The rapid decline of the meme coin craze on BSC is fundamentally due to the fact that people have become disillusioned with memes. The market has formed some consensus: for example, many believe that when projects claim they want to 'build', they actually just want to pump the price to harvest profits. Those who insist on holding coins for the long term are seen as bag holders. Many in the community initially buy coins themselves and try to persuade newcomers to take over their bags. Those who call out trades often sell and run off to start the next project.

The game of passing the parcel can only continue as long as everyone is attracted by certain expectations, entering the market together to push prices higher, but now memes can no longer drive the market trends.

In contrast to Solana, where the market makers often combine price increases with narratives and invest real money, some even continue to pump prices to expand the market cap, the cost of controlling meme coins on BSC is extremely low, relying entirely on community speculation for quick cashing out, with a harvest cycle that's absurdly short. Retail investors are often trapped by continuous price declines in the secondary market, while on-chain projects frequently run off with funds, making it impossible to continue playing.

When there is a group of people in the market who can make risk-free arbitrage profits at the expense of others, this game cannot continue. Previously, VC coins were damaged by institutional overvaluation arbitrage; now memes, in an attempt to resist VC coins, have instead entered the same dead end, with many people calling out trades to pump prices before immediately selling off.

In fact, the essence of past memes was also to call out trades and harvest profits; however, during the cycle of funds flowing from VC coins to memes, new funds continually came in to mask the problems. Now, there are more arbitrageurs than new investors, and the model can naturally no longer be sustained. According to financial cycle theory, the market might turn back to VC coins, as the number of VC coins has decreased over the past two years, and the number of arbitrageurs may be even fewer than those playing with memes.