Written by: Golem (@web 3_golem), Planet Daily

"The two-day on-chain bull market has ended," is the general sentiment in the Meme community today.

Following the surge of Chinese Meme coins in January on BSC, which was ignited by last October, many community-favored tokens were born (_Related reading: _From "Life K Line" to "Laozi," a look at the top 5 hottest BSC "Chinese Memes"_). However, according to GMGN data today, popular Chinese Memes have generally seen a pullback recently, with "I’m Coming" down 30% in 24 hours, "Laozi" down 25%, "Life K Line" down over 20%, and "Main Host Girl" down over 40%.

Every feast has its end, and the Meme trend cools down particularly quickly. The Chinese Meme craze that started last October lasted a whole month after the National Day holiday, but this time it ended so swiftly. What exactly went wrong?

Rejection of "Shandong School" Affects Community Unity

This round of Chinese Meme craze was kickstarted by a tweet from He Yi, who celebrated the New Year on January 1 with the caption "2026, I’m Coming" on the X platform. Within a week, the eponymous Meme coin began to ferment, eventually launching on Binance Alpha, igniting the Chinese Meme community.

However, this was accompanied by widespread discussions in the community about "the Shandong School of the crypto circle, who does the fish head face?" directly pointing to the entire Meme launch strategy surrounding CZ and He Yi on BSC. CZ and He Yi do not need to personally direct or even be aware of these tokens; from developers to the community and the Binance Alpha team, everyone automatically "awakens," and the life or death of a Meme is decided in a single tweet.

In February 2025, CZ first interacted with a worthless BSC test token TST, marking the beginning of the formation of this Meme launch model on BSC. Later, after iterations of small cycles of BSC Memes, such as CZ's dog dispute and Dubai narratives, the community figured out the "human relationships" necessary for a round of BSC Meme craze from cold start to peak.

In such an ecological culture, wanting to make money means, to put it nicely, learning from the top and excellent people; to put it bluntly, "you must not stand still."

"Is this time really different?" When this round of Chinese Memes reached a peak again, countless bloggers questioned on social media. This was not just a simple play on words; it genuinely reflected the psychological shadow left on the community by this "Shandong School of the crypto circle" since 2025.

When enough shadows accumulate, they will form a rejection. Some have complained that the BSC ecosystem is "licking" without scruples, blindly extracting content from CZ and He Yi's tweets, even giving birth to tokens like "Mama," "Papa," and "Laozi," making Chinese Memes increasingly crude.

Previously, Odaily Planet Daily also analyzed the community debate triggered by "I’m Coming" launching on Binance Alpha, stating it "seriously undermines the true Chinese Meme culture." (Related reading: How to evaluate "I’m Coming" launching on Binance?).

When the rejection of the "Shandong School of the crypto circle" is significant enough, searching for community Meme coins without the endorsement of CZ and He Yi becomes a force within the community. The honest crypto blogger Maizong (X: @Michael_Liu93) bluntly stated, "Everyone really doesn’t want to lick anymore." (This blogger holds 1% of the Life K Line token.)

But regardless, such a diversion will still impact the unity of the BSC Meme community, and funds cannot form a collective force. When a community consensus leader cannot be quickly established, Meme sentiment will accelerate its decline.

Lack of External Liquidity

To maintain a small cycle of Memes, there must be an increase, and to sustain that increase, new buying must exceed selling. One possible reason for the lack of momentum in this round of Chinese Memes is the lack of external liquidity injection; the market cap is primarily driven up by the Chinese community on BSC, without attracting overseas communities or the Solana Meme community to take over.

The Chinese Meme craze in October last year had an unprecedented spread. Many overseas Meme influencers sought help on the X platform on how to join the Chinese Meme community, and the "Dog Fighting WeChat Group" suddenly saw many English-speaking newcomers. This wave also prompted other chains to reach out to the Chinese Meme community, with Base blockchain head Jesse inviting the Chinese community to build on the Base chain, and Solana founder Toly and Solana Foundation chair Lily Liu promoting the Solana Chinese Meme coin "Solara."

These influences spilling over from the wealth effect of Chinese Meme coins can also translate into substantial on-chain purchasing power, extending the duration of the October Chinese Meme craze.

However, the Chinese Meme craze in January this year lacked such externality, still revolving around CZ and He Yi's tweets. The only Chinese Meme with a bit of externality, "Life K Line" (reported by CCTV on January 3), was quickly overshadowed after "I’m Coming" launched on Alpha.

One piece of evidence for the lack of external liquidity in this round of Chinese Meme craze is that using the language filter on the X platform to search for recent popular Chinese Meme coins (like "I’m Coming," "Laozi," "Minor Shareholder," etc.) in the English section reveals that, apart from the high view counts of exchange listing announcements, discussions about these Memes in the English section are quite lacking.

The English section on X platform has "Laozi" hot posts that are all exchange listing announcements.

Chinese Memes Themselves Are No Longer Surprising

A ping-pong ball falling from a height always rebounds lower and lower.

Chinese Memes themselves are no longer an attractive narrative.

Odaily Planet Daily asserted at the end of last October that although the Chinese Meme craze in October had ended, Chinese Memes themselves would never disappear but would exist as a fixed category of Memes, with periodic peaks still to come. (_Related reading: _After Binance Life, Chinese Memes move from hits to categorization_)

This also means that if a Meme coin merely has a Chinese ticker and some "butt determines head" logic for rising, it is destined to be short-lived.

Since last October, the only surviving Chinese Meme coins are Binance Life and Hakimi, while customer service tokens like Xiao He, Xiu Xian, and Nai Long have disappeared into the annals of history. The representative Chinese Meme tokens in this wave are all strongly bound to the "Shandong School" associated with CZ and He Yi, and without breaking free from the "Two Saints" halo to form an independent culture, they are destined to lack the vitality to transcend any previous similar tokens in the Meme small cycle (Theoretically, Life K Line does not belong to this category, as its explosive popularity was driven by CCTV's coverage).

When Chinese Memes first emerged, a Chinese Meme coin could be pushed up simply due to its novelty; now, Chinese Memes have become a fixed category that is no longer surprising. When Chinese Memes are fully integrated into the BSC Meme cycle iteration pipeline, accompanied by the market gradually "understanding" this set of gameplay, the ecosystem will revert to a "run fast" mode, and the entire Meme cycle will be accelerated, relying on "imperial edicts" for cold starts, deceiving continuous interactions, and finally being poured into Binance Alpha…

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