Meme wave stirs the market: The issue is not from CEX

The increasing wave of meme projects and Ton mini-games has created a rather cluttered picture in the cryptocurrency market. However, upon closer inspection, what we are witnessing is not a crisis of (CEX) exchanges, but rather a comprehensive “rebalancing” process across the entire industry.

Many criticize Binance as the “main culprit,” claiming that the platform has legitimized meme projects. Yet, when verified, the industry giants act with astonishing consistency — no one truly mocks others. The truth is, all exchanges face similar market pressures, and Binance is simply the center of attention due to its scale. Every move it makes is amplified, becoming a weather vane within the community. The meme phenomenon is not an issue exclusive to any single exchange but a symptom of a broader industry adjustment process.

Why do memes dominate trading lists?

To understand why memes are increasingly taking over, we need to ask a simple question: This year, are you trading more memes than mainstream tokens or projects supported by VC (venture capital)? The answer is clear — memes have become the main choice.

Since 2023, users have started focusing on meme coins that they know lack intrinsic value but promise “miraculous” profits. The actual actions of users never lie — money is the most honest vote. The cryptocurrency industry is inherently “closest to money,” so users, entrepreneurs, and project founders naturally gravitate toward hot opportunities that can bring immediate benefits.

Conversely, projects valued at billions of USD that only tell stories without real value are gradually being abandoned. Memes have become a symbol of the “rebellion” of ordinary users against the VC-driven trend. And then, meme games and mini-games on Ton are just sparks igniting a large fireworks display — a flood of users, capital, and attention suddenly rushing in. They look very attractive on the books in the short term, but they are also accelerating the depletion of market liquidity.

The collapse of community consensus

The core issue lies in the breakdown of community consensus. Before a project is publicly listed, the prerequisite must be to build and establish genuine trust within the community. But if founders don’t truly believe in their project and only want to use it as a “cash machine” for users to liquidate, the community atmosphere will completely collapse.

Currently, the consensus among FDV (fully diluted valuation) communities has degraded to: “I’m just here to play quickly. After listing, if FDV is high and there’s a good airdrop, I will sell immediately.” As a result, the entire market falls into a “participate and withdraw” state — everyone is psychologically preparing to exit when participating.

CEX is not an impartial referee. It depends on the emotional appeal of the community and retail investors. When all attention is focused on memes and mini-games, and this mindset becomes the main trend, exchanges will become cautious when supporting major projects. Simply because: in any case, CEX makes money, so following the community trend is the easiest and lowest-cost option.

This is why many truly talented developers are being buried. The fundamental system of the market begins to shift away from its proper course. Therefore, everyone stops “pretending” and directly accepts memes and mini-games as “naturally grown” products driven by fanatic faith. Although not as widely acknowledged as before, at this stage, no one cares whether trust can be rebuilt — as long as it makes money.

Statistics show that even when the market declines, major VCs still profit tens or even hundreds of times from meme investments, with unrealized gains totaling up to 8 times.

What role is CEX playing in this situation?

Exchanges are not impartial arbiters or judges. They are merely reactive to the current market. When the community of followers pursues memes, and the community uses actions and voices to support, CEX will follow suit — not because of a deliberate choice by the exchanges, but due to customer demand and market pressure.

This situation is similar to a trivial moment: when a trend dominates, who is willing to “swim against the tide”? The answer is no, at least not immediately. Because of this, many useful projects lacking short-term appeal are “removed” from priority lists.

What is needed to break free from the meme cycle?

To shatter this chain, a delicate coordination from three sides is required: projects, communities, and exchanges must have a “silent” understanding with each other.

First, project founders need to change their mindset — instead of chasing flashy concepts for short-term gains, they must focus on building truly valuable projects. When project developers and communities act together, CEX can better recognize genuine needs and make decisions like “good money chases bad money”.

This requires redefining what a “good project” is. A good project is not just about a compelling story, but must:

• Truly earn user trust
• Make users believe they can profit by holding tokens
• Make users unwilling to sell tokens

In this chaotic phase, the market needs a “weighty leader” capable of speaking last, enduring pressure, and serving as a guiding beacon for the entire industry. Only then can the industry send a clear message: “If projects work sincerely and commit to advancing Web3, creating value for users, they deserve to earn money and be recognized.”

We need more project developers and founding teams who truly “deserve to earn money”. Only when a steadfast star is willing to “cut itself off” — rejecting unsustainable trends — can truly powerful projects shine. As mainstream projects receive more support, the entire industry can reconsider its development model, market confidence will gradually recover, and investors will return to rationality.

Hopes from the crisis

Of course, the worst scenarios also create brilliant opportunities. “This devastating joy will eventually end” — after the storm, there will be a phase of rebalancing, and everything will become cleaner. The main players may change, but the mechanisms and principles will be reestablished.

In conclusion, I sincerely admit: when Binance launched Nerio, I cursed it, then bought it, and later made a profit in shame. That is the current market — a place full of contradictions but also full of unexpected opportunities, where memes can coexist with genuine projects, and communities can learn to distinguish noise from signals.