After Ethereum switched to the PoS mechanism in 2022, although energy consumption was reduced by 99.95%, it also severed the connection for millions of GPU miners worldwide. Miners were once the most active evangelists of the ecosystem, forming a community of shared interests through mining and spontaneously promoting Ethereum applications. Under the PoS model, the staking threshold of 32 ETH has kept ordinary users out, leading to a loss of community cohesion.
In contrast, Dogecoin (Doge), buoyed by Musk's endorsements and the continued activity of the miner community, achieved an 18% price rebound in early 2025, maintaining a top ten market cap.
Although recent interoperability standards like ERC-7683 have attempted to improve the situation, the fragmented efforts of developers have led the ecosystem into a state of 'technical involution.' In comparison, Solana, with its high throughput and low fees, has attracted a large number of Meme coin projects to spontaneously gather, creating a 'hotspot symbiosis effect'—for instance, #特朗普概念币 BURGER surged a thousand times in a single day, while the emerging Con an (xbqt) innovatively narrates with 'cute pets + ZZhi IP,' surpassing a community size of 50,000 in just 7 days.
Ethereum has long ignored the traffic value of Meme coins, and its 'technology-first' elite mindset has created a rift with the grassroots culture of the crypto market. By 2025, Meme coins will account for 35% of cryptocurrency trading volume, and projects like BONK and WIF in the Solana ecosystem continuously attract retail funds through community airdrops and low-threshold participation mechanisms. The dual narrative of Co nan, combining 'finance + public welfare,' is reconstructing the value logic of Meme coins.
The Ethereum upgrade cycle is lengthy (with shard technology postponed until 2026), and the foundation's ongoing sale of ETH reserves is intensifying market concerns. 😔
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