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Recently, it has been observed that the popularity of these meme coins has indeed caused quite a few chaos in the crypto ecosystem. A large influx of retail funds into these projects objectively diverts purchasing power from mainstream cryptocurrencies. From on-chain data, many mainstream coins are currently facing net outflows of retail investors, while newly issued meme coins have accumulated a large amount of chips. This dispersed capital pattern is unlikely to be beneficial for the healthy development of the entire market. It is worth noting that once these high-risk projects experience large unlocks or team cash-outs, it could lead to concentrated selling pressure, thereby impacting the overall market sentiment.