Recently, a Meme coin's market cap dropped from $43 million to $25 million, and a trader lost $157,600 within 14 hours, a decline of -44.95%. It looks quite frightening, but this is not an isolated incident — it signals a major shift happening across the entire market.

First, let's look at the data. How volatile are Meme coins? In December, a leading meme asset ETF experienced a maximum decline of nearly 10%, while coins like LABUBU have experienced crashes of up to 80%. Even more harshly, the lifecycle of these coins is getting shorter, and the model relying solely on hype and emotion is nearing its end.

Funds are voting with their feet. Inflows into mainstream channels like stablecoins and ETFs are beginning to slow down, and the market has now entered a "self-sustaining" phase. Interestingly, this real money is only pouring into assets with actual backing. Ethereum-based stablecoins have seen quarterly trading volumes surpassing $8 trillion, and the tokenization of RWA (Real-World Assets) has reached $19 billion. Conversely, Meme coins are struggling to even meet basic security audit standards.

Regulatory constraints are tightening. The U.S. CLARITY Act and the EU's MiCA regulations are now in place, and global frameworks are gradually tightening restrictions on speculative assets. This means assets with real application value and regulatory approval will become more popular, while purely speculative products will face continuous squeeze.