This round of the Meme track has been advanced by foreign teams by at least a year. Culturally, foreigners are better at creating excitement than Chinese people. This can be seen in the TG communities of foreign meme coins, where many foreign projects with a market cap of one to two million dollars have narratives that are much more "rich" than those created by Chinese teams with hundreds of millions. It's hard to pinpoint exactly what's missing, but when two meme projects are placed in front of you, you can easily tell which one is run by a Chinese team. This difference has ultimately led Chinese and foreign teams to take completely different paths in meme projects. Chinese teams rely on accumulating funds and exchange resources to seek liquidity, while foreign teams depend on storytelling and community engagement. Therefore, you can see that the meme coins with large market caps on-chain are mostly operated by foreign teams, such as Brett, SPX, Chillguy, etc. Their demand for listing is also not strong.

Narratives also have a lifecycle. Although hot projects in web2 experienced tremendous traffic when they launched, the biggest challenge is how to maintain a community that allows the coin to survive after the hype fades. Meme is an attention economy, especially on Solana, where thousands of new projects attract retail investors' attention every day. The duration of the hype determines the lifecycle of hot meme coins. For instance, after the Ban auction ends, the traffic will certainly plummet. Are you still hoping that Sun Ge eats a banana every day? Therefore, for hot projects, liquidity will definitely flow out after the hype passes. Even if the project team wants to support the price, they cannot hold it up, so market makers usually rush to sell before the hype fades.