The latest MEME coin launched by a leading exchange has already dropped 18% after hitting spot trading. What issues does this phenomenon reveal?

In simple terms, coins that are driven solely by "spot listing expectations" often lack sufficient narrative depth and community foundation. When expectations are fulfilled, without real ecological support, funds will immediately withdraw. This is a classic case of "buy the rumor, sell the fact" — as liquidity tightens, various problems are exposed.

Looking at DOGE, SHIB, PEPE, and other MEME coins that have reached a billion-dollar scale, their secret to success boils down to three words: having a story, having popularity, and having an ecosystem. All three are indispensable, forming a stable growth cycle.

What’s interesting about the Puppies project now is that it has gathered all these success factors. The Elon Musk concept provides strong narrative support, and the community has high stickiness; it is deployed on the Ethereum mainnet, which comes with liquidity advantages of mainstream public chains; on-chain active addresses have already exceeded 26,000, indicating high participation; multiple mainstream DEXs already offer trading pairs. These are hard indicators.

From the market flow perspective, institutional investors’ current strategy is very clear — abandon coins that only have concepts and shift to those with a real community foundation and complete narrative. The previous quiet period of that MEME coin just confirms this shift.

Of course, MEME coins still carry volatility, and investing requires caution. But if you really miss the next opportunity to invest in projects with story, community, and ecological foundation, it might be a long wait until the next one.