From ICO (initial coin offering) to NFT (non-fungible token), and then to the recently popular meme coins, the cryptocurrency market has indeed shown a trend of increasing diversification and complexity. The emergence of these phenomena has made the operation of the currency circle similar to the stock market (A-share market) to some extent. As a financing method in the cryptocurrency market, ICO has attracted a large number of investors and entrepreneurs. It is similar to the IPO (initial public offering) in the stock market, providing funds for projects and bringing potential profit opportunities to investors. However, ICO also has many problems, such as uneven project quality and lack of supervision, which is similar to the unsatisfactory performance of some companies in the stock market after listing. The emergence of NFT has brought revolutionary changes to the fields of art and collectibles. The uniqueness and scarcity of NFT make it more and more important in the art collection market. This is similar to some scarce resource stocks in the stock market, both of which have high investment value and collection significance. The rise of recently popular meme coins, such as Dogecoin, is largely influenced by social media and Internet culture. The rapid rise and fall and high volatility of meme coins are similar to some hot concept stocks in the stock market. Investors in these currencies are often influenced by market sentiment and hype rather than fundamental analysis. In general, these changes in the cryptocurrency market reflect the diversification of market participants and the maturity of the market. However, compared with the stock market, the cryptocurrency market still has higher risks and uncertainties. Investors need to be more cautious when participating in these emerging markets, fully understand the project background, and do a good job of risk management to achieve a stable return on investment.