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The narrative direction in 2025 will most likely unfold among MeMe, DeFi, AI, and stablecoins, or a fusion of several narratives. After the outbreak of DeFi, no phenomenal innovation has appeared so far, and Inscription is definitely not one of them. Before there is a big innovation in the currency circle, it either relies on halving deflation to increase its value, or it is just a rehash of old stuff. MeMe is almost burnt out, #美国非农数据即将公布 , but MeMe has almost no impact on the entire circle. It is just robbing Peter to pay Paul, focusing on an internal cycle.