Recently, the crypto world has been flooded with a few memecoins, one as a pun and the other repeatedly mentioned by multiple opinion leaders. I am Bear, and today I want to discuss the investment logic of memecoins with everyone.

The crypto space has actually always been divided into two camps: one side is memecoins, which mostly go to zero but occasionally produce a few get-rich-quick cases; the other side is VC projects supported by technology believers, many of which peak at launch and fall into a death spiral.

A few days ago, while reading a book, I suddenly thought of a question—what would a financial giant like George Soros do in the crypto world? Would he buy memecoins?

In traditional financial markets, assets with no fundamental support are simply garbage. But in the crypto world, it's quite the opposite. Those highly emotional, publicly discussed assets are, from Soros’s perspective, the most perfect prey.

**Key question: Why are so many people losing money?**

The answer is simple—bias and arrogance.

Taking a recent example, the surge of a certain memecoin was driven by two factors: 2026 is the Year of the Horse, and opinion leaders amplifying on social media. This simple narrative was enough to trigger a chain reaction in the market.

Soros has a famous "reflexivity theory": **In financial markets, bias is the fundamental**. The deeper the bias, the stronger the explosive potential.

The truth in the crypto world is that technical ability has never been the deciding factor. Emotions, narratives, consensus—these are the core engines driving prices. Investors who look down on memecoins and insist on technology first are, ironically, the ones burdened by their own arrogance.

If you can understand where biases in the market come from and how to reinforce them, you can find real gold among these opportunities.