Has the MEME narrative really cooled down? Can individual investors only make money through leverage? 】 In the past few months, there have been voices circulating in the market that value investing is outdated, and only by following the trend and rushing to Meme can individual investors become rich. After all, since they are all being harvested by capital, it's better for individual investors to play on their own. However, when it truly entered the mainstream bullish phase, the market gradually realized that the real main forces were always VC and capital, while the Meme market quickly cooled down and fell into a slump. If the early outbreak was due to a lowered threshold and high emotions, then in the middle of the bull market, the calm market began to show new patterns. 1. Changes in token issuance and trading mechanisms Platforms represented by Pump have greatly lowered the entry threshold for Meme. Anyone and any narrative can be tokenized. As long as it can be spread on the Internet, it can immediately become a Meme project. The problem is that the narrative is overly diluted: there are too many, the lifecycle is extremely short, and the competition is extremely intense. For players, Meme is no longer a 'scarce opportunity', but rather a piece of fast food junk on the assembly line, naturally diminishing its appeal. 2. The narrative threshold is getting higher and higher Trump was once the pinnacle of top-level storytelling, igniting the attention of the global crypto community at one point. Afterwards, the user's attention threshold is significantly raised. Politics, Tiktok, hot spots, art and other topics, even if there is short-term traffic, it is difficult to ignite the market again. In other words, Meme is no longer a rare cultural phenomenon, but has become a gimmick for repeated consumption. Users gradually lose their desire to chase after dogs due to aesthetic fatigue. 3. Meme is naturally unable to support large amounts of capital Meme's logic is always "short, flat, fast", explosive and rapid, but also easily returns to zero. Truly large funds, institutions, and capital will not invest their main capital in a highly volatile asset that lacks a safety margin. This leads to a paradox: Meme is driven by retail investors, but retail funds cannot form a long-term market synergy; Although capital has money, it naturally avoids such speculative products. The result is that the Meme market can only thrive on a small scale and cannot enter the bull market mainline. Meme has not completely disappeared, it will continue to exist as an outlet for cryptocurrency culture and market sentiment. However, after a brief period of fanaticism and collective disillusionment, the market needs time to settle. Meme will not disappear, patiently wait for its next narrative cycle.