About three days after it received a lavish new funding round, Meerkat died an ugly and embarrassing death. It is hard to decide whether the Great Meerkat Debacle that has unfolded over the past week is a tragedy or a comedy — probably a bit of both.

The mobile streaming app that had whipped U.S. tech journalists into a frenzy announced $14 million in new funding on Thursday. Money poured in from Jared Leto, Greylock Partners and other illustrious sources. On the same day, Twitter launched its rival streaming app called Periscope. Apparently, investors didn’t stop to ponder why Meerkat people rushed to cash in so aggressively only a month after the app had debuted.

When there is talk about another tech bubble, this will be where they point to. I won't say it's easy to get the attention of many with an app, but we have seen very little staying power with apps. The demise of Zynga points to their premature purchasing of very basic games that didn't have long staying power. Meerkat was popular for like a week. I have been using Periscope for the last few days and it may take a lot more to keep the staying power. Theres a lot of terrible content on the service. Twitter will have to solve finding good content. Otherwise this will be a fad and that will be too bad because I do think it has the opportunity to be amazing.