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The meme coin track in 2025 faces a cold winter. Relying on rapid launches by issuing platforms, low-cost tokens continue to flood the market, resulting in over 11.6 million tokens declared failed within this year—setting a new record high. From pumpfun to other meme coin generation tools, platforms have indeed simplified the token issuance threshold, but this has been accompanied by a large number of projects ending in failure. This indicates that the bubble and failure rate brought about by low-threshold issuance are rising simultaneously, and the market is paying the price for the wild growth of the token ecosystem.