This Bull Market: Can the Meme Bull Last Until the End?
In the 2024 bull market so far, the most eye-catching aspect is not the traditional blue-chip projects, nor the newly framed technological public chains, but the various meme coins. From DOGE, PEPE to WIF, TURBO, countless funds have poured into memes in a frenzy, creating a situation where the first half of this bull market is referred to as the "meme bull."
Why have meme coins exploded? On one hand, after several cycles, large funds and retail investors are already fatigued by complex technical narratives and instead are willing to pay for simple, direct, and emotional memes. On the other hand, the gas fees of mainstream chains like Ethereum and Solana have dropped significantly, lowering the threshold for speculating on meme coins, coupled with the amplification effect of social media, allowing small coins to achieve viral spread and price increases in a short period.
However, as the bull market enters the later stages, whether the meme bull can continue has begun to show divergence.
On one hand, the meme craze does have inertia. Historically, in the later stages of each bull market, funds often tend to seek high volatility, light narratives, and easy-to-speculate targets, which is exactly what meme coins represent. As long as market sentiment remains high, new meme projects will continue to emerge and create localized frenzy.
On the other hand, risks are also accumulating. With the soaring market value, many meme coins have lost their original niche essence, turning into fields of high control and insider trading. Narratives are beginning to weaken, and the willingness of new players to enter is diminishing. Once the overall market turns defensive, the first sector to be hit by shrinking liquidity will be the meme segment.
Ultimately, whether the meme bull can continue depends on how long market sentiment can hold. If the overall bull market can maintain innovative narratives and new funds, memes will continue in even crazier forms; if macro liquidity tightens and narratives dry up, the meme frenzy will also become the first bubble to collapse.
At the end of high risk lies both great wealth and a sea of blood.
