The real issues in the Memecoin market are actually quite clear.

Since October, trading activity has sharply declined. Liquidity providers like me have long since pulled out, and many retail investors have also gradually exited. So the question is—who exactly is still in this market now?

Looking back, it’s mainly these groups: ultimate retail investors, whales, small scripts for fake trading, the older brothers secretly dumping 20% liquidity, the coin issuing groups controlling nine-tenths of the tokens, and those who survive by吸吸 retail liquidity.

Honestly, the current Memecoin ecosystem is a predatory market, there’s nothing to hide about that. The composition of participants has changed, the rules of the game have changed, and what remains are basically hunters and prey.