#迷因币情绪 The meme coin market presents a situation of both fervor and controversy. On one hand, Pump.fun's rapid and massive financing reflects investors' pursuit of short-term high returns, while the characteristics of meme coins—easy to spread and low barriers to entry—align with speculative demand; on the other hand, they lack actual value support and exhibit extreme price volatility, making a $4 billion valuation hard to justify. This attitude reflects the market's irrational exuberance, and caution is needed regarding the risk of a bubble burst.