Looking at the operational routines of leading exchanges in recent years, you can indeed feel a clear shift.

From the frenzy of DeFi, to the explosive popularity of NFTs, then to the fleeting rise of GameFi, and finally to the overwhelming wave of Meme coins—this evolutionary path of the on-chain bull market can be repeated every so often. Each time, new wealth creation stories are generated, and every time, a group of people profit from it.

Thinking carefully about the logic behind this, it’s actually quite straightforward. Since the value of these altcoins is essentially zero, why bother working with project teams, endorsing them, and ultimately taking on the risk yourself? Instead of all this fuss, it’s better to directly push Meme coins—no project team burdens, no complex technical promises, just a liquidity game.

Manipulating the market itself is the best story. Once the price rises, people will naturally find all kinds of reasons to justify it. The market is never short of clever interpreters.🫡