Now it has become two major factions, with BTC representing memes and ETH representing VC projects.
The market is also gradually differentiating into two major factions, with one part of people preferring Bitcoin as a speculative asset or a store of value, while the other part values the practicality and innovative potential of Ethereum and its ecosystem.
Thus, the unexpected effect brought by the surge of BTC is the meme craze, where speculators currently dominate the market; while ETH's weakness has temporarily suppressed various practical "value projects."
Memes are very short and quick, with large fluctuations, providing a strong sense of participation and excitement.
The market's attention is limited, and since the practical or VC projects represented by ETH (which generally have investment logic and value support) are lying still, people rush into the big casino of meme coins to play.
The simplicity and entertainment of memes make it easier for novice investors to participate. Coupled with top KOL Elon Musk's support for Doge, this greatly boosted the popularity of memes.
The right timing (bull market cycle), favorable conditions (the new U.S. government's policy environment loosening), and favorable people (Musk's promotion) have jointly driven this round of meme explosion.
