At 2 AM, on-chain data shows that a certain meme coin address bought 48 million US dollars within 24 hours and sold it all 3 hours later. I stared at this transaction record and suddenly remembered the words of the ancient Greek philosopher Heraclitus: "You cannot step into the same river twice."
Ironically, meme coin players try to step into the same pit twice every day.
Today, I saw ＄STO surge by 40%, with trading volume skyrocketing to 12 million, and retail investors started celebrating again. But do you know the truth behind this price surge? On-chain data shows that the top 10 holding addresses control 78% of the circulating supply. In simple terms, it’s just a few manipulators playing with themselves while retail investors are merely providing liquidity as tools.
＄DOGE fell by 2.7% today. If even the old meme coins are like this, how can those newly emerged coins do any better? ＄BTC is fluctuating around 66,000, and the overall market sentiment is extremely fearful (the Fear and Greed Index is only 9). Chasing meme coins at this time is like flying a kite in a storm – it’s not brave; it’s foolish.
The most ironic thing is that the essence of meme coins is just a game of passing the parcel, but every participant thinks they are not the last one. Like Plato's allegory of the cave, the shadows on the wall are never real, but those bound by chains take the shadows as reality.
【Risk Warning】Meme coins are highly volatile, and 99% of projects ultimately go to zero, for entertainment purposes only, NFA.
❓ Do you think meme coins are financial innovation or a Ponzi scheme? Let's discuss in the comments.
＄STO ＄DOGE ＄BTC
＃Web3 ＃crypto ＃BTC ＃blockchain