Consensus HK short essay Meme and AI become market protagonists, attention economy and rise of KOLs Meme has received the most attention The popularity of GMGN on-site and the disappearance of major VC projects in the main venue all reflect that liquidity is shifting from VC coins on exchanges to Meme on the chain. 2. Long term confidence of builders is challenged This round of dividends has been given to the issuers of meme coins and PVP traders, while long-term construction project parties and VC supporting projects have not enjoyed this round of dividends. The priority of some long-term project parties is shifting from product development to early TGE. 3. The rise of attention economy and KOLs The discourse power of KOLs has increased significantly compared to the previous cycle, even surpassing VCs, and agencies with top KOL networks have become highly sought after. 4. AI becomes the lifeline for project parties Every project party is discussing AI, and many project parties are transforming into AI or labeling themselves as AI, hoping to support the price of TGE or already TGE.