$M recently demonstrated strong performance, with short-term gains stably held at 3.05%, and a trigger price of 1.68. Behind this market movement, there are actually several layers of logic worth unpacking.

From a tokenomics perspective, $M adopts a fee buyback mechanism, combined with MaxPack, Boost, MaxPoint and other mechanism designs, building a real deflationary cycle and user incentive system. This mechanism has already proven its effectiveness in actual user testing — users participating in trading activities continuously for 48 hours were able to convert on-chain signals and community heat into actual transaction volume, indicating that the incentive model's guiding effect is indeed working.

On the ecosystem level, Memecore is laying out a new Perps+Yield model, with officials clearly marking January 2026 as an important milestone. This suggests that functional upgrades and incentive systems are brewing substantial breakthroughs, and the market's expectations for this are gradually being released.

More critically, community data shows relatively healthy performance — transaction volume is rising, open interest remains stable, indicating that capital inflows are occurring in a low-leverage, high-participation state. This doesn't look like short-term speculation; rather, it shows that the foundation for continuous accumulation is forming.