Recently, meme coins have become the focus of the market again. This round of market conditions did seize the opportunity, with significant gains in just a few days. However, looking at the background of these projects — domestic teams operating them, the playbook is similar to those famous projects from before, all featuring early hype and pump, followed by rapid cooling. The meme coin category itself lacks fundamental support, and after short-term heat fades, it often falls into liquidity exhaustion. Investors need to clearly recognize that these projects have very short cycles and very high risks. After the speculation tide recedes, they often experience significant pullbacks. When participating, you must control risk exposure and avoid putting too much capital into these highly volatile assets.