The lifecycle of meme coins is actually much clearer than you think:

1️⃣ Originates from community enthusiasm + meme culture

2️⃣ Ignites short-term liquidity, creating the 'get rich quick illusion'

3️⃣ Driven by KOLs and market makers, forming an initial narrative

4️⃣ At the peak of emotions, retail investors FOMO, building secondary consensus

5️⃣ Subsequently, due to lack of fundamental support, the hype gradually cools down

But the meme projects that truly go far are definitely not relying on 'continuing to tell jokes'.

They will ultimately build a new narrative structure beyond the shell of memes—

culture, finance, products, or social relationships, etc.

When garbage meme coins are released and explode, it indicates that market FOMO has reached its limit;

When all meme coins are neglected, it indicates that faith is declining;