Is the counterfeit industry still going strong? The road ahead remains unclear. From the beginning of 2023 to now, this so-called bull market has been dominated by external forces; it has also been a period where the internal narratives of the cryptocurrency world have been stripped down one by one and then disproved. The road ahead may be blocked, but we are still in search.

1. From V God to V Child and then to V Dog,

$ETH, the greatest source of internal narratives in the cryptocurrency world, has fallen from grace during this round of debt repayment. Perhaps if it hadn't transitioned from POW to POS, the price might look better, but we need to recognize that this is not the main reason.

2. From #Solana to #BNBChain

On-chain seems to be a vague new direction. The Solana chain exploded for a whole cycle due to the super MEME season, but after $Trump issued coins and a series of harvests, along with the peak of the market, the price of SOL also faced disaster; although the super MEME season has gradually cooled down, what I see from above is still the same saying: "Money never sleeps". Whether it be the main players or conspiracy groups, they are actively exploring new directions in the cryptocurrency world. After all, MEME is also a unique narrative belonging to the cryptocurrency world.

3. Binance is the largest exchange in the entire cryptocurrency circle, previously acting as the final gathering place for overall liquidity; hence the established sayings: "Go to Binance, make a second wave, cash out for safety", "This coin has risen, did it go to Binance?", "Bitcoin has been rising recently, it must be going to Binance"; however, Binance seems to have realized where the problem lies: the on-chain conspiracy groups produce, then dump on Binance; the bulk of the profits go to the conspiracy groups, while the losses are borne by Binance's users, and the blame falls on Binance; this is unfair. Thus, we can see CZ starting to issue signals while simultaneously building BNBChain, from Binance Alpha to new coin launches through TGE, a whole set of Binance-based playstyles is quietly taking shape; since I am the largest player in this circle, why not produce and sell myself? I can control the rhythm, control the intensity, and won't overfish like some outsiders.