The coins on-chain and those on exchanges are simply two extremes.

On the on-chain side, tokens like AI Agent have recently skyrocketed. For instance, ai16z has directly increased fivefold this month, with its market cap soaring to 1.9 billion. There are also those coins with medium market caps that have generally increased by 5 to 10 times, almost everywhere.

However, the current rise is actually quite healthy, unlike those FOMO surges that increase several times in a day, indicating that funds are entering step by step, slowly injecting into the market.

You can feel that although funds on-chain are already flowing in, those large funds that have not yet entered seem to be observing, perhaps their investment strategy still waits for Bitcoin to stabilize before entering on a large scale.

Personally, I believe that this wave of on-chain market activity will probably reach a small peak after the leading coin AI Agent is launched on BN, which may then drive more funds to start FOMOing into the market. Of course, this is just a short-term peak.