Looking at the development trajectory of MEME coins on BSC, you can see the evolution of the entire ecosystem. In the early days, there was CryCry Horse for testing. As of yesterday, projects like Huaji and MAYOR took over. Now is the era of the martial arts world. A good concept or a triggering point can resonate within the community — this is the most attractive part of MEME culture. Honestly, as long as mainstream exchanges continue to focus on the MEME track, this market share can definitely be captured. But from the perspective of application coins, the ecological vitality on the SOL chain is still superior. The level of ecological prosperity, user base, and speed of development and innovation, SOL is currently leading.

Overnight on the weekend, Bitcoin once again experienced a rollercoaster ride. On the evening of the 18th Eastern Time, stimulated by geopolitical news, Bitcoin plummeted from $95,500 to $92,474 in just four hours, a decline of nearly 3.2%, instantly triggering over $75 million in long contract liquidations, making the scene quite intense. Behind this flash crash, liquidity vacuum is a key factor. Weekends are traditionally the quietest trading periods, with most Wall Street traders on vacation and a severe lack of buy orders. Once sell orders hit the market, prices are easily broken through support levels. The majority of these liquidations involved long positions being forcibly closed, indicating that many bullish traders were directly wiped out. It's not just Bitcoin that suffered. Mainstream tokens like Ethereum and Solana also collectively weakened. This reflects not just technical issues but a systemic risk reassessment of high-beta assets. Simply put, the market's risk-averse nerves have been fully activated, and investors are collectively adjusting their positions, shifting from risk assets to safer assets. Geopolitical uncertainties, coupled with unclear regulatory prospects for the crypto market, create double pressure, which can easily trigger such rapid adjustments. Currently, the countdown to the implementation of the tariff policy on February 1 is ongoing, and market nerves will remain tense. Such volatility may repeat itself.

Monday's decline was really fierce. I specifically looked into the liquidation data. Before 8 a.m., a large wave of liquidations mainly concentrated on a major perpetual contract platform, with liquidation amounts in 4 hours directly hitting $235 million. Bitcoin contributed the most—44.68% of the liquidations came from BTC ($105 million), followed by Ethereum and SOL, mostly being pressed down by longs. But there's an interesting phenomenon here. Since December 1st, the total open interest (OI) on this platform has been rising, reaching $9.91 billion today. At first glance, it looks like the bulls are very active, right? But the number of traders is ridiculous—active contract traders have been steadily decreasing, with only over 150,000 today. What does this mean? Very simple—fewer people are entering the market, but those who do are big players. On average, these whales and institutions hold extremely large positions. To put it plainly, the current contract market is no longer a playground for retail traders but a game of chips played by institutions. In this environment, volatility will only become more intense.