The narrative logic of crypto has been completely reshaped amid the chaos of this bull market. We originally had the opportunity to attract more institutional attention and absorb a larger influx of capital. However, the reality is that the wild rollercoaster of meme coins, aside from creating short-term bubbles and eventual disillusionment, has brought more harm than benefit to the entire industry. 1011 dealt an even more devastating blow, fatally undermining both the foundation of trust and the narrative logic.