A popular Meme token has recently attracted a lot of attention in the market. Although I am not actively trading in the crypto market, I still want to share some thoughts on its development trajectory. Criticisms and corrections are welcome.

Using Meme tokens in the Chinese community as an analogy, from the project's perspective, there are usually several key milestones: first launching Alpha (testing phase), then moving into contract trading, followed by spot trading. Each breakthrough at these stages corresponds to a significant jump in market capitalization.

This project’s market cap when it launched spot trading was about $170 million. From this data, we can infer that it has already accumulated considerable attention and funding in the first two stages. The market reaction after the spot trading went live is still worth observing. The changes in market cap at each stage essentially reflect the gradual increase in market awareness and participation—this logic is especially evident in the Meme token field.