The essence of Meme coins is an in-house PvP game.

It seems simple: if there is no large capital inflow, where does the growth money come from? It’s nothing more than winning other people’s chips in the market. When external liquidity doesn’t enter the market, your profits are equal to others’ losses — there’s no third answer to this question.

And then? The story becomes very routine. First, small profits lead to a taste of success, then greed kicks in and you want to earn more, naturally learning to buy the dip. At this point, luck is still on your side, and you make another profit. But markets have cycles; when the decline comes, no one can hide. Profits gradually shrink, shrink further, and eventually, you start losing money. Continuing to hold stubbornly, the principal also begins to bleed. In the end, there’s nothing left.

This Meme market cycle, I also pondered whether it would be different this time. But looking at the rhythm of the past two years, it still feels the same. History always repeats itself, and patterns are eternal.