The current bull market cycle is experiencing a "value distortion" phenomenon in the field of meme coins, that is, the proliferation of low-quality meme coins, squeezing the living space of high-quality projects. In the market, the vast majority of meme coins are “bad coins” with no real value. Their main function is to promote the rapid flow and redistribution of funds. However, this behavior has had a significant negative impact on the overall development of the industry. . In a market environment with limited capital supply, the price of bad coins has soared due to the pursuit of speculative hot money. However, this growth model lacks a solid foundation and can easily trigger the rapid bursting of market bubbles. At the same time, funds that should have flowed to high-quality projects with potential were diverted in large quantities, resulting in a misallocation of market resources. Fierce competition among project parties in the meme field has spawned a large number of pumpfun fork projects, intensifying disorderly competition in the market. As a result, high-quality projects face the risk of being marginalized. As for the core theme of this bull market, is it the complex matryoshka mechanism surrounding Restaking? Is it a modular innovation of public chain technology? Is it the RWA trend for traditional assets to be put on the chain? Or is it the meme coin craze led by meme launchpad? Although these topics are hot, the real core narrative of the market is not yet clear. #HMSTR开盘