The Meme Fomo craze has come to a temporary end, what will be the next version? I just finished reading the "Meme Learning Notes" posted by my sister, and I want to express my recent feelings. When P is really tired, and when I smell a hint of Alpha while scrolling through the X information stream, I am too lazy to look for tickets anymore. Finally, I feel like it's time to take a break. I'm so tired At 5am this morning, Binance launched 4 BSC Memecoin spot tokens in one go. Currently, the market value of each token is in the tens of millions of dollars, which is very different from the AI Agent market that was prone to 2 billion dollars a few months ago; At the same time, Binance launched 9 spot contracts and 16 contracts in March, most of which did not perform well. Some tokens even had a circulating market value of over 30 million in just a few days, and Binance's "strict selection effect" seems to be weakening; However, it must be acknowledged that this is not only a dilemma for Binance, but also a common problem among top exchanges. Its strong pull is like that of Upbit, and it cannot maintain the level of "strict selection in Korea" even with faster new listings. As a CEX dragon, Binance is only the first to bear the brunt The root cause behind it may be that as long as the project party is willing to offer a 5% or higher proportion and sell it at a lower price, they can reach hundreds of thousands of users in the exchange wallet, and then airdrop 3% -5% to the platform coin holder to complete the liquidity release by going live. This established industry standard further determines that the quality of online projects varies greatly Prior to this, at the beginning of last year when the market started, due to the limited number of new projects, the market gave Binance/Coinbase/Upbit new coins extremely high valuations, even reaching 10 billion at the opening. The project team used PUA studios and hairdressers to beautify the project's TVL, number of active addresses, and fee income to meet the standards of the exchange. On this basis, they also provided a certain percentage of tokens to obtain the listing qualification of the exchange; For the vast majority of project parties, this is already a case of breaking through five obstacles and completing all tasks. If they don't take away the big results, will they continue to build and use real money to drive sales Indeed, in the past year, there have been some value projects with business models that have stood the test of time, with tangible revenue and profits, and even the ability to continuously provide value to one's own tokens. Although tokens still have huge fluctuations, there can be several times the space from the bottom to the top. It is no longer just going online and reaching the top of the mountain, and then going all the way to -99%, which makes people sigh that they can lose everything they buy at any time -It's not Ethena that's bad, it's 20 billion yuan ENA that's bad -It's not that Morpho is bad, it's that 4 billion MORPHO is bad Meme is not meaningless, as Yijie said, it is a more universal cultural expression, but not all Memes can match their existing value. Memecoin has evolved into a part of blockchain, and it should not drain the vast majority of liquidity - only when the tide recedes, do we know who is swimming naked; The recent bear market trend is certainly frustrating, but on the other hand, you can finally buy ENA at a valuation of 5.8 billion yuan, MORCHO at a valuation of 1.4 billion yuan, PENDLE at a valuation of 700 million yuan, or even lower (of course, this is not investment advice...); We can finally buy high-quality projects at the right price, without having to rack our brains and think about how to sell the coins I bought for $1 to others for $2. We don't have to worry about pouring money on Rug, but rather think about the future development of the project and how much reasonable valuation should be given to it FOMO will never bring value. Only by calming down, removing the emotional premium, no longer afraid of missing out, and carefully considering, can we buy project tokens with logic, business, revenue, and even stable profits. Only then can we say to the "new leeks" who entered Fomo in the next bull market: Fortunately, I bought them long ago