Reevaluation of Value in the Crypto Space: Survival Rules Amidst the Retreat of MEME
1. The Endgame of MEME: When the bubble bursts, very few MEMEs survive at the top. Dogecoin rides on Musk's traffic, Shiba Inu relies on community virality, and top MEMEs transcend code value through emotional resonance;
Many following projects become the chaff under the farmer's scythe, and the 'new aristocrats' that surge in a single day are often contract pump-and-dumps; only those with active communities and substantial on-chain volume can weather the cycles.
2. Value Anchors: The ability to generate cash flow returns the market to fundamentals, with three types of projects standing out: cash flow protocols represented by Up transaction fees and Aave lending interest; infrastructure projects solving real pain points like Chainlink oracles and Arweave storage; and closed-loop models that bind ecological interests through buybacks and dividends. They use real value to break the skepticism that 'blockchain is not profitable.'
3. Avoidance Guide: MEME investments must strictly control positions (≤5%); protocol selection should prioritize revenue over narratives; be wary of the illusion of net inflows into Ethereum ETFs, as institutions often mislead retail investors with data, covertly building positions through OTC deals or reverse hedging. The revelry will eventually come to an end, and only projects rooted in value can endure.
