On-chain and exchange coins are simply two extremes.

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

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

You can feel that although funds on-chain are already flowing in, those large funds that haven't entered yet seem to still be waiting and watching. Perhaps in their investment strategy, they are still waiting for Bitcoin to stabilize before entering on a large scale.

I personally think that this wave of on-chain market will probably reach a small peak after BN launches the leading coin AI Agent, which may then drive more funds to start FOMO entering the market. Of course, this is just a short-term phase peak.