Recently, the crypto community has been embroiled in heated discussions over CryptoQuant CEO's assertion that the “Meme coin market is dead.” His key data shows that the market capitalization of Meme coins in altcoins has plummeted from a peak of 10.3% in early 2025 to 3.8% within six months, a decline greater than that during the bear market of 2022. The market has thus split into two camps: “end of the bubble” and “cyclical adjustment.” Meme coins are typical emotion-driven assets, unlike the technical value of Bitcoin and Ethereum; their price fluctuations are tied to social buzz. The concept of “meme” was established in 1976, creating a solid cultural foundation. Dogecoin, which emerged in 2013 as a joke mocking crypto speculation, gained its first followers through community rewards and charitable scenarios. Subsequently, Elon Musk's Twitter promotion drove Dogecoin's market value to surge by $30 billion, in 2021 SHIB skyrocketed by 60,000 times due to a charity operation by Vitalik Buterin, and in 2025, the Trump-themed coin achieved a tenfold increase within 24 hours. These three major events propelled it into a nationwide trading frenzy, and the AI one-click coin issuance tool has led to the creation of over 13 million new Meme coins in the U.S. The crash of Meme coins stems from a triple crisis: the net inflow of stablecoins has dropped to zero, leading to a lack of “ammunition” in the market, data from 70,000 daily stored coin transactions indicate large holders are selling off, while 99% of projects lack teams and real-world applications, resulting in a “three-no” defect that collapses the “greater fool theory,” with the Trump coin declining over 90% and trapping many retail investors. Currently, the market is in a state of dual extremes: 70% of new Meme coins have lost liquidity, while projects like “Meme+AI / privacy computing” such as PIPPIN have surged by 150% in a week, and institutions are also beginning to invest in quality projects like “Meme+DAO.” In the future, new regulatory rules in the U.S., Europe, and Hong Kong will filter out inferior projects, and if a Meme coin ETF is approved, it will reconstruct the funding structure, with the core logic of community-defined value expected to evolve into compliant community cultural assets in Web3 and the metaverse.