Personally, I feel that memes are somewhat at the end of their strength.

The monkey making phone calls and the Chinese character memes have been quite popular lately, and it feels like all kinds of meme concepts have been used up.

When new hot topics emerge, it's still possible to create one or two big memes, but large-scale memes seem difficult.

Since last year, with hippos, Mars City, AI+meme, and Trump, it seems like there haven't been many big memes that have really taken off.

On the other hand, as the Federal Reserve gradually lowers interest rates and liquidity increases, it may first flow into the secondary market. It still feels like some mainstream coins in CEX align more with the aesthetic of these American investors, and they might also draw liquidity away from on-chain.