#Meme币发展 PEPE surged 80% in four days, once again pushing Meme coins to the forefront. Watching this wave of market activity, what comes to mind are scenes from the past ten-plus years—each cycle unfolding with the same rhythm.

The frenzy of 2017 ICOs, the legend of Dogecoin in 2021, last year's inscription craze, including the bizarre coin performances from the year before—at its core, all are repetitions of the same story. Meme coins are like a mirror reflecting the market's greed cycle, not the true driving force of trends.

Recently, many have been chasing PEPE, but what truly needs to be thought through is: the deciding factors of bull and bear markets are never PEPE itself, but Bitcoin and Ethereum. The direction of Bitcoin and Ethereum is the true anchor, while all other coins are just followers. PEPE's recent rebound looks fierce, but its structure already shows signs of fatigue. The few days of gains may just be the last harvest before the main players exit, not a sign of trend reversal.

The most obvious feature of this round of market is divergence. Not all coins are moving in the same rhythm, which in itself indicates that the market has entered a stage of selection. Rebounds in a bear market are often the most deceptive, tricking newcomers into buying in and trapping those already high. I’ve seen too many people crash during such times—greed makes them ignore risks, ultimately leading to deep losses.

The road is still long, and opportunities are plentiful, but it’s crucial to find the market trends you truly understand. If you don’t understand, observe. Don’t let emotions or others’ noise hijack your judgment. This is a principle that anyone who has survived long enough in this market should know.