Recently, I've been observing the ecological changes in cryptocurrency exchanges, and it feels like interesting things are happening. Traditional finance is now seriously working on blockchain, with JPMorgan expanding its tokenized dollar infrastructure, which is a strong signal. At the same time, the SEC has classified 18 tokens as digital commodities, and the regulatory framework is gradually becoming clearer.

An interesting comparison is that mainstream meme coins are now somewhat lackluster. Shiba Inu is around $0.00000060, with a market cap of $33.9 billion, and its predicted increase is only about 15-20%, which seems to have little room for imagination. Dogecoin is similar, stuck at $0.09, with a market cap of $14 billion, and the predicted growth is also modest. These established meme coins seem to have lost momentum, mainly following Bitcoin's lead.

An intriguing phenomenon is that some new projects are now trying to develop real exchange products. I saw a project building a cross-chain meme coin trading platform connecting Ethereum, BNB Chain, and Solana, with one-click cross-chain bridging functionality. This approach is different — it's not just pure meme coins, but infrastructure built around the meme coin economy. The daily meme coin trading volume is around $45 billion, and there’s a need for better trading tools.

On the Bitcoin side, the price is at $70.78k, and institutional ETF inflows are still continuing. The overall market environment is very favorable, but retail investors are becoming more cautious about pre-sale projects. Old projects lack new stories, and new projects need to have real products or applications to attract attention. This cycle seems to be more focused on the actual value of projects rather than just hype.