#Meme币发展 Meme coins are hot again, and this time it's really prickly. Recently, PEPE has surged 38% in a day, with DOGE and BONK following suit, and many people say this is a sign of risk appetite returning. It sounds impressive, but I see through it — this is really just a thermometer of retail investor sentiment, truly reflecting that the market is bouncing back from a slump.

Where's the problem? The prosperity of Meme coins has always been superficial. Last December, their market cap was $150.6 billion; by November this year, it was halved to $47.2 billion. Basically, it's driven by speculative funds. Now that there's a rebound, capital will first pour into these highly volatile assets to trade around, and once profits are made, funds will shift to mainstream assets like Ethereum and Bitcoin — this rotation pattern is the same every year.

The real issue to watch out for is structural. Liquidity is too scattered, whales dominate, and when sentiment reverses, nonlinear crashes happen. PEPE has surged sharply, but once the narrative collapses, the decline can be frighteningly fast. The Crypto Fear & Greed Index is still in the "fear" zone, indicating there are still doubts at the market level.

So, how to play it? You can follow the sentiment signals to make quick money, but never treat this as a long-term investment. Meme coins are a true leading indicator, but the price to pay is high risk and high volatility. Only those who can find a balance between speculative momentum and risk will survive this round.