Author: Haotian

I saw someone in the English community say that Meme Coins have ruined this cycle. Although I have been advocating for "technical narrative + long-termism" most of the time, I still want to objectively sing a different tune: Meme Coins did not "ruin" this cycle; instead, they acted as a market catalyst that accelerated the industry's maturity:

1) The market has transitioned from "technology is king" to "attention is king," with Meme Coins being the most intuitive embodiment of this change. Most projects with technical narratives have roadmaps that span three to five years, and the market has lost patience to wait, believe, and entrust. Therefore, it has given Meme Coins a time window to attract liquidity through the short-term wealth FOMO effect.

2) Meme Coins force technical narratives to innovate themselves. The past model of "technical packaging" in VC coins has reached a dead end. The era of relying on financing valuation, technical packaging, and concept stacking to harvest retail investors is over. Technical projects are forced to return to real delivery because investors have tasted the sweetness of "simple and straightforward, with clear wealth effects" in Meme Coins and can no longer accept projects that are "technically complex but have no long-term delivery."

3) Meme Coins have expanded the boundaries and foundation of the entire market. No matter how exquisite the technical narrative is, it can only attract a portion of the elite group that understands it, while mass adoption requires simple and understandable interaction methods that can quickly generate consensus.

When a large number of ordinary users enter the market due to Meme Coins, some of them will inevitably engage in deeper ecological exploration, which brings an unprecedented incremental user pool to technical projects, solving the long-standing dilemma of "no one uses" technical projects.

4) The Meme craze will not cover the entire cycle, but its overflow of market vitality will benefit most of the crypto ecosystem. The nature of hot money seeking profit determines that Meme Coins cannot continuously generate wealth effects. When most people have experienced the duality of short-term wealth and zeroing out, they will naturally seek more balanced investment targets (tending towards more stable investors).

At that time, technical 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. Therefore, for technical narratives, this is not an end but the beginning of a rebirth.

5) Meme Coins represent a complete reshuffling of the high FDV and low circulation model of VC coins. The past VC-led financing model created a distorted market structure of "high valuation, low circulation," leading to a general decline after TGE. This market structure has left little room for ordinary investors to hold coins and see them appreciate, stifling the crypto dream of retail investors becoming wealthy.

In contrast, although the risks are enormous, Meme Coins, with their transparency, simplicity, and equal participation for everyone, have revived market vitality, bringing the market back to a more fair and transparent competitive environment. It is hard to say that the shrinking market space of some VC institutions and their forced exit is unrelated to the increasing mainstreaming of MEME coins.

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