holders are now holding substantial amounts of money and are less willing to gamble on riskier assets.

In a recent Twitter post, Check observed that people are becoming increasingly cautious and unwilling to invest in dubious cryptocurrencies, opting instead to hold onto their Bitcoin. "Folks are increasingly unwilling to rotate into shitters as they know they will make it by just sitting in spot," Check wrote. "Don't mess it up. They may dabble in memecoins here and there, but only to the same extent they bet on football."

Check attributes the primary demand for "shitcoins" (a term used to describe low-value or speculative cryptocurrencies) to "millennial crypto natives" who are now transitioning from the "get rich" to the "stay rich" phase of their financial lives. This theory is supported by numerous surveys showing that both crypto ownership and support are overrepresented among 18 to 40-year-olds. For instance, a recent Grayscale survey of US voters found that 62% of Gen Z believes cryptocurrency is the "future of finance."

This shift in investor behavior marks a significant change from the early days of cryptocurrency, when investors were more willing to take risks and invest in speculative assets. As the market matures and investors become more cautious, the demand for memecoins may decline, signaling the end of the wild west era of cryptocurrency investing.

In addition, the increasing mainstream adoption of cryptocurrency and the growing involvement of institutional investors may also contribute to the decline of memecoins. As the market becomes more regulated and established, investors may become less interested in speculative assets and more focused on established players like Bitcoin.

Overall, the end of the memecoin era may mark a new chapter in the evolution of cryptocurrency, one characterized by greater caution and a focus on established assets. While this may mean the end of the wild west era of cryptocurrency investing, it also signals a growing maturity and stability in the market.