VCs are no longer able to profit from the secondary market; now they are turning to the primary market, engaging in schemes like "VC + MEME" and "VC + AI," which have led to a lot of rapid speculation.

The dynamics of on-chain play have changed; the SOL ecosystem is no longer driven by narratives, but rather controlled by operators, and the upside potential for pure MEME coins is diminishing.

In 2017, VCs became wealthy through exchanges; now, in the second half of the bull market, the focus may shift to on-chain speculation. Following this logic, while AI concepts are essentially also MEME, they are more popular than pure MEME and have higher speculation heat.

However, caution is advised, as many of these rapidly speculated projects are merely schemes; the technological concepts may just be a facade, and retail investors can easily be taken advantage of.