In the last bull market, the operating model of high-quality projects is usually: the project party develops a public chain by telling an attractive story, raising funds, and then investing funds to list their projects on large exchanges. Once listed, the project party attracts retail investors by raising prices, and even when the project party has already obtained huge returns, retail investors can still get considerable returns as long as they hold.

However, in this bull market, the situation is different:

- Project parties still raise funds through financing, tell stories, make PPTs, and use popular concepts such as AI and RWA (Real World Asset) to attract attention, but there is not much technical innovation in fact. Their goal is to be listed on a large exchange, and then unlock the tokens for selling, and they can get profits even if the price falls, but the returns of this model are not high. The key is that no retail investors are willing to take over now.

- A new narrative is taking shape: from inscriptions to meme communities, retail investors are beginning to unite and refuse to buy some altcoins without substance. They would rather take risks in decentralized finance (DeFi) than take over on exchanges. Therefore, once the altcoins are pulled up, they will quickly withdraw, and everyone is rushing to exit, which makes it difficult for the market to have the myth of getting rich quickly. Community-driven projects, such as the CTO (Community Token Offering) model, can be listed on large exchanges and eventually attract capital to take over because of their solid community foundation and market value potential. In the end, it is the traders in the secondary market who pay the bills. They usually have sufficient funds but are unwilling to participate in on-chain activities. Capital may get 10 times the return, while retail investors may get 1,000 times or even 10,000 times the return.

In general, the place that gives retail investors the dream of getting rich quickly is the most attractive place in the cryptocurrency market. Bottom-up movements, from inscriptions to community memes, have emerged in this bull market. Foreign big Vs such as @MustStopMurad have pointed out that the rise of meme coins is a manifestation of the maturity of the crypto industry, not a blood-sucking crypto industry. The awakening and non-paying behavior of retail investors have promoted the healthy development of the industry, eliminated those project parties that have not brought new changes to the market and can only make PPTs, and brought a sense of crisis to these people,