The coin prices have crashed, but transaction flow has accelerated by 7x: this round of on-chain Meme isn’t dead yet, but Phase 1 is over～ Over the past couple of days, PONS, MARSCOIN, and BASECAT have all dropped, and many people’s first reaction was: it’s over. I’m putting price aside for now and focusing on one thing—has the money actually left? Robinhood Chain stablecoin volume in the past 7 days is up +23.4%, DEX transactions are up +38.3%; BSC DEX transactions are up +53.9%. Coins are dropping, but the dollars and trading demand on-chain haven’t retreated at all. Pons has generated $58.82M in fees and $1.008B in DEX transactions over the past 7 days. Breaking it down, the fee speed in the last 7 days is about 6x that of the previous 23 days, transaction speed is about 7.1x, and Holder Revenue is up by approximately 20.9x. To put it simply, on-chain assets are crashing, but the cash in the pools and the users are still accelerating. These are not the kind of numbers you’d see during a typical cycle death. Pons minted over 200,000 coins in a month, with over 310,000 wallets participating, and 66.8% of wallets ultimately losing money. Phase 1 was all about everything rising in valuation together. Phase 2 will definitely be much more brutal: old leaders will fall behind massively, attention will refocus, and funds will look for the next batch of assets that can handle transaction volume. So my current strategy remains just two words: wait. Wait for the direction of the second wave of capital’s focus, then act accordingly. But the leaders of the platform will always remain leaders—that’s undeniable.