The theory is that eventually the people spending 3x-5x optimal fees will run out of money, but in practice, that's a long way off. If it costs $30 to 2x overpay an inscription transaction, a multi-million dollar fund can pay for those until the cows come home, especially if there's any kind of market that will pay higher than $30 for a poop image, which we have proven in other systems will happen.

At the same time, adoption is growing, and people are still leading with "get your coins off exchanges," which won't scale to 1 Billion users no matter how big the blocks are.

I think we will see this high fee environment until the next FOMO top.