#Meme币行情 Looking at today's market, my thoughts drift back to several cycles ago. During the 2017 bull run, I saw so many people blinded by the surge of altcoins; in the 2021 Meme coin frenzy, DOGE and SHIB took turns creating dreams of "getting rich overnight." Now, BROCCOLI714, BONK, BOME, WIF, PEPE, and PNUT are again at the forefront, a scene I have experienced too many times before.

Against the backdrop of a global rally in risk assets, the crypto market is dancing along. Bitcoin at 93,000 and Ethereum at 3,200—these numbers themselves are not surprising, but the collective rebound of altcoins is worth pondering. Each cycle's peak is different, but the market's temperament has never truly changed—when liquidity is abundant, funds always flock to the most story-rich, cheapest, and easiest places to create FOMO.

I don't oppose the value of Meme coins; they have indeed pioneered a new form of participation and broken certain traditional barriers. The problem is, history shows us that when these assets collectively surge, it is often the riskiest moment. Both retail investors and smart money enter at the same time, with the only difference being who runs first.

I've seen too many stories—some lurking when DOGE was at 1 cent, others chasing high at $1. Both types exist, but those who are still here to tell the tale are usually the former. How far this rebound can go depends not on fundamentals but on liquidity and sentiment. When liquidity is present, the story continues; when the story ends, a sharp decline follows. History doesn't repeat exactly, but it often rhymes.