The sudden surges and crashes on those candlestick charts may look random, but they are actually carefully orchestrated wealth transfer games.

Remember that joke—"Wishing you hold a certain coin to open an exchange car, live in an exchange community, and enjoy the exchange life." This joke surprisingly gave rise to a meme coin worth hundreds of millions in market cap. Ironically, when a meme coin on a certain public chain plummeted over 30% in a single day in mid-October, those chasing the trend instantly went from "community residents" to "bankrupts."

Industry reports have thrown out a frightening number: 97% of meme coin projects are already dead. But this figure might be overestimated—in the current market, the average lifespan of meme coins is ridiculously short, even faster than many viral products' hype cycles.

**Superficial Prosperity vs Actual Collapse**

The market shows a strange contradiction: overall market cap keeps hitting new highs, yet most projects are fading away at an astonishing speed. Why are retail investors still playing? Because the primary market has already been sliced so that it has no value. Those newly launched tokens, except for a few lucky ones, are mostly declining. Meme coins have become retail investors' last hope for a turnaround.

**The Real Killer: Liquidity Traps**

The key issue isn't the projects themselves but the distribution. Data shows that in some tokens' liquidity pools, a single wallet once accounted for nearly 40% of the supply. Even more outrageous, most meme coins' liquidity pool tokens account for less than 2.5%.

What does this extremely concentrated structure mean? Prices can be easily manipulated. The upward movements you see may just be big players pumping the price. When they want to escape, liquidity is simply not enough—that's why crashes come so suddenly.