These days, there's another wave of attention rotation in Meme, and newcomers in the group are chasing after it wildly. I'm actually more worried about that small amount of stablecoins I hold going wrong. To be honest, de-pegging is often not about a "sudden bad debt," but rather everyone starting to doubt where the reserves are and whether they can be redeemed at any time. When emotions collapse, a bank run occurs, and on-chain liquidity gets so tight that you can't even withdraw when you want to.

I'm even more cautious with small funds; I prefer to earn less than to gamble on transparency. Only when I can clearly see the reserve disclosures, whether the redemption channels are smooth, and if on-chain liquidity is sufficient, will I dare to allocate a bit more; when hot spots emerge, I play with a small position, grabbing the L2 tasks and then smoothly walking away. Veteran players advising newcomers not to take the last step is not just for show—when stablecoins have issues, that moment is more painful than stepping on Meme.