Meme Coin: A Catalyst for Accelerating Industry Maturity

Recently, there are views that Meme Coins have disrupted the current market cycle. Although I have always advocated "technological narrative and long-termism," objectively speaking, Meme Coins have not "ruined" this cycle; rather, they have acted as a catalyst to accelerate the maturity process of the industry:

1. The market focus has shifted from "technology is king" to "attention is king". Meme Coin became the most intuitive manifestation of this transformation. Most technology projects take years to achieve a roadmap, and the market has lost patience for waiting and trusting. This creates an opportunity for Meme Coin to attract liquidity through a short-term wealth effect.

2. Meme Coins force technology projects to innovate themselves. The model of attracting investment through financing valuation, technical packaging, and conceptual stacking has become ineffective. Technology projects are forced to return to substantive delivery, as investors have experienced the advantages of "simplicity and directness, with clear wealth effects" in Meme Coins, and are no longer willing to accept projects that are "technically complex but deliver nothing in the long term."

3. Meme Coins have expanded the boundaries and foundations of the entire market. Complex technological narratives can only attract a small elite group, while mass adoption requires simple and understandable interaction methods that can quickly form consensus. When a large number of ordinary users enter the market due to Meme Coins, a portion of them will inevitably delve deeper into the ecosystem, bringing unprecedented incremental users to technological projects and addressing the long-standing "user scarcity" issue that has plagued these projects.

4. The meme craze will not span the entire market cycle, but its overflow of market vitality will benefit most of the crypto ecosystem. The essence of speculative capital chasing profits determines that Meme Coins are difficult to sustain wealth effects. When most people experience the duality of short-term wealth and zeroing out, they will naturally seek more balanced investment targets. At that time, technology projects that truly solve practical problems, establish user stickiness, and have clear business models will welcome valuation reconstruction, completing the transformation from concept to value. For technological narratives, this is not the end, but the beginning of a rebirth.

5. Meme Coin completely reinvents the traditional token model of high FDV and low circulation. In the past, the dominant financing model created a deformed market structure of "high valuation and low liquidity", which led to a general decline in tokens after issuance, leaving little room for ordinary investors to hold coins and appreciate. In contrast, despite the huge risks, Meme Coin has reactivated the market with its transparent, simple, and fair participation characteristics, allowing the market to return to a more fair and transparent playing field. The shrinking market share or even withdrawal of some institutions is not unrelated to the increasing mainstreaming of meme coins.