Having navigated the crypto space for over six years, the earliest major bull run I experienced was with Dogecoin DOGE, but subsequent losses mostly came from those VC-backed coins. Behind this disparity, in fact, reflects two completely different sets of rules in the entire crypto market.

First, let's talk about the玩法 of Meme coins. No lengthy whitepapers, sometimes no serious development roadmap at all, but they do have consensus. Retail investors can enter early, with prices mainly driven by meme culture, hype, and community cohesion. Strong community Meme coins often don’t face the risk of zeroing out—faith in them completely outweighs technical indicators.

VC coins are the opposite. A 50-page whitepaper, a grand blueprint extending to 2030, VC institutions accumulating at low prices at the bottom, retail investors being attracted to buy high. Once the token unlock period expires, the K-line drops straight down like free fall—no matter how strong the technicals are, the price can’t be held up.

This is the market reality: Meme coins rely on collective consensus to support their market, while VC coins depend on token lock-up periods to maintain hype. An interesting contrast is that Meme coins may die quickly, but while alive, they are truly alive; VC coins have a longer lifespan but are stuck in a slow decline swamp.

In terms of strategy, a bull market is like playing emotional games with Meme coins, while in a bear market, it’s about observing the unlock progress of those VC coins. Retail investors’ biggest fear isn’t necessarily a direct zero, but the slow, bottomless decline—this is the real psychological torment.

Finally, this isn’t about taking sides, but about understanding the essence: Meme coins are games of emotional betting, VC coins are arenas of capital competition. The real Alpha opportunity? It might be right in your own hands.