The vicious cycle of Meme coins: from frenzy to value depletion

The current Meme coin scene has shifted from the enthusiasm of “全民共创、病毒传播” (全民 co-creation and viral spread) to a casino where a few people “圈地自萌” (claim territory for their own amusement). After buying coins, not spreading or building leads to a vicious cycle of “value depletion.” This reflects the “internal competition stock period” of the internet environment in early 2026.

1. “Not spreading”: weakening memes, lack of motivation to break out of the circle
Rapid meme lifecycle: under high internet turnover, memes go viral quickly and fade just as fast, circulating only within the crypto community, unable to attract newcomers.
From “co-creation” to “consumption”: memes become mass “digital fast-moving consumer goods,” users buy and discard immediately, with no desire to spread.

2. “Not building”: from faith to pure speculation
Consensus becomes alienated into “gambling”: only focusing on K-line charts, lacking cultural or practical richness, leading to a “hot potato” situation.
Liquidity exhaustion: without new gameplay, after early speculators leave, prices collapse.

3. Causes of non-benign cycles
Benign: good memes → spread → newcomers → consensus → construction → value increase.
Malignant: mediocre memes → hype → gamblers → no maintenance → zeroing out → credit collapse.

Economically, this is “bad money drives out good money”: inferior meme coins drown out quality projects. Summarizing Meme coins as “de-fideism and purely tool-based,” losing the soul of sharing and participation, leaving only a hype shell.