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Recently, the price of $ZORA has surged dramatically, almost overnight becoming a hot topic. But to be honest, I find it a bit hard to understand:

On-chain data is actually quite cold:

1️⃣ The number of new addresses has dropped from an average of over 60,000 per month at launch to less than 10,000 now.

2️⃣ The number of contract creations once broke 100,000, and now it's basically at zero.

3️⃣ Monthly transaction count has fallen from 6 million to less than 1.5 million.

4️⃣ The number of users has also plummeted from a peak of over 200,000 to around 50,000.

5️⃣ Most new users are only active for 1-2 months before dropping off.

All of this indicates that the ecosystem's activity level has clearly cooled down.

My feeling is that the current rise resembles more of a speculative play or a short-term emotional uplift rather than a genuine recovery of the ecosystem.

There have been no significant positive developments in the market: no new protocol upgrades, major collaborations, or blockbuster applications bringing user growth.

In other words, the price is rising, but the fundamentals are not aligning.

Such market conditions usually lack strong sustainability; if there are no new stories or new capital entering, the risk of a correction is quite high.

Of course, there may be new narratives or hidden capital logic that I haven't seen.

But at least from the current on-chain data, I don't see any obvious improvement.

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So personally, I choose to wait and see, not to chase blindly, and to consider participating only when there are more certain fundamental changes.