The current bull market is experiencing a typical meme coin "bad money drives out good money" stage.

99.99% of the meme coins on the market are bad coins. Bad coins have no value. Their only function is to quickly transfer and redistribute wealth, which is far more harmful than beneficial to the entire industry.

In the case of limited market liquidity, bad coins are sought after by funds and their prices rise rapidly, but this rise is not sustainable. Extreme internal circulation makes the bubble burst faster and faster; and this part of the funds could have been chasing good coins.

The project party is crazy in the meme track, and various pumpfun forked have appeared on each chain, bringing vicious competition. There are more and more bad coins in the market, and good coins are gradually fading out of the market.

Has the core narrative of this bull market appeared? Is it Restaking under various nesting doll mechanisms? Is it a higher-level public chain modularization? Or RWA that puts traditional assets on the chain? Or is it the meme coin boom brought by various meme launchpads?

I think the core driving force of this bull market is definitely not meme coins.

What if it is? This circle is really a huge makeshift team.