Hyperliquid has surged in popularity thanks to real business data. The platform’s perpetual contracts market share hit a record high of 8.4%, with annualized fees exceeding $1 billion, 90% of which is used to directly buy back and burn HYPE tokens. This “cash flow + burn mechanism” combo is fundamentally different from other meme coins—it’s backed by real business metrics. Top institutions like a16z and Grayscale are jumping in, with spot ETFs seeing a net inflow of $153 million within a month of launch, and whales are aggressively withdrawing and staking HYPE.

Social media is filled with grand statements like “King of Infrastructure” and “All trading on-chain by 2027,” with KOLs taking turns hyping it up. But a closer look reveals issues: ecosystem projects are shutting down, inflows are declining, and whales are cashing out. Smart money is already using the “fundamentals narrative” as cover, accelerating their exit while consensus and market belief remain. In the end, even a token with real revenue turns into an arbitrage tool for institutions.

ZERO gained natural attention thanks to its name, "归零" (Zero), which carries a sense of dark humor. The real catalyst was NVIDIA's proactive engagement—elevating it from a typical trend-chaser to a "major company endorsement" and a gold-standard label. Trading screenshots flooding social media became the cheapest and most effective marketing—success stories of 34x or multiple returns continuously fueled FOMO. Whale address tracking and community voting created a self-reinforcing loop. Privacy features and the concept of distributed AI inference provided room for imagination. However, skepticism is rising, with doubts about its technological substance, code copying, and false performance claims. Essentially, this is the fermentation of collective speculation—catchy name → profit showcases → panic-driven buying → whale tracking reinforcing expectations. When enough people believe the story, the story itself becomes reality.

The core logic behind ZEC’s surge is straightforward: the technical turmoil actually created a buying opportunity. The privacy pool vulnerability caused a sharp drop in price, prompting whales to accumulate large amounts at low levels—this genuine investment behavior is more convincing than any PR release. The project team’s prompt response to security issues earned community recognition, and subsequent AI audits further boosted confidence. Continuous positive developments such as technical upgrades and expanded trading channels kept strengthening expectations. The valuation logic of privacy coins is inherently vague, and this uncertainty has instead fueled trading enthusiasm. On-chain data shows whales are consistently involved, and institutions’ real-money votes directly drive retail investors to follow suit. Essentially, the firm accumulation by large holders dispelled retail investors’ concerns about risk, igniting market enthusiasm and creating a self-reinforcing market cycle.

GLIPPY is a meme coin project that combines a charitable narrative with practical utility features. The founder, Jan-Willem, has a real background in the Web3 space—he is known for optimizing website AI compatibility and later launched this official version. The project's biggest selling point is its commitment to donate 90% of profits to global bicycle aid programs for impoverished regions, tying entertainment to social responsibility. The project is currently in the community voting stage, sprinting toward a Moonshot listing, with participants actively canvassing for votes. Some analysis indicates the project has already experienced a major rally, with early high-level selling clearly evident—about 33% of tokens have been distributed, while 42% of low-priced tokens are yet to be released. Meme coins that blend charitable commitments are becoming a new trend, using moral appeal and the credibility of real founders to strengthen community cohesion and increase viral potential.

CARDS is a Pokemon-themed on-chain digital card collection platform that allows users to participate in card draws and trading through an innovative Gacha mechanism. The platform generates tens of millions in real monthly revenue and has become the highest-earning protocol within the ecosystem, proving its true commercial value. The team invests $2 million weekly to purchase inventory for aggressive expansion, and the tight supply chain further demonstrates booming business. Whales and KOLs have been consistently building positions recently, shifting the market discussion focus from "can you make money" to "when will dividends be distributed," with investors moving from pursuing narratives to seeking cash flow. CARDS has successfully bridged the market needs of both the crypto community and traditional TCG collectors, opening up structural growth opportunities and becoming a key bridge connecting the two worlds.

Jotchua is a community-driven meme token built around dog-head internet culture and PFP community identity. The token gained attention through the "trench revival" theme and visual culture dissemination, attracting participants including whales. Recently, it has been highly active in community events and frequently appears on trending rankings. The immediate reason for its popularity is traders constantly sharing multiplied gains on Twitter, ranging from 4x to 50x, creating a strong FOMO atmosphere. Analysts claiming "precise calls" showcase historical returns to attract followers, generating a psychological expectation of "missing out is regretful." Essentially, this is a typical phenomenon in micro-cap, low-liquidity environments—early, small capital can produce outrageous percentage increases, which then attract more retail participants. The entire hype is driven by profit displays rather than project fundamentals.

FARTCOIN tried to use fart meme + blockchain to attract attention. Users submitted fart jokes to earn tokens, and transactions also "Gas Fee" effect and digital fart sound effects are the masters of absurd creativity. But this "smelling" idea seems difficult to get out of the circle, and the attempt to sublimate vulgar jokes into "alternative art" stops in niche entertainment.

In the crazy crypto world, having weird ideas alone is not explosive enough. Without substantial value support, no matter how loud the fart is, it can only be a flash in the pan. This example may be a surprise for other projects that want to rely on "notorious" to get out of the circle: without real materials, even a loud fart is not considered a loud fart.

The story of the TRUMP token is a journey from the illusion of power to a revival. In the early stages, it leveraged its IP to precisely target retail investors' vanity, creating a sense of "participating in a great movement" and attracting massive inflows. At its peak, the Trump family cashed out and exited, leaving behind a market that plummeted 97%.

Now, the project has launched the "TRUMP Token Club," VIP World Cup experiences, and integrated institutional custody with Fireblocks—high-end packaging upgrades touted as enhanced governance transparency and incentive design. In reality, these moves provide major holders with a dignified exit route. The latest data shows whales remain active in trading, and exchanges are frequently releasing incentive campaigns. The token has been included in major meme coin indexes alongside DOGE, SHIB, and PEPE, regaining market attention. Yet the fundamental symbol of power remains unchanged—the ultimate bagholders are still ordinary retail investors who continue to dream of participating in something great.