The market is completely crazy. Several Chinese MEME coin projects recently launched by a leading exchange have demonstrated what "phenomenal" really means—one reached its peak immediately after launch and then became a standard pattern, while the other's name itself encapsulates the entire narrative. Watching these absurd daily scenes unfold, you should understand: the liquidity game has entered its most naked phase.

This is not just about traffic competition. In the context of macroeconomic uncertainty with non-farm payroll data swinging and rate cut expectations repeatedly adjusting, the extreme madness of MEME coins precisely exposes the lack of fresh narratives in the mainstream. Large funds are on the sidelines, and hot money begins to flood into zero-cost symbolic gambling. The last bull market died from MEME coins draining liquidity, and this time, the more subtle point is: the copycat season has already quietly started and ended. Market stratification has already taken shape—at the bottom are macro battles between BTC and ETH, while at the top is the emotional casino of these Chinese MEME coins. Platforms are raking in traffic and fees, but retail investors ultimately become the fuel for liquidity.

What is the more painful reality? When this kind of hype becomes normalized and labeled as "Chinese MEME," it gradually dulls your perception of value. A fluctuation in non-farm payroll data or a correction in the US stock market is destined to cause these castles in the air to collapse first. Those caught up in "collective madness" are often the last to pay the bill.

However, I remain optimistic about the future—though this optimism is certainly not based on exaggerated symbols. In this global market game, the truly scarce alpha is quite simple: when the world falls into collective madness, staying sober and avoiding noise is itself an extra return.