In this round, part of the narrative of Web3 collapsed (was falsified), and when there was a lack of greater imagination and narrative support, more people returned to Crypto (currency circle). People are resisting the high valuation, low circulation, and continuous release of blood-sucking liquidity of VC coins. Who is winning in this unequal game? In addition to the emotional value, retail investors also prefer meme coin’s low starting point, full circulation, and relatively fair game rules in terms of operation. People used to think that meme coins only broke out at the end of the bull market, but the starting point of this bull market was ordi in March 2023 and Pepe in April. Many people can no longer ignore meme coins as a special asset class.