Author: Fairy, ChainCatcher

Editor: TB, ChainCatcher

We cannot forget why we set out in the first place just because we have come too far.

In the frenzy of the market, Meme coins are all the rage, short-term speculation is rampant, and FOMO sentiment drives up the bubble, while the true Builders pushing the industry forward struggle in the cracks. Capital seeks profit, founders exit, and even the most steadfast developers begin to waver.

When innovation is hijacked by traffic and speculation, and the market devolves into a game of "pass the parcel," do we still remember the original faith of this industry?

The Dissolution of Long-Termism Narrative: From "Changing the World" to "Speculative Casino"

Looking back at the early days of the crypto industry, long-termism was once the core driving force behind innovation. In 2017, foundational projects like Ethereum, Polkadot, and Cosmos were born. At that time, countless Layer 1 and DeFi projects were seen as pieces of the next-generation financial infrastructure, and the bull market of 2021 pushed this narrative to its peak: the wave of DeFi Summer and the explosion of NFTs brought projects like Uniswap, Aave, and Solana into the spotlight.

However, the crypto market has changed its appearance today. The pace of innovation has slowed, and the industry's focus has gradually shifted from infrastructure building to short-term profit-driven areas. Jocy, founder of IOSG Ventures, bluntly stated: "If the end result is to drive away talented individuals and turn Web3 into a speculative casino, is their success really shining?"

This change has already manifested among entrepreneurs. Crypto KOL Chen Jian Jason pointed out that high-quality entrepreneurs in the crypto field are leaving en masse, in stark contrast to the prosperity of 2021. The talent and capital that AI can accommodate from infrastructure to application layers far exceed those in the crypto space, and well-funded entrepreneurs have no motivation to stay and build a big casino. "Compared to these emerging industries, blockchain seems to have become the most boring one."

What is even more concerning is that this short-term speculative mentality is eroding the long-term development momentum of the industry, affecting the positive feedback mechanism of the entire sector. Jocy pointed out, "Having gotten used to making quick money, who is still willing to focus on refining products and driving growth? If the entire industry leans towards speculation, the crypto market will ultimately self-consume and lose its true innovative driving force."

The crypto industry once carried the dream of transforming the financial system, but now it faces the risk of being devoured by speculative trends. The current market is more democratized and fragmented, yet it has also lost its sense of direction.

The PVP Wave Dominates the Market: Speed and "Pouring In" Become the Norm

According to CoinGecko data, Meme coins accounted for 31% of market attention last year, with total market capitalization soaring from $20 billion in 2023 to $140 billion, an increase of 600%. But beneath the bubble, the bubble remains.

CoinWire statistics show that 76% of KOLs have promoted "dead" Meme coins, of which 2/3 have gone to zero, and 86% of Meme coins have plummeted by 90% within three months. This model of "quick launch, rapid pump, and short-term cashing out" seems to have become the standard growth path for Meme coins.

The cycle from project birth to explosive popularity and then rapid decline has been significantly compressed. Stories of hundredfold increases continuously stimulate investors' FOMO sentiment, attracting a flood of capital. However, as the heat dissipates, "pouring in" has become the final destination for most Meme coins.

We reviewed some Meme coins that once shone brightly in 2024, tallying their historical peaks and current status, and the results were unsurprising—ultimately, they all ended up "pouring in."

Additionally, Pump.fun, regarded as a wealth-generating tool for the Solana ecosystem, saw its weekly revenue soar to $27.92 million, but has now significantly shrunk to $8 million. Weekly trading volume has also plummeted from $2.2 billion to $536 million. More concerning is that the Pump.fun platform has seen only one token break the $1 million market cap in 24 hours for several consecutive days, even leading to the phenomenon of "zero score transactions."

Meanwhile, funds and attention are shifting towards BNB Chain and TRON. Every gust of wind may bring a brief carnival; yet every lull may leave behind "a mess." In a market environment where "speed and pouring in" have become the norm, how long can this wind blow?

Image source: Defillama

The Competition for Traffic Among Leading Exchanges

The crypto industry has fallen into a "casino" mode, and the competition among exchanges seems to have shifted to who can list Meme coins faster and more accurately. As the "locomotive" of the industry, Binance has also "followed the trend" in this traffic chase, continuously chasing after traffic and attention.

According to ChainCatcher statistics, since 2024, Binance has listed 36 types of Meme coins in the futures and spot markets, a significant proportion in its coin listing landscape.

Recently, Binance founder CZ and He Yi have personally engaged in the community and X (Twitter), creating memes, posting images, engaging in memes, and generating meme hype materials to seize traffic dividends. In response, IOSG Ventures founder Jocy candidly stated: "The most reputable individuals and organizations in the industry are focusing their attention on memes; to be honest, what does it matter if we win this battle?"

Currently, most Meme coins do not have substantial empowerment; they resemble a game of "pass the parcel." They lack self-sustaining capabilities and sustainable value support, relying solely on social media hype and celebrity effects to maintain short-term heat, a model that is difficult to sustain.

Once, the technical strength, ecological construction, and innovative capabilities of projects were the focus of market attention, but now, short-term price increases and social media popularity have become the key determinants of success or failure. The voice of long-termism is gradually drowned out in the noisy tide of speculation, and the development trajectory of the crypto market is deviating from its original intention, becoming increasingly shortsighted and restless.

Do You Remember the Original Intention of Crypto?

With speculation running high, the survival space for true value investors and quality projects is shrinking. Crypto KOL Rick Awsb pointed out that the trend of memeification has exacerbated the phenomenon of "bad money driving out good," and PVP has made true value investors increasingly rare; the industry's short-term "desertification" has become an undeniable fact.

Developers focused on technological innovation and ecological construction are gradually being marginalized, and the brilliance of technology and innovation is overshadowed by the market's noise. Bifrost builder Lurpis bluntly stated: "In the Web3 field, creating an excellent product is far less effective than pumping."

Nevertheless, there are still developers, investors, and builders who believe in the long-term value of Web3. Although their voices seem weak amid the market's clamor, these steadfast individuals keep the industry moving forward amid turmoil. As crypto KOL Blue Fox said: "The industry is like a journey against the current; everyone coming and going is just a passerby. It is indeed very difficult now, but a small portion is still holding on; even if it is a small portion, they will survive this winter."

Though the winter is cold, the footsteps of spring have never ceased.

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