In this intertwined world of cryptocurrency frenzy and conspiracy in 2025, the stage of the blockchain world has staged absurd dramas. Trump loudly launches a coin, retail investors lose their capital but no one dares to speak out; Binance's head CZ (Zhao Changpeng) frequently promotes meme coins while laughing as he harvests traffic; yet only Vitalik Buterin, the soul of Ethereum, faces the wrath of the community due to a single dog barking imitation. All of this seems coincidental, but in reality, it conceals capital manipulation, policy undercurrents, and human nature games. This article will restore the narrative context of the events from a narrative perspective, deeply analyze the struggles and conspiracies behind them, and unveil the power chess game beneath this absurd facade.
Act One: Trump's 'Presidential Coin' Carnival
In January 2025, the winter wind in Washington had yet to dissipate when Trump, in his capacity as the incoming president, dropped a heavy bombshell—the $TRUMP coin. On its launch day, its market value soared to $24 billion, and social media was flooded with the slogan 'Make Crypto Great Again'. Retail investors flocked in, fantasizing about hitching a ride on the 'understanding king'. However, the coin price plummeted by 70% within 48 hours, leaving countless investors in ruin. Strangely, the discourse in the circle was unusually calm, with no one daring to shout 'harvesting leeks'.
Behind the story, the Trump family's calculations are clear. $TRUMP lacks a supporting white paper, with numerous smart contract vulnerabilities, making it evidently not a technology-driven project, but a tool for monetizing political IP. Insiders reveal that the issuance team includes Wall Street veterans, with funding flowing to multiple offshore companies. This raises a question: is this the first step of Trump to build momentum for a 'pro-crypto policy' after taking office? Even more conspiracy theories speculate that the SEC turns a blind eye to this, possibly as a result of tacit approval from higher-ups—after all, a president controlling the narrative of cryptocurrency would be beneficial for strategies against the decline of dollar hegemony.
From a rational analysis, Trump's 'immunity' stems from the perfect resonance of his political capital and market sentiment. At the beginning of 2025, Bitcoin surpassed $100,000, and a wave of speculation swept the globe; $TRUMP was merely a stimulant in this carnival. Retail investors, knowing they were being harvested, still willingly went along, simply because they believe 'strong men will win'. The collaboration between capital and policy has created this grand harvest feast that no one dares to speak of.
Act Two: CZ's Meme Coin Empire
Meanwhile, on the other side of the planet, CZ is playing a bigger game. In February 2025, multiple meme coin projects went live on the Binance BNB Chain, from 'Broccoli War' to '$CZGOD', all of which are short-term profit harvesters. CZ mocked on X, 'Meme coins are a stress test for blockchain; I'm just an observer.' However, Binance raked in profits while retail investors screamed in agony as the bubble burst.
The directing technique of this play is superb. On the surface, CZ claims 'community-driven' and attributes the meme coin craze to user enthusiasm, but in reality, Binance manipulates funds through Launchpool's dark pool operations, precisely controlling the flow of capital. Rumors suggest that some meme coin teams were directly instructed by Binance's investment department to attract new users and inflate the BNB price. Even more bizarre conspiracy theories point to regulatory games: Binance faces enormous fines in the US, and CZ might be trying to deflect attention through the hype of meme coins, even using it to show 'compliance posture' to the SEC—after all, these projects have 'no technical substance', making it difficult to define them as securities.
From a rational perspective, CZ's success lies in his business acumen and cultural manipulation. He deeply understands the logic of 'playing around is justice' in the cryptocurrency circle, using humor and a relatable image to defuse controversies. Compared to Trump's domineering harvesting, CZ's leek cutting resembles a 'let's all have fun' party, where retail investors lose money yet still greet him with smiles. This is not just a business of traffic, but an expansion of a power empire.
Act Three: Vitalik's Dog Barking Misstep
In contrast, Vitalik's story is nothing short of tragic. In May 2024, during an online livestream, he imitated a dog barking in response to the meme coin craze, intending to share a light-hearted moment, but ended up stirring a hornet's nest. The community erupted: 'How can the father of Ethereum be so frivolous?' 'With gas fees soaring, how can he still joke around?' Overnight, Vitalik transformed from a technical pioneer to a 'fallen clown', facing a barrage of criticism on X.
The turning point of this drama is quite lamentable. As the soul of Ethereum, Vitalik has been known for his philosophical musings and technical preaching over the years. He once tried to alleviate the gas fee problem through Layer 2 solutions, but faced criticism due to slow progress. The dog barking incident was merely an emotional outlet, but why did the backlash become so intense? Conspiracy theorists believe that there were opponents behind the scenes fanning the flames. An anonymous account revealed that before the dog barking incident, a large number of bot accounts concentrated their attacks on Vitalik, with funding traced back to the marketing team of a competing public blockchain. Some even speculated that this was orchestrated by centralized exchanges (like Binance) in an attempt to undermine Ethereum's moral halo and consolidate their own position.
From a rational perspective, Vitalik's misstep stems from a misalignment of identity. He is viewed by the community as a 'saint', and any 'down-to-earth' action will be magnified as betrayal. More critically, Ethereum is at a crucial transformation period, and the meme coin craze sharply contrasts with technical bottlenecks, causing community grievances to erupt. The dog barking was merely a scapegoat; the real anger was a cry over the gap between ideals and reality.
Behind the Scenes: The Chess Game of Policy, Capital, and Human Nature
The three acts seem independent, but they are actually part of a larger chess game.
1. **Policy Underflow: Who Is Manipulating the Rules?**
Trump's issuance of coins without anyone caring points to the subtle attitude of US policy towards the cryptocurrency market. $TRUMP could be a testing ground for the marriage of finance and politics, paving the way for the subsequent 'dollarization of crypto'. CZ's meme coin game serves as Binance's strategy to survive in the global regulatory cracks, appearing absurd on the surface, but actually advancing step by step. Vitalik's loss may represent the powerless struggle of decentralized ideals in the face of authoritarian power.
2. **Capital Struggle: Whose Leeks Are Being Harvested?**
Capital's pursuit of profit is an eternal theme. Trump harvests retail investors through political IP, CZ absorbs traffic with platform advantages, but Vitalik misses out on capital dividends due to a technology-oriented approach. The amplification of the dog barking incident could be a public relations battle from competitors aimed at undermining Ethereum's community cohesion.
3. **Human Absurdity: The Collision of Faith and Greed**
Why are retail investors willing to be harvested? Because greed overpowers rationality. Why does the community scold Vitalik? Because faith cannot tolerate flaws. The root of this absurdity lies in human nature's dual desire for sudden wealth and perfection.
Epilogue: Absurdity is Truth
In the cryptocurrency circle of 2025, Trump harvested leeks without anyone caring, CZ played around while watching the storm, and Vitalik became the target of criticism. This is not just the story of three individuals, but a microcosm of the intertwining of policy, capital, and human nature. The absurdity is not coincidental but an inevitability of the chess game. When speculation overwhelms technology and power supersedes ideals, the truth has long been drowned in the fog of conspiracy. Perhaps this is the most genuine reflection of the blockchain era: absurdity is truth, and truth is absurdity.
