On-chain projects and secondary projects are two different species.

Comparing market capitalization and rising cycles is not the same thing.

On-chain projects have high control and small pools, and many market capitalizations can be manipulated at will, which is why there are often 80% pullbacks;

Secondary projects listed on exchanges like BN/OK do not experience such intense and rapid fluctuations, and their market capitalizations are more realistic.

The rising cycle of on-chain projects is relatively independent, not influenced by the overall market trends, and follows the hot topics and the intentions of the whales/community size;

The rising cycle of secondary projects is already aligned with the overall market/sector logic, and it is rare for listed secondary projects to escape their sector and move independently, only differing in whether they rise 3 times or 10 times when the market is favorable.

Therefore, when some individuals look at AI memes and consider the market capitalization rankings, it is not very meaningful; essentially, on-chain and secondary are two different species.