In the past two weeks, the entire Chinese-speaking encryption community has been buzzing about a word.
If you're in the cryptocurrency circle, you must have heard about this matter - from CZ's casual reply at the beginning, to Star following up with discussions, then the Chinese ticker craze of Tron and Solana, and until a few days ago when a certain project party publicly revealed the so-called "listing terms" that sparked controversy, and finally, Jesse's一句话 made everyone quiet down.
What exactly happened behind this? I found a Polish trader named Barry to chat with, who runs a community of several hundred people in Europe. What were these foreigners thinking when they started getting into Chinese memes?
The bewildering moment of the European bros.
Barry was stunned when he first noticed a certain Chinese ticker surging to a market value of 20 million dollars.
"Our group exploded," he recalled, "when it soared to 60 million, 100 million, one

"The time has come."
When Musk threw out these four words on November 4th, along with his old tweet from 2021 "SpaceX is going to send real Dogecoin to the real moon," the crypto world exploded again.
This time it's not a joke. The seemingly insane promise from four years ago now has a timeline - December 2025, the launch window has been set.
From a tweet to a real rocket
Do you remember that crazy night in April 2021? A tweet from Musk caused DOGE to surge nearly 30% in just a few minutes. At that time, everyone thought it was just another "pump and dump game," until a few weeks later when he officially announced: SpaceX is really going to carry out the "DOGE-1 lunar mission," and it will only accept Dogecoin as payment.
The project party is the Canadian company Geometric Energy Corporation. They are going to launch a CubeSat micro-satellite.

These days I've been focused on researching the x402 track, and when I looked up, I found that the market had collapsed again. Forget it, I've been holding in a lot of thoughts and can't keep them to myself.
The market has entered a bear phase early, don't deceive yourself.
Since that wave from TRUMP, liquidity has basically been drained. Those small rebounds afterwards? They are all being supported by emotions, where is the incremental capital coming from.
Altcoins have been in debt since the day they were launched.
What’s the situation with altcoins now? On the day of the TGE, they are already negative assets. In the past, there were believers who held long-term and developers who worked diligently. What about now? Airdrop hunters harvest and then run, VCs are eager to cash out and leave, exchanges are taking a huge cut, and project teams that have struggled for years just want to make a quick profit—everyone is eager to exit, so who will take over?
Is MEME coin a savior or a poison?
MEME initially did seem like a savior, providing retail investors with an option to resist high FDV VC coins. But look at it now, with zero barriers to entry, fake fairness, and assembly line copying, it simply can't last.

Recently, everyone in the circle has been talking about the Meme coin PING on the x402 protocol resembling the wave of enthusiasm for the BTC inscription in 2023. Where exactly is the similarity? Will it follow the old path of inscriptions from that year? I think it will, and the probability is not small.
Core similarities: on-chain data + off-chain adjudicator
The gameplay of inscriptions is well understood by everyone - sending transactions to the BTC mainnet occupies UTXO, but the mainnet itself does not care whether this transaction counts as "valid inscription"; the real decision-maker is the Ordinals indexer. It acts as the referee, scanning all transactions on the chain, based on "First is

A HTTP status code that has been dormant for nearly thirty years has recently come back to life.
In 1997, the HTTP protocol reserved a 402 status code, which means "Payment Required". However, at that time, online payment was not yet prevalent, and this code has been sitting there gathering dust.
The situation has changed now. Stablecoins have matured, L2 has reduced transfer fees, and more importantly—AI Agents are running all over the world, and they need to pay for services themselves.
A leading exchange seized this opportunity and brought out this old relic, the x402 protocol. The core logic is quite straightforward: when AI or humans access paid content, there is no need to register or jump pages; they can pay directly on the chain.
Sounds simple? But behind it is a whole ecosystem being rebuilt. From protocol standards to infrastructure, and then to applications, x402 is attempting to rewrite the support of the internet.

Elon Musk announced that SpaceX will launch the DOGE-1 lunar mission in 2025, truly applying DOGE to space projects. This marks a shift of DOGE from "internet memes coin" to actual economic use, potentially redefining the value and application scenarios of crypto assets. However, the market reaction has been muted, indicating that investors are concerned about the project's actual value.

Back in 2013, two programmers, bored out of their minds, created a "joke coin" with a Shiba Inu logo to satirize Cryptocurrency Trading fever. Who would have thought this thing could actually survive? In May 2021, Dogecoin shot straight into the top 10 of the Crypto Assets market capitalization, leaving a bunch of serious project parties stunned.
A market capitalization of several billion dollars is supported not by any revolutionary technology or dream team, but rather by a bunch of netizens sharing memes, posting "To the Moon" comments, along with a cultural identity formed inexplicably by millions of people.
Sounds magical, right? But there is indeed a way to it.
How did a joke become a phenomenon?
Billy Markus and Jackson Palmer never intended to create any great venture back in the day. They used the most popular Shiba Inu meme as their logo and set the issuance amount to unlimited.

The article analyzes the current sluggish state of the crypto market, pointing out issues such as liquidity depletion, altcoin big dump, MEME losing value, and exchange confusion. It emphasizes the difficulties faced by project parties and developers within the industry and calls for attention to on-chain innovation to achieve early value reconstruction.

Since 100 dollars until now, he has never sold a single ETH.
People who know Karnika E. Yashwant call him "Mr. KEY".
Dropped out of school at 14, and now manages over 150 people in Dubai. This guy's resume looks like he’s using cheats—founder of multiple Web3 companies and strategic advisor for several blockchain projects.
But what impressed me the most were not these titles.
But it was the phrase he told me: "I never buy Meme coins."
It's not that I missed it; I never intended to participate at all.
---
Buy in at $100, still adding at $3,500
Many people think that investing is about buying low and selling high. Mr. KEY doesn't play it that way at all.
He started buying when ETH was still $100, and then it rose to $3500? He continued to buy. Did it drop below $1000? He is still holding.
"I didn't care about the clarity when I invested.

The article discusses the relationship between market flow and wisdom, pointing out that opportunities in the market always exist, and what is truly scarce is the opportunity to make money, rather than the coin itself. Although hot money chases rapid wealth, most people ultimately incur losses, while the true beneficiaries are the market makers and the platform. Investors should reflect on whether they are pursuing value or caught in a cycle of blind chasing.

Elon Musk is stirring things up again.
On November 4, the "Dogecoin Father" dropped a line on social media: "The time has come." He also dug up his classic 2021 tweet—"A certain space company will put a real Dogecoin on the real moon."
Coincidence or not? After that tweet four years ago, DOGE surged nearly 30% within minutes. The entire crypto community went wild, and everyone was asking: Is this for real?
The answer is yes. A few weeks later, it was officially announced—the DOGE-1 lunar mission was formally launched, and the entire process was paid for with Dogecoin. No joke, it was real DOGE being used.
From Meme to Reality
This project was led by the Canadian company Geometric Energy Corporation. To put it simply, they're sending a CubeSat mini-satellite into space. Sounds straightforward? The key point is that it’s

The recent actions of the PING and PAYAI projects have sparked market skepticism. Although these moves may appear unusual on the surface, they are actually attempts to address each project's shortcomings. PING is undergoing a transformation through a Launchpad to enhance its token value, while PAYAI is migrating its token to expand its functionality. The market response has been lukewarm, as many participants still hold a short-term mindset. However, these adjustments by both projects are actually reasonable from a long-term perspective. Whether their future performance will fulfill their promises remains to be tested by the market.

This October, a wave of Chinese Meme craze suddenly swept through a public blockchain. Several tokens bearing the name "XX Life" quickly became popular in both Chinese and English communities, even attracting overseas players to learn Chinese and participate in speculation.
Interestingly, this hot trend did not ferment on Solana; instead, the main battlefield shifted to another chain. As a result, on-chain interaction data skyrocketed, token prices followed market sentiment upward, making it one of the most prominent mainstream assets after BTC.
On October 11th, the market experienced short-term fluctuations, and Meme hype cooled down temporarily. But unexpectedly, a responsible person from a compliant platform used "Binance Life" as a case study during a product demonstration—despite previously publicly criticizing competitors' listing fees. Once this incident spread wildly, it reignited community discussions.
After market turbulence, a leading exchange invested $400 million in the "Same Boat Plan" to subsidize users and institutions. The entire industry also entered

A button that has been forgotten for 28 years.
In 1997, when the HTTP protocol defined the status code 402, it was given the name "Payment Required".
And then? There was nothing after that. Because at that time, there were no viable online payment methods, this code was left aside for nearly thirty years.
But now the situation has changed. Stablecoins have matured, L2 has reduced transaction fees, and more importantly — AI.

During this long holiday, while the traditional market hits the pause button, the encryption world is staging an absurd drama.
Several names sound like joke tokens—Meme4, PALU, and that thing called "Certain Exchange Life"—the market cap has multiplied several times within a few days. Early players easily saw their account numbers break a million dollars, with screenshots flaunted everywhere in the community, and KOLs excited as if they had discovered treasure.
What happened next? Starting from October 9, these cryptocurrencies plummeted like kites with cut strings, a single-day drop of 95% became a normal operation. Over 100,000 people were liquidated, and $621 million evaporated. The myth of becoming rich overnight instantly turned into a collective memoir of losers.
This kind of plot is actually familiar to both Wall Street and Lujiazui.
Do you remember GameStop in 2021? Retail investors on Reddit banded together to skyrocket the stock price of a nearly bankrupt game store, leaving short-sellers questioning their existence.

During the National Day holiday, certain Meme coins soared in the crypto market, attracting a large number of investors, but then fell sharply, leading many to Get Liquidated and suffer significant losses. The article discusses the characteristics of the crypto market and how it differs from the TradFi market, emphasizing that prices are driven by story propagation and Consensus rather than fundamentals. With the rise of "emotional capital", financial logic has been overturned, warning investors to calmly analyze the stories behind it, advocating for community governance, transparent regulation, and investor education to avoid this emotion-driven investment risk.

On the BSC blockchain, Meme culture has evolved into a cultivation game, with players becoming "cultivators" and tokens becoming "spiritual roots." The low entry barriers and active community have allowed this culture to thrive, creating a unique narrative system. Trading is no longer gambling, but a practice, where wealth and enlightenment go hand in hand. BSC is forming its own Meme civilization, as blockchain transcends finance and becomes a faith-based game.