The recent market movements have indeed been quite intense. Bitcoin once sharply dropped from $117,000 to $108,000, a decline of over 10%, causing widespread panic across the entire market. The culprit was surprisingly pointed at—Trump's announcement of a 100% tariff policy on Chinese goods. The trigger was quite clear: Trump declared on social media that China would implement restrictions on almost all export products starting November 1, and the US would impose a 100% tariff on Chinese goods and restrict the export of key software. Once the news broke, the dominoes in the market started falling. US stocks plummeted across the board (Nasdaq down 2.7%, S&P down 2%), and the crypto market experienced an avalanche—mainstream coins like Ethereum, SOL, DOGE, and others collectively declined, with the entire community screaming. The core logic behind this sharp decline is actually very simple: when macro-level policy uncertainties arise, capital instinctively moves out of risk assets. Any turbulence in US-China trade relations can send shockwaves through global capital markets. Interestingly, there are also voices in the market debating this—some believe this is just a normal correction within a bull market. After all, Bitcoin has still gained over 30% since the beginning of the year, and institutional funds and ETF inflows continue steadily. From this perspective, volatility can even be seen as a sign of a healthy market. The key point remains: market fluctuations in crypto are normal, not unexpected. For long-term participants, distinguishing between emotional panic and genuine trend reversals is the secret to surviving longer.

Recently reviewed the Solana Foundation's annual report, and the more I look, the more I feel some data warrants closer examination. The report heavily emphasizes the two-year growth figures of Meme coins, but when it comes to trading volume and user participation, the tone suddenly shifts. According to on-chain data tracking, since Q2 2025, the daily trading volume of Meme coins on Solana has noticeably weakened. By Q4, weekly trading volume had dropped nearly 60% from its peak. Even more noteworthy is the user count — within three months, the daily average dropped from 120,000 to below 50,000, which is not a small fluctuation. Why is Meme coin trading declining like this? A review of the situation in early 2025 reveals the clues. During that period, celebrity effects indeed fueled the market, with tools like GMGN's 24-hour trading volume once surpassing $153 million, and on-chain buzz reaching a peak. But this kind of hype-driven rally is inherently fragile. When the hot trend passes and participants disperse, the data immediately reveals the truth. The current reality is that the downtrend in Meme coin trading has become a trend. It’s not a short-term correction but a natural retreat after the speculative frenzy subsides. On-chain activity and trading frequency are both declining, indicating fewer participants and cooling market enthusiasm. Some might say this is normal — every hot trend has its cycle. That’s true, but the key question is: where is the next driving force? After the bubble created by short-term celebrity effects bursts, sustained trading momentum is clearly insufficient. This also explains why conclusions based solely on growth multiples can be misleading. Surface numbers may look impressive, but a closer look at trading depth, user retention, and market participation is necessary to assess the true health of this ecosystem. Currently, the popularity of Meme coins on Solana is indeed waning. No matter how the Foundation packages the data, the real on-chain situation won't deceive.