Every coin market trend is bottom-up, with ico defi inscription meme. Two reasons: Firstly, in the three laws of bull market engines that I proposed, the concept of "mass production of new assets" requires sufficient stock splits to continuously generate wealth effects, and such assets will not be generated from top to bottom. Secondly, the source of vitality in the cryptocurrency industry is retail investors, not ETFs. It is an asset issuance method that will go through a complete Christmas tree: On the left side of the Christmas tree, the wealth effect of individual investors begins to emerge. Looking back at the ICO DeFi inscription memes, this is the case for all participants, whether they were early ICO participants, DeFi miners, those who had inscriptions, or those who had memes, they all began to generate the wealth effect of individual investors; On the right side of the Christmas tree, the wealth effect gradually disappears, and top-down forces begin to harvest. In the ICO era, "Teacher Xu" led a group of "elites" into the circle to harvest, while in the DeFi era, whales gradually monopolized all mining wealth effects. In the Inscription era, "fake communities" began to be formed, and in the Meme era, Millais began to crazily organize games and pour water for 30 minutes. When this new asset issuance model that can create wealth effects for retail investors is on the left side of the Christmas tree, it will be accompanied by the flourishing of ecological tokens (old technology and new gameplay), as well as a new generation of ecological players and game groups brought by new narratives and token issuance methods (new narratives and new hopes). On the right side of the Christmas tree, the "elite" and a group of vested interests that monopolize ecological resources begin to reap the liquidity of new entrants into this model, and this trend gradually weakens until the retail wealth effect is lost. My observation of the issuance methods of cryptocurrency assets is coherent. If you have ever read about the "Three Laws of Bull Market Engines", "The Whole World is a Christmas Tree", or "Ecological Tokens+New Asset Issuance Methods+New Narratives and New Races Mass Produce Splitting Plates". So this push is to connect these few things together and form a new perspective on the same thing.