Perhaps this sounds a bit harsh, but the MEME narrative is indeed the most destructive capital allocation mechanism in the current cryptocurrency market. It does not create infrastructure, improve efficiency, or establish long-term value; it is solely responsible for generating emotions and liquidity fluctuations.
Thanks to Trump's 'harvest demonstration', the opening point was at a high, which to some extent calmed the market down. When the narrative becomes overheated, capital becomes concentrated, and volatility is drained, speculative funds naturally retreat.
The recent hot AI agent project OpenClaw incident is a more typical epitome.
OpenClaw has repeatedly been rumored to issue tokens, yet the official announcement has not been made, and various tokens with the same name have already appeared on-chain, even having their trademarks pre-registered and traffic entrances seized.
This forced the authorities to announce on February 22nd a ban on keywords like 'cryptocurrency' and 'Bitcoin', directly severing ties with the entire crypto market.
In the traditional world, trademarks and domain names have clear registration procedures and arbitration mechanisms. Google.com was once bought for 12U, but ultimately refunded through mechanisms to correct the mistake.
And what about the on-chain world? As soon as the market hears a hint, it can deploy contracts first, mint tokens first, and harvest traffic first.
When dozens or hundreds of coins with the same name appear, how can users distinguish them? Should everyone read the contract code, verify deployment addresses, and review permission functions? This extreme information asymmetry is the real problem.
Perhaps issuing tokens can attract capital, truly realizing the vision of AI tokens, but OpenClaw's choice to cut ties with crypto is actually a form of rational risk management.
In chaotic situations, issuing tokens only becomes a brand risk rather than a strategic asset.
MEME is like cancer in the crypto space, appearing as the market grows and ages. When 'narrative' precedes product and 'liquidity' precedes value, the market becomes distorted.
Funds will ultimately seek places that can produce real efficiency, but until then, volatility and chaos will continue to unfold.
The big question: Will the cryptocurrency market ultimately return to value investing, or will MEME forever dominate the market's liquidity?