Anyone who has been in the crypto circle for a long time knows that 'Shanzhai season' is a term that evokes both love and hate. Everyone is waiting: waiting for a big bull market, waiting for BTC to take a break, waiting for ETH to lead the way, waiting for all coins to fly together. But this time, what comes is not the explosion of on-chain altcoins, but rather the Shanzhai season in the US stock market. You heard that right, the most vigorous 'crypto market' is happening in US listed companies.

There are too many project parties in the crypto circle and too little liquidity, everyone is fighting for money, and the result is that it simply can't be satisfied. In contrast, the US stock market has fewer targets, and when funds surge in, it takes off directly.

No good projects? No liquidity? It's better to go to the US stock market!

The keywords for this round of market are only three words: Coin-stock linkage.

You work hard on-chain to build agreements, ecosystems, and operations, but no one is watching you, and no one is valuing you. You might as well run outside, find a SPAC shell, find a listed company, embed your narrative, tell a powerful story, and the market will directly give you a valuation, even a premium doubling.

Take a look at the examples below:

  • Circle was questioned for 'insufficient profitability', but the stock surged 50% after listing;

  • ETH has been criticized by many for lacking innovation and L2 being chaotic, yet after SharpLink announced financing to purchase ETH, the stock price rose tenfold in a week;

  • The SOL chain's gambling house was targeted by regulators, facing widespread skepticism, but after Upexi's strategic layout news for Solana, the stock price surged more than six times within a day.


Don't you think it's crazy?

Looking back, the logic is actually very simple - the crypto circle is rolling to death, projects are exploding, and bad coins are driving out good coins on chain; while there are only a few dozen crypto-related stocks in the US market, as soon as the funds move slightly, the market gives you violent feedback.

The crypto circle is making a comeback, relying on 'listing + linkage'.


In the past, no matter how well you did in projects, the financial circle wouldn't play with you. Whether you are in DeFi or Layer2, as long as it involves the term 'crypto', don't expect an IPO. So everyone can only issue coins, do airdrops, build communities, and ride the Narrative, leading to serious internal competition.

It’s different now. With the increasing recognition of cryptocurrencies, coin-stock linkage gives you new opportunities.

What about those who have already issued coins?

Don't worry, issuing coins and stocks do not conflict. You can completely:

  • Put your agreement or assets into a listed company;

  • Use your coins for market cap management, creating a linkage with stock prices;

  • Shell companies, mergers, SPACs are all viable, both US and Hong Kong stocks.


In this model:

  • High stock prices can instill confidence in the market;

  • Coin prices follow, and the community also gets returns;

  • When project market caps rise, financing goes smoothly, it's truly a triple win.


Written by me, the unpublished (coin-stock linkage research report) discusses this logic, and the current market has already verified it - not only feasible but also highly explosive.

Why has the US stock market become the new main battlefield for the Shanzhai season?


The reason is simple:

  1. Fewer targets mean opportunities for explosive growth.
    In the entire US stock market, the number of companies related to virtual currencies is less than 50, while in the crypto circle, various tokens have already exceeded 40 million. In contrast, once funds concentrate on a specific narrative, the growth potential in the US stock market can be explosive.


  2. High thresholds, less competition.
    Anyone can issue coins, launch projects, and manage market caps in the crypto circle, leading to vicious competition; while listed companies are limited by finances, audits, and compliance, they become a natural filter, protecting the 'scarcity' of the market.


  3. Regulatory transparency makes retail investors safer.
    It's not uncommon for altcoins to manipulate, cut leeks, or run away, but US stock regulations are relatively mature, and the protection mechanisms for small investors are stronger. This is a truly 'buy with your eyes closed' Shanzhai season for retail investors.


Conclusion:

It's not that the Shanzhai season hasn't come, but that you've been looking in the wrong direction.

On-chain liquidity is fully utilized, and there are projects as numerous as hair, competing fiercely. Projects outside the circle are few, with high thresholds, making it easier to tell stories and realize value.

This is not the end of the crypto circle, but the beginning of the next round - 'coin-stock linkage' is the engine for the next super cycle in crypto.