I am of two minds:-
One is frantic and unfocused. I am wondering what is causing the huge jump in fees. I'm wondering if Ordinals have spammed the blockchain beyond control. I'm wondering why proponents of Ordinals explained that mining would be profitable again, while simultaneously eroding the very network it protects. I'm thinking that many people are priced out at this point. Either OGs are HODLing waiting for older prices to return. or noobs who are making their first transactions getting turned off and moving to shitcoins.
The other mind is calm and wise. Having seeing Bitcoin tested, FUD'ed and attacked many times in the past, I realize that panic spreads quickly, people call 'Bitcoin is dead' for the millionth time but, as usual, the news cycle moves on, the hype dies down and tick-tock-next-block. Yes, it's a shame that we will be burdened with low quality, .jpegs that unfortunately pass as art. Yes, LN isn't ready and sats are stuck on exchanges. Yes, it's going to take some time for the damage of the Ordinals bloatware to be shaken. But I think this will work out. I look at the blocks and see that there are many more blocks at the typical 1.60Mb. People are getting the 'no your keys, not your coin' arguments after 2022. The price is stable and recovering, hash rate is always up and more people are getting to see the difference between real Bitcoin and the Bitcoin the mainstream media presents.
Just wish it could be smoother sailing but, hey, if it's really decentralized and the money of the internet, it ain't gonna be a smooth ride - doesn't mean we can't enjoy it though. Gonna keep watching the mempool