In the past two weeks, a term has been sweeping through the crypto community—a Chinese token has been listed on a major centralized exchange's perpetual contract for the first time. For any industry practitioner, this is not just a technical event; it represents a collective voice from the entire Eastern crypto ecosystem.
The origin of this story begins with a joke. An accidental reply from an executive at an exchange unexpectedly ignited the entire community. Subsequently, Chinese tickers like Binance Life and Cultivation Coin appeared one after another, and even other blockchains followed suit by launching their own Chinese versions. How hot was this wave? Even founders jumped in to participate in discussions, eventually escalating into a public opinion battle over listing rules.
Western Investors' Dilemma: Unfamiliar Market Trends
According to the recollection of a seasoned Polish trader, all of this came quite suddenly. He manages a European community of hundreds of members, watching as a Chinese token's market cap skyrocketed from $20 million to $100 million, and the entire...

Another Carnival During the Holidays
A few days before Golden Week, while the stock market was closed and tourists flocked to scenic spots, a completely different story was unfolding on crypto exchanges. Several obscure Meme coins saw their market caps multiply dozens of times in just a few days. Meme4, PALU, and various creatively named tokens—these seemingly joke tokens—caused some early investors to see their accounts jump by over a million dollars. The community exploded with excitement, with KOLs enthusiastically sharing and reposting as if they had discovered a printing press.
But the excitement didn't last long. Starting October 9, this wave of coins collectively turned downward. The decline was shocking—some plummeted 95% in a single day, over a hundred thousand traders were liquidated overnight, with total losses reaching $621 million.
Stories of overnight riches quickly turned into the most heartbreaking loss records.
This scene is actually not unfamiliar.
From Wall Street to the crypto world, the logic is changing.

Solana officially confirms the Chinese name "索拉拉," sparking discussions in the crypto community and reflecting its trend of cultural localization. In recent years, Chinese users' influence in the crypto market has increased, and Chinese memes have gradually become a new language in global crypto culture. This move is not only about brand localization but also reflects Solana's commitment to integrating into diverse cultures, demonstrating the importance of understanding local culture.

The Shiba Inu born in 2013 suddenly jumped into the top ten of cryptocurrency market cap in May 2021. Countless people watched this "joke coin" rise from a few cents to $0.74, with a market cap surpassing $85 billion, all asking the same question: Why?
The answer is actually not that complicated. Flip through those forwarded memes, look at the millions of "To the Moon" comments below, and you'll understand — this is not a victory of code, but a victory of culture.
The comeback starting from mockery
Programmers Billy Markus and Jackson Palmer initially created this coin to mock the speculative frenzy of cryptocurrencies. With unlimited supply, a Shiba Inu avatar, and no white paper — at the time, this was seen as a "sarcastic" response to the entire industry.
But the magic happened at this moment. The Reddit community started using it to tip interesting posts, and players spontaneously formed

Recently, I have been deeply involved in a hot track for several days, and only now do I realize that the situation has changed dramatically. Instead of keeping it to myself, I might as well speak frankly.
The reality is in front of us: this bear market is a done deal. Since the Trump era, market liquidity has been essentially drained. The sporadic rebounds seen later are, to put it bluntly, false prosperity driven by sentiment. There is no real incremental capital entering the market, only the redistribution of existing assets.
The altcoin ecosystem has long since collapsed. From the moment TGE was launched, the entire track was burdened with debt. The long-term believers who once held firm have disappeared, and developers who contributed code diligently are now rare. Instead, there is a swarm of airdrop hunters, short-sighted VC institutions, capital withdrawal from CEXs, and project teams hoping to make a quick profit. Everyone wants to run away—who will take over?
MEME coins were once highly anticipated, seen as a way for retail investors to counter high FDV VC investments.

Meme coins, originally just jokes within the community, have now become a battlefield of real money. With a total market cap of $63.6 billion and an average daily trading volume of $7.6 billion, these numbers are no joke.
What has happened recently?
In 2024, the Meme coin sector experienced a capital surge of over 500%. By early 2025, speculative funds flooded from mainstream cryptocurrencies into Meme altcoins like a flood. The US SEC also jumped into the mix, directly classifying most Meme coins as collectibles rather than securities — meaning less regulatory protection.
Speaking of explosive events, $TRUMP is simply legendary. Launched on January 17, 2025, its market cap hit $27 billion in less than a day. This move directly ignited the entire presidential-themed token track, with over 700 Trump-themed clones emerging within weeks, 192 of which used family members’ names, and 67 even dared to label themselves as "official."

When Meme Culture Enters the Power Center
A government department directly adopting the code name of Dogecoin made its debut with Silicon Valley-style radical promises, only to abruptly end within less than a year.
This entity called "Department of Government Efficiency" (DOGE) existed for a total of 294 days from its inception to dissolution. Coincidentally, this lifecycle is exactly the same as those fleeting meme coins in the crypto market—hot at first, then cooling off quickly.
The Director of the U.S. Office of Personnel Management recently publicly admitted for the first time: "It is no longer here." An intense political experiment has quietly come to an end.
From Shiba Inu meme to government official website
On January 20, 2025, the day of the inauguration, the new president signed an executive order to establish the DOGE department. This name is simply too...