The market landscape is quietly changing.
In the recent quarter, several phenomena in the cryptocurrency market have been particularly interesting. On one hand, the market share of top exchanges has stabilized, with everyone guarding their own territory, making it difficult for any significant shifts to occur; on the other hand, all attention has begun to turn towards on-chain activities, especially the BNBChain, which is gradually rewriting the ecological landscape of the market with its increasing activity and trading volume.
Speaking of which, the logic behind this transformation is actually not complicated. As the competition among exchanges becomes increasingly fierce, where can we find the growth? On-chain. And those "XX life" style Meme coins suddenly became popular; it seems like mere surface speculation, but in reality, it reflects the shift in the competition for traffic.
Data speaks: The Q3 performance of a leading exchange
As of the third quarter of 2025, the total market value of crypto assets has exceeded $4.02 trillion, a 16% increase from $3.46 trillion in the second quarter.

Ethereum and Solana each have their advantages but face developmental bottlenecks. BSC, with its large user base and the support of the Binance ecosystem, has become an ideal platform for Meme coins, possessing advantages in user scale and technological innovation, which may drive the explosion of the Meme ecosystem. While it is necessary to cautiously balance speculation and innovation, the potential of BSC cannot be ignored.

During the National Day holiday, the crypto market saw a frenzy of Meme coins, with market capitalization soaring and then quickly collapsing, reflecting a new phenomenon where sentiment drives prices. This chaos highlights the differences between the crypto market and traditional markets, emphasizing the importance of narrative and Consensus, while calling for enhanced investor education and regulation to ensure financial security.

The craziest thing in the crypto market has always been Meme coins. They have no whitepapers, no technological breakthroughs, and no practical use—just a meme, an idea, or even a sticker, and within days, they can accumulate a valuation of hundreds of millions of dollars.
In October 2025, this magic unleashed an unprecedented wave on the BNB Chain. Unlike the previous spontaneous and wild Meme coin craze, this time the participants were not just the community itself. Binance's proactive involvement changed everything. From Yi Yi's Chinese comment, to CZ's frequent appearances, and the official launch of the "Meme Rush" platform, what seems like chaos is actually a perfect blend of cultural resonance and capital power.
This is not a random outbreak but a collision of meticulous design and grassroots enthusiasm. When the Meme coin "Binance Life," infused with a strong Chinese internet flavor, emerged, on-chain transactions surged to...

The market has concerns about the recent actions of $PING and $PAYAI, but in fact, both are adjusting their strategies to cope with the current bear market environment. $PING's launch of Launchpad aims to transform into a project with a sustainable empowerment mechanism, while $PAYAI is undergoing token migration in an attempt to enhance its infrastructure protocol layer. These initiatives are logical in the long term, although the market has not understood them in a timely manner, reflecting a misalignment in thinking patterns.

In the past two weeks, as long as you're involved in the crypto circle, no one hasn't heard of this concept—some Chinese coin suddenly becoming the first Chinese token to be listed on a major exchange's perpetual contract. This event has been both a joke and a dream from the very beginning. The starting point was simple: a casual reply from an industry insider sparked a chain reaction. First, the CEO of a certain platform followed suit and discussed it, then the Chinese tickers of Tron and Solana gained popularity, followed by a founder publicly announcing the so-called "listing terms," which triggered conflicts between chains and platforms. It was finally resolved with a humorous remark from a responsible person on another chain.
On the surface, this seems like a story about a token's launch, but the underlying essence might be far more than that—representing a deeper cultural shift. This could be the first time that a large number of high-market-cap memecoins are no longer in English but telling stories in Chinese. So, what does this Meme culture behind it truly signify?

Market liquidity is rapidly drying up
Since the market events related to Trump, the liquidity in the cryptocurrency market has been gradually drained. The subsequent slight rebound is essentially a sentiment-driven, temporary rally rather than a genuine bull market signal. Many people mistakenly interpret these rebounds as bottoming out, but in reality, the entire market has already entered a deep bear cycle.
Altcoins have been in debt since TGE
The problem with altcoins is even more severe. After the Token Generation Event (TGE), these projects fell into high debt. Early holders who once believed in them have dispersed, and developers and community members focused on technical contributions are gradually disappearing. Instead, there is an influx of airdrop hunters, venture capital firms eager to exit, exchanges rapidly listing and pumping tokens, and project teams wanting to cash out after years of investment. The problem is clear: all stakeholders want to escape, but who will buy for the market?
The halo of MEME coins is fading

Industry Observation
In early October, Chinese Meme coins suddenly exploded on BNB Chain, quickly spreading overseas. Many investors began learning Chinese and chasing these creative tokens. But behind this wave of enthusiasm, the real story is far more profound than the surface suggests.
While the market was celebrating Meme coins, industry insiders discovered a deeper change: the landscape of crypto asset trading is quietly being reshaped.
Exchanges Market Has Been Settled, The Battle for On-Chain Dominance Heats Up
According to the latest data, the total market capitalization of crypto assets in Q3 2025 exceeded $4.02 trillion, a 16.2% increase from Q2's $3.46 trillion. This figure looks impressive, but it conceals a hard-core reality.
The top 10 exchanges contributed a total trading volume of $28.7 trillion in Q3. Of this, spot trading accounted for $4.9 trillion, and derivatives trading for $23.7 trillion. At first glance, trading volume appears to be growing.

Elon Musk revisits the DOGE-1 lunar mission on Twitter, sparking attention in the cryptocurrency market. Although DOGE's price increase is limited, investors are evaluating the project's value more rationally. Currently, the DOGE-1 mission has completed technical review and is scheduled to be launched in 2025. If successful, it will give Dogecoin commercial application value and make it part of the real economy.

A recent listing of a contract product on a leading exchange has indeed boosted confidence in the entire market. For those of us who have been long-term crypto research and investment professionals, it’s a strong morale boost. The meme hype within the BNB ecosystem remains hot, and investors who stick to their convictions are also being rewarded by the market.
I want to clarify a point. Many projects in the crypto space, especially meme coins, may not have the rigorous income models and PE ratios seen in US listed companies. But that doesn’t mean the crypto world is just pure gambling.
On the contrary. My view is that those who genuinely put effort into investment research, who observe the mindset of retail investors domestically and internationally, who truly understand the strategic game between exchanges, and who grasp the cultural resonance of a meme — these individuals’ success rates far surpass those of investors relying solely on luck.
The value of research lies here: as long as your research can demonstrate a higher probability of investment success with data, then research itself is rational and justified.

The US Government Efficiency Department DOGE was established after Trump's inauguration, attempting to combine crypto culture and politics, quickly attracting attention. However, it was disbanded within 294 days due to unmet objectives and multiple lawsuits. While the project had political experimental significance, it failed to achieve substantive reforms, exposing a disconnect between narrative and actual execution.

The button sealed for 27 years has been pressed
In 1997, HTTP protocol designers reserved a "402 status code," meaning "Payment Required." But at that time, there was no way to pay, so this feature was frozen there and unused.
Fast forward to now. Stablecoins have matured, Layer2 has reduced transaction costs, and most importantly—AI Agents truly need micro-payments. So a leading compliant platform teamed up with Cloudflare to activate this "sealed-for-years button" and launched the x402 protocol.
It sounds simple: AI accesses paid content, automatically pays in USDC, all without registration or page redirects. But behind this is actually a complete rebuild of the payment ecosystem—from protocol design to on-chain settlement, to real-world applications.
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Protocol Layer: Teaching AI to Pay
x402 is not a single standard, but a set of

What is the most magical part of the crypto world? The answer is always Meme coins.
No need for technical whitepapers, no need to talk about real-world applications—just a meme, a phrase, or even a sticker, and within days, it can accumulate a market cap of hundreds of millions of dollars. It sounds unbelievable, but this is the reality.
In October 2025, an even more outrageous play unfolded on the BSC chain. Unlike previous wild Meme coins, this time it’s not just the community having fun; a major exchange directly participated. From a co-founder's Chinese blessing, to the founder’s frequent interactions, and even the official launch of the "Meme Rush" platform—what seemed like a chaotic celebration was actually a precise collision of cultural resonance and capital power.
When "Binance Life," a Meme coin with a strong Chinese internet flavor, emerged suddenly; when on-chain trading volume soared to $6 billion within days; and when tens of thousands of new players flooded in, what we saw was not just another wave of investment.

I've been obsessively focused on the x402 track these days, outputting wildly. Today I open my eyes and—wow, the market has completely collapsed. I've got a lot to say, so I might as well speak openly:
Liquidity has long been exhausted
Stop deceiving yourselves, the bear market has already arrived. After that wave of TRUMP, the market's liquidity was basically drained. Those small rebounds afterward? Purely driven by sentiment.
Altcoins have been in debt since day one
Where did all the believers of those stubborn projects go? How many developers truly contributed code sincerely? What’s left now? Airdrop hunters running around everywhere, VCs rushing to cash out and run, exchanges siphoning off liquidity like crazy, project teams just want to make a quick buck and leave after years of effort. Everyone wants to exit—so who will take over the reins?
The dream of MEME coins should wake up
MEME was once touted as the savior of altcoins. To be honest, it has indeed fulfilled its mission—providing retail investors with a means to fight back.

National Day holiday, A-shares are closed, and investors are taking photos at scenic spots. Meanwhile, something even crazier is happening in the crypto world.
A few meme tokens with names that sound like jokes have seen their market caps multiply dozens of times in just a few days. Meme4, PALU, and some even more outrageous names have allowed early investors to easily see profits of over a million dollars on paper. The Chinese-speaking community is buzzing, with major influencers on Twitter shouting out trading signals as if they've discovered the secret to wealth.
However, the good times didn't last long. Starting October 9, these tokens began to plummet vertically. Some dropped 95% in a single day, over 100,000 traders were forced to liquidate, and a total of $621 million evaporated.
The dream of overnight wealth turned out to be just that—a dream, and many woke up to find themselves as mere background characters in someone else's story.
I've seen scenes like this both on Wall Street and in Lujiazui.
Remember GameStop? The American template of retail investors'狂欢.
If you think Meme coins

The contract launch has greatly boosted market sentiment, attracting the attention of many retail investors and traders. Research and investment are not gambling; improving success rates through data and market sentiment analysis is particularly important. After observing several key points, the author is optimistic about the performance of a certain project and believes its uniqueness is worth holding for the long term. However, market volatility and risks always exist, so investment should be approached with caution.

The article discusses the similarities between the x402 protocol’s meme coin PING and BTC inscriptions from 2023, noting that both have a high degree of similarity in terms of on-chain data legitimacy and off-chain rules. The gameplay of PING is similar to inscriptions, both relying on indexers to determine the validity of transactions. Although there are issues of asset centralization, this phenomenon has stimulated the use of the x402 protocol and may lead to further innovation. The author believes that PING is merely the beginning of the x402 narrative, with significant potential for future market evolution.

Have you ever thought about what a Chinese name for a public blockchain could spark?
On October 20, the official account of a certain high-performance public blockchain confirmed its Chinese name—索拉拉 (Suǒlālā). This wasn’t just randomly picked; it emerged from a naming contest organized by Mable, the founder of Trends.fun, and was suggested by X user @muper. According to him, the name represents the builder spirit on the chain—those working tirelessly day and night, full of energy.
Sounds pretty catchy, right? The use of a reduplicated structure makes it sound lively and addictive, which strangely matches the chain’s usual fast-paced and innovative vibe. But more importantly, the timing of this naming couldn’t have been more precise.
Why are foreigners starting to learn Chinese?
Recently, there’s been a surreal phenomenon in the crypto space: a large number of overseas degens have started studying Chinese.
Why? Because several recent meme coins that made people rich started gaining traction in Chinese communities. From Pepe to WIF...