The market in 2025 resembles a ruleless dogfight more than in previous years. From Sol, Base to Eth, ZkSync, each chain is playing its own narrative meme game. However, those who truly benefit in this market rely not only on luck but also on a clear cognitive framework and trading logic. In this piece, I don't want to discuss models or pump formulas, but rather talk about how a trader can survive, make money, and not be killed by emotions in the midst of a faltering rhythm, based on on-chain behavior, capital flow, and real cases.

The market is a narrative game, not a construction competition.

Most people's understanding of projects still lingers in Web2 logic: good technology, good products, good communities. But the reality on-chain is that technology ≠ market value, and products ≠ popularity. Especially in the dog coin cycle, the penetration of political, cultural, and social narratives far exceeds the 'completeness of the project itself.'

The cases from the past few months are highly representative. Meme coins like PNUT, which carry 'political election' symbols, have directly captured global traffic under the backdrop of the U.S. election cycle. Looking at combinations like BAN and MOODENG, which mix Sotheby’s and Thai animal culture, their spread is not due to any technological barrier but because they can trigger a certain cultural consensus fantasy. In contrast, those projects that honestly focus on contracts and innovation have sunk into silence—constructive thinking is destined to lose to emotions in such cycles.

Thus, the first element of investment judgment is to assess narrative strength, followed by the source of funds, then cultural universality, and lastly, the so-called 'fundamentals' of the project. After the priority of financial products has been rearranged, the market reveals its true essence: a large-scale zero-sum capital game.