The current crypto market is experiencing an interesting divergence. On one hand, technological progress in public chains like Ethereum is steadily advancing; on the other hand, the market enthusiasm for MEME coins continues to heat up. The parallel operation of these two forces reveals the true picture of the market.

Progress on the technical front is tangible. The launch of the Ethereum Dencun upgrade has significantly reduced Layer2 gas fees—by as much as 90%. This is not just a numerical improvement but also represents an expansion of ecosystem capacity. When transaction costs are greatly reduced, the barrier to user adoption also drops, laying a foundation for subsequent ecosystem development. From historical experience, every major technological upgrade is often accompanied by a revaluation of ecosystem projects.

Meanwhile, market sentiment is also particularly noteworthy. Established MEME coins like DOGE and SHIB remain popular, while emerging tokens such as PEPE and BONK demonstrate strong growth momentum. Daily increases of 39% or even doubling are common occurrences. These tokens often rely on community consensus and cultural dissemination to drive value, reflecting the activity level of retail investors.

Interestingly, these two tracks represent two different market logics: one based on long-term value considerations rooted in infrastructure improvement and ecosystem expansion, and the other driven by short-term sentiment resonance and liquidity concentration. They are both independent and coexist within the same market.

For participants, this divergence brings both opportunities and complexity in choices. Should they focus on building a solid technical foundation, or engage in emotion-driven volatility? Or seek a balance between the two? Each person's answer may differ, and this diversity of market participation itself is a reflection of market vitality.