大梦

She is such a girl. In 2018, she bought some Bitcoin because of her friend's trust and then stopped asking about it. Because she didn't know what Bitcoin was. At this time, she started her entrepreneurial journey, entered the clothing industry, founded her own chain brand, and invested in the beauty industry and yoga studios... It was because of these experiences in traditional industries that she fell in love with the atmosphere of freedom, love and creation in the WEB3 industry.

$DEXE Today it’s still on the trending search. Many people were hit by that decapitation-head–level drop from ten days ago—within a day, it fell from thirty-five to more than five. After that, there were a few rebounds and trading volume surged to over 200 million. Then one wave rushed in to buy the bottom, and another wave got buried. Now the price is 2.4, and the trading volume has dropped to less than 10 million. The trending search is still up, but the money has already left. $DEXE #buy_the_bottom

Something that’s been circulating in the circle these past two days is related to one person: Pavel Durov. On Wednesday, Russia’s Federal Security Service brought charges against him for allegedly assisting terrorist activities, and issued an international arrest warrant, saying that Telegram failed to remove a batch of channels and bots that were being used to coordinate and scam people. His earlier response was that the case was merely being used as pressure. The investigation on the French side is still ongoing as well.

This is connected to the platform/token because $GRAM is the original TON. It was renamed in June. Telegram is now planning to build its largest validation node for it. Last month, Durov also said he wanted to introduce a native wallet in Telegram. Nearly the entire narrative of the whole chain hinges on one person and one app. Today the price hasn’t moved much, but search interest has surged first.

The founder himself is the core of the narrative. When things are going smoothly, it works especially well. Today it’s just prompting people to take a look at the other half as well. $GRAM #Telegram

Today on the trending list, $PENGU is ranked pretty high. A lot of people thought it was about to move—then they opened Figure 1 and saw the price was pinned down, still green over the past 24 hours.

What’s interesting is that this penguin is doing better outside the circle than inside it. Image licensing and branded merchandise toys have moved into offline channels. Community exposure has reached over a hundred million, and even an asset management firm specifically filed an ETF for it—one of the first attempts to pack both meme coins and NFTs into a single fund. Traditional finance folks there are all treating it like a novelty. The branding track has been rising all the way up.

The coin track is a different story. It’s still more than 90% away from that peak from the end of 2024. The market cap is a little over three hundred million, and over the year it has dropped 85%. The more the brand gets louder, the more like a year of wasted waiting it has been for people holding the coin.

Retail investors search for the penguin in the news, while token holders are waiting for when the excitement can turn into value on the token. Between these two things, there’s no auto-connecting line: the money earned by the IP goes into the company’s accounts, and whether—or how much—it flows to the token side is a choice the project team designs.

So the real question isn’t whether the penguin is red; it’s whether, after it gets popular, the money has a path that actually reaches token holders. To this day, I haven’t seen an answer.

$PENGU #meme币

There are noticeably more people in the圈 searching for TAO tonight. Bittensor is the top flagship in the decentralized AI space—once you say AI + crypto, a lot of people’s first thought is it. But it’s green today—down more than five points over the past 24 hours. The more it drops, the more people search for it. This kind of thing is pretty common: when it’s rising, almost nobody asks what it’s actually doing; but the moment it pulls back, everyone suddenly panics and remembers to go check the fundamentals. So is this wave squeezing out the overblown hype from before, or is it really turning and heading downward? Honestly, I haven’t figured it out these past couple of days either. $TAO

What’s really interesting today isn’t who’s pumping—it’s what everyone is searching for. I checked the trends and among the top ones—SOL, ETH, SUI, LINK—everything is green. It’s all down three or five percentage points. Yet the number of people searching is actually higher than when things were rising. During the good times, everyone searched for how to chase, worried they’d miss the bus. But now that it’s dropped, all the searches are basically: since it’s fallen like this, can I buy in? It’s a pretty real shift: when it’s actually rallying, nobody dares to buy—everyone’s afraid of being the one who catches the last baton. Then once it dips, they think it’s cheap and get an itch in their mind. But “cheap” can mean two different things: one is that a good asset was wrongly punished; the other is that nobody ever wanted it in the first place, so it gets pushed down further on momentum. On the chart, these two look exactly the same. The difference is whether there are truly people using it and doing real work behind it. So over the past couple of days, if you’ve been hanging around under these coins, ask yourself this first: are you trying to pick the bottom, or are you just catching the falling knife? $SOL

Over the past two days, a $COTI suddenly popped up in the circle. In a single day, it surged by more than 50%. A lot of people’s first reaction was: what coin is this, and where did it come from? When you dig into it, it’s not a small thing either—it launched as far back as 2019. The original idea was to build the whole internet-payment setup, and the name is short for Currency of the Internet. Later, the payment narrative cooled off, and the project basically sank for years—almost no one talked about it anymore. This round, it found a new way to live: it pivoted to the privacy track, brought its assets back to the spotlight to tell a new story, and those old “bottomed” holdings were dug up and traded again. What’s interesting is that among those who rushed in, only a few really understood what it’s doing now. Most just saw unusual moves on the gainers leaderboard, acted faster than their brains, and clicked buy. The hardest part to judge when an old project revives is this: has it truly changed its life, or is it merely using its shell as a vehicle for a short-term trading pop借着资金？ The answer isn’t in today’s K-line—it will only become clear after looking further months ahead. $COTI #privacy track

Tonight, quite a few people in the circle are watching $NEAR . Without a sudden breakout surge, they just quietly pushed it up by a couple of points, and even squeezed it back into the trending search list. What’s interesting is that this wave isn’t relying on anyone’s hype—it's the AI “old storyline” getting resurfaced again. Back when it was founded, its founder was among the group that wrote the Transformer papers. When the market’s memory gets overwhelmed, it thinks of this tea again. The meme side may be noisy, but real money is quietly shifting into these old L1s with stories and solid fundamentals. In real industry, I’ve seen it all: when the hype is loudest, the old brands that nobody pays attention to often get talked about again only after the wind dies down. #AI叙事回潮 $NEAR

Over the past two days, everyone in the circle has been saying that $AAVE has really “got back up” again—up about ten percentage points in a single day. What’s interesting is that this wave isn’t like a meme-style overnight freak surge—those small coins are still just lingering in place, while the money quietly shifts into the older DeFi ecosystem. In the business of on-chain lending, AAVE has been “hot” for years. Earlier on, it was once dismissed as an outdated relic, but now its deposit size has climbed back to historical highs. Even institutional money is starting to test on-chain yields. In real-world industry, I’ve seen this pattern too many times: when the hype is at its hottest, nobody pays it any attention; when the wind dies down, it’s often the established players that remain standing steadily and keep making money. The market’s memory is short—excitement always chases what’s new—but the things that can actually survive cycles are often these quiet old veterans. This time, the funds are flowing back from memes into blue chips—the flavor is definitely different. #DeFi蓝筹回归 $AAVE

$PUMP These past two days, it’s come back to life—up by about ten-odd percentage points, and the circle is lively again. To put it plainly, pump.fun is basically a meme coin pipeline: anyone can spend a few seconds to launch a coin, and tens of thousands pop up in a day, with the vast majority dropping to zero within a few hours. But the ones who really make quiet money are never the retail folks who rush into every new coin—they’re the platform itself: no matter whether the coin you launch goes up or down, it takes a cut from every transaction. Just in fees, it can rack up millions of dollars in a day. In the years I did real-world business, the one I envied most was exactly this kind of setup—selling shovels is always steadier than digging for gold. This time, when $PUMP was pulled up, another wave of people started calculating how far the coin’s price could be supported by its buyback and burn. But I’m watching the other end: the hotter the platform gets, the more people underneath are actively taking their principal and feeding it into that lottery-like system with a win rate of only a few ten-thousandths. The celebration is real, and so are the bag-holders.#meme狂欢 $PUMP

Recently, everyone in the circle has been talking about $KAITO . A bunch of people spend every day on Twitter scrolling posts to earn Yap points, all just to catch an airdrop. Today, the coin price even jumped more than 13%. To put it plainly, this round is all about using attention as the “mining resource”—you think you’re farming the project, but the project is farming your traffic and your time. I’ve seen too many of these lively plays: they pump fast and dump just as fast. The ones who truly get their money in hand are always a small minority.#注意力挖矿 $KAITO

$SHIB Today it surged nearly 20% in one go, and that batch of old accounts from the Shiba Inu army has resurfaced again.

Some people may not know the origin of this coin. Back then, someone using the pseudonym Ryoshi came up with it. Without saying a word, he sent half of the supply to Vitalik (V神), calling it a “burn mechanism.” But V神 didn’t give him any courtesy—he burned about 90%, and the remaining amount, converted at the then-current price, came to several hundred million dollars, which was then fully donated to India’s COVID relief.

After that, Ryoshi deleted all of his posts, leaving only one line: “I don’t matter,” and then he vanished.

With such a joke-like opening, they hard-cultivated a Shiba Inu army of several million people. It cooled off for years with no one mentioning it, and today it suddenly gets pulled back up—those early holders who went all-in back then are back again.

I came out of the business/real-economy circles, and I’ve seen these kinds of shows a lot. In most cases, the people who actually make money in memes are the ones who buy and then basically never check again; the ones who keep watching unrealized gains tend to be the ones who rarely make it to the end. Whether this Shiba run can continue, I can’t promise—but once this kind of momentum catches fire, it runs faster than anyone.

#Meme季 $SHIB

Everyone in the circle has been watching $EUL today—it's surged by more than 70 points in a day, and it instantly shot into the trending searches. Do you remember this project? Two years ago, when EUL's lending was hijacked by hackers, they reportedly siphoned off 200 million—so many people thought it was done for. Later, the hackers returned the money, and somehow it kept living. This time, the DeFi lending narrative is warming up again—it runs harder than anyone else. After years in business, I believe one thing: a project that can crawl back from near-death is often more tempting to people than one that's been smooth sailing the whole way. But with a rise like seventy points, before you chase it, you’ve got to ask yourself whether you can handle the segment ahead. #EUL异动 $EUL

There’s an interesting phenomenon going around in the circle lately. A BANK that almost nobody mentioned a few days ago suddenly comes out of nowhere—both the gainers list and search buzz shoot up at the same time. In a single day it jumps more than twenty percentage points. For a little company with a market cap around the 200 range, it somehow gets dug up and pulled to the surface by a whole crowd of people.

This morning, someone in the group shared a screenshot, saying that if they had looked one more time yesterday, it would’ve been better. That feeling of regret mixed with the urge to chase—right through the screen, you can almost sense it. I’m way too familiar with scenes like this. When small-cap coins start “acting up,” it usually happens exactly like this—not because it suddenly got better overnight, but because attention rolls on its own. The more people search and the more people shout, the livelier the trading becomes.

In the years I worked on real business, I’ve seen too much anxiety that comes from missing out and thinking it’s a crime. But for those who actually rush in, what they’re usually profiting from is their heart pounding. You can watch the commotion—but it’s even more important to understand the mechanics. For something that’s pumping this fast, the tide often goes out just as quickly. Just don’t let your hands move faster than your brain—that’s all.

$BANK
#山寨异动

This RWA narrative—last year, they hyped it as the next trillion-dollar track that could move Wall Street onto the blockchain. BlackRock led the way in turning Treasuries into tokens, institutions filed in one after another, and retail investors rushed in just watching the PPT; $ONDO was the name everyone was talking about back then. But look today—the whole sector has gone limp again. ONDO dropped more than three points in a day, and even the newly hyped chain $PLUME is still sliding downward. The story hasn’t really changed: on-chain Treasuries are still steadily running—what’s changed is that hot money can’t wait. They want a three-day double, not a slow, steady accrual over a year. I’ve seen this kind of setup in the real-world for years: a real demand gets spun as “quick money.” People who rush in usually aren’t there for the demand itself. When the tide goes out, it’s the ones who truly treat this road like a business that remain. Now when you look at RWA, are you watching the story—or are you watching who hasn’t left yet? #RWA叙事降温 $ONDO $PLUME

It’s just 10 u away and I would’ve received it, right? Hahaha

$PENGU Today it got searched to the point of going viral again—the gainers list is also quietly moving. I know a lot of people look down on something like Tencent (a meme), thinking it’s just a pure emotion-driven chart with no fundamentals. But I’m going to say it the opposite way: this time I’d rather watch it than those tickets that surge 50% in a single day.

The logic is pretty straightforward. For a coin that blasts up in a day, the people searching for it are often the ones rushing in to catch the bag. And $PENGU is the kind that hasn’t really shot up wildly, yet the search interest never really dies down. The retail crowd’s attention hasn’t dispersed—so the order book still has follow-through.

The ones that really get you are never the ones that grind slowly; it’s the type where you haven’t even reacted yet and it doubles, and right after that it cuts you down to half.

I never look at the candlestick chart for meme plays. I look at hype. If the hype is still sticking around, then I can hold this one.

#meme币行情 $PENGU

$PI Today it quietly surged over 12%. I know a lot of people see these three letters and want to laugh—after all, it’s the “phone mine” that’s been dug up for years, the one that got called “zero” right at open. But no matter what you say, it’s still holding steadily at #65 on the market cap leaderboard, ahead of a bunch of brand-new chains that are constantly shouting “disrupt the industry.”

I’m not here to say nice things about it. Quite the opposite—fundamentals for it are almost nothing that you can point to. What’s truly interesting about this pump is this: there’s no new narrative, no big news. It’s simply that a group of people who’ve been trapped in it for years refuse to admit defeat, and with the slightest hint of movement, they rush back in. I really don’t dare touch a chart driven purely by emotion like this—+12% today might just be given right back tomorrow.

What’s valuable isn’t really $PI itself. It’s the fact that it proves that in this market, even if consensus is wrong, as long as there are enough people and they’re stubborn enough, they can still prop up a whole market. This is more frightening than the ups and downs themselves.

$PI

$TLM A old chain game coin that was suddenly brought back into the spotlight, having surged 50% in a single day and climbing to nearly the top 1000 in the market cap rankings—it's like someone poured fuel on a fire. A ticket that had sunk for two years doubled in one day. This kind of move is basically short-term capital temporarily grouping together to take a gamble; it isn't that the fundamentals have truly returned. I don’t chase it—not because I’m afraid, but because with this kind of pump, the ones who always end up holding the bag are the people who rush in and buy after the move. If you really want to play, treat it like buying a lottery ticket—don’t actually believe it’s about to “take off.” #链游异动 $TLM

$ANSEM These past few days, it quietly added 12 percentage points—its spot on the trending list is even ahead of a bunch of large-cap coins. But there aren’t many people talking about it in the square. With small-cap tickets running this hard, my first reaction isn’t to chase—I want to figure out why it’s going up in the first place. Is it just pure emotion being passed along, or is there real money moving in? I won’t touch it at this level. People who dare to get in are basically betting, "there will be someone even more willing to raise the bid after me." The entire risk is pushed onto the next person being more impulsive than you. If you really want to play it, wait for it to pull back without breaking the previous low; going all-in right now is basically paying the pumpers. Compare it to $SOL —today its hot-search gain shows up on both top lists. +1.3% looks ordinary, but trading hasn’t shrunk and the funds haven’t left. This slow grind is actually more reassuring than the kind of blow-off run I’d see in small caps.