Since last fall, I haven't been able to understand what new tricks MEME coins can play. Although there were some extreme market conditions on the chain during winter, a closer look shows there was no real continuity—those so-called ten-thousand-fold increases are essentially liquidity illusions caused by chips controlled by a few people.

The market at the beginning of this year best illustrates the issue. Except for a few top projects, almost all MEME coins experienced over 90% of their value wiped out. Frankly, unless it's projects like Trump Coin or Dogecoin that come with cultural heritage and traffic genes, ordinary MEME participants find it hard to find an exit. So I've been saying that, at its core, MEME is just a cultural phenomenon within blockchain.

Instead of dreaming about the next wave of MEME, it's better to focus on the combination of DeFi and various niche tracks. The opportunities in these areas are no less than those in the 2020 cycle. When measured by Bitcoin and Ethereum market caps, many protocols are seriously undervalued. Those who have gone through significant adjustments in the past three years actually have good opportunity windows—it's all about which logic you believe in. 2025 is not only the starting point for future layout but also the phase where the foundation laid by the market over these years begins to show results. Veterans never die; they just gradually fade from the stage.