Seeing this picture, two words come to mind: familiar. It has been eight years, and the script of meme coins remains the same, just the packaging has changed.

A few key points that seasoned players understand. First, the hype follows the market trend. When mainstream coins rebound, meme coins become 'actively traded', which essentially means that the liquidity is flowing out to the most volatile and narratively appealing areas. This is not an independent market; it is a typical signal of 'risk appetite' warming up.

Secondly, behind the data lies a brutal zero-sum game. Franklin's market value broke 13 million in six days, and DOYR surged to 20 million in a single day before quickly falling back to 6.63 million. This rollercoaster market is purely a result of emotional and capital games, unrelated to value. PIPPIN being pointed out for 'abnormally strong bullish control' is an explicit reminder: the chips are highly concentrated, and the wild fluctuations are just a thought away for the main players. The excitement belongs to them; the risk is yours.

As a seasoned player, Jun's analysis is straightforward: it can be observed, but one must stay clear-headed. This hype is an excellent window for observing market sentiment; it can tell you where the market's greed index stands. But participation? That is a completely different dimension. For the vast majority, this feels more like 'the story of others making money' rather than 'an opportunity that one can grasp.' Short-term trading volume and market value, in meme coins lacking fundamental support, are the most dangerous bait.

In summary, when the market warms up, meme coins are always the first to stir; this pattern hasn't changed. But the discipline of seasoned players is: do not treat emotions as trends, do not treat fluctuations as wealth. Do your own research, maintain your positions, watch the tides rise and fall, but do not easily jump into every wave. True gains come from traversing cycles, not chasing hotspots.