Recently, the crypto market has been quite lively. On one side, Meme coins are experiencing a rollercoaster—some leading Meme projects on major exchanges surged by 45%, while recent popular coins like "Life K-line" retreated by 40%, showing a clear divergence. On the other side, the Meme coin HAPPY-SCI caused a stir by directly "donating" $420,000 and then burning it, bringing its $4 million market cap almost to zero. This move left many people stunned.

It's not all bad news. CARDS surged over 43% within 24 hours, successfully breaking through the $180 million market cap mark, indicating that many projects are still seizing opportunities. ETHGas announced the launch of its governance token GWEI, which is also a sign of ecosystem expansion. Additionally, Metaplanet's stock price skyrocketed by 14.58% today, showing that the linkage effect between traditional assets and crypto remains quite evident.

From a broader perspective, the market is changing synchronously across several dimensions. First, the trust crisis surrounding "emotion financialization" products is surfacing. Second, risks exposed by data platform mergers and politician token incidents are beginning to spill over. On the ecosystem level, Solana is rapidly experimenting with new applications, Ethereum's focus on "real-time execution" infrastructure is gaining momentum, and the Perp DEX sector continues to compete in mobile and liquidity battles.

Another noteworthy trend is that a certain stablecoin froze on-chain assets worth $182 million, reigniting discussions about neutrality. All these events together indicate that the crypto market currently presents both opportunities and risks, requiring more cautious observation.