Well written. Current meme launches are highly automated and highly competitive, with average holding times of only a few seconds. The model of relying on bundling and KOL-side wallet dumping is mature. The real challenge lies in creating tokens with long-term demand. Long-term demand assets fall into two categories: belief assets and cash flow assets. Belief assets have several characteristics: 1. They have a leader that is instantly recognizable (Satoshi, Vitalik) 2. They have experienced a "near-death + resurrection" event (referring to a near-death experience followed by a resurrection) 3. They have made early believers truly wealthy 4. They have a unique community, memes, and identity markers 5. They have a simple and widely circulated slogan (digital gold, world computer, on-chain Nasdaq, etc.) Cash flow assets are easier to identify. Those that truly generate profits and are designed to continuously reward token holders include Hyperliquid, Uniswap, and Sky. Cherish these projects.