Only by adapting to the trends of the times can one be a true hero

Recently, some interesting phenomena have emerged in the cryptocurrency market, prompting people to reflect on the characteristics of the current bull market. The entire cryptocurrency ecosystem seems to be undergoing a trend towards "memeification" and simplification, with the market appearing to urgently need a shot of adrenaline to stimulate vitality.

1. Simplification Trends and Emotional Release

The current bull market shows obvious characteristics of "decomplexification". Apart from the ETF craze driven by institutional investors, other sectors are pursuing a "simple and highly volatile" investment experience. This trend is reflected in:

• DeFi has been labeled as overly complex and prone to losses.
• The NFT market has not yet shown obvious signs of a secondary explosion.

These two once-star fields have performed mediocrely, and the reasons are complex. Stagnation in innovation and a decline in user confidence are both significant factors. After a series of negative events, it takes time and new stimuli to rebuild market confidence.

Against this backdrop, meme coins, with their simplicity, ease of understanding, and high volatility, just meet the current market demand.

2. Changes in the Market Maker Landscape

Traditional market makers have seen their authority seriously questioned after experiencing setbacks in the previous cycle. The market no longer blindly follows the so-called "elite" market makers. In this environment, some emerging and controversial market makers have begun to stand out, adopting more aggressive strategies that cater to the market's craving for stimulation.

Cryptocurrency market makers have their own particularities compared to traditional financial markets:

• Relatively small scale
• Market liquidity is low, volatility is high
• The regulatory environment is not perfect.
• Requires strong technical support, especially in terms of on-chain and DeFi strategies.

3. Focus of Controversy

Traditionally, the main functions of market makers include:

1. Provide liquidity
2. Smooth price fluctuations and facilitate price discovery
3. Improve market efficiency

However, the behavior of some emerging market makers has sparked controversy. They not only provide market-making services but also directly participate in project investments, employing aggressive trading strategies that are often accused of market manipulation.

4. Catering to Market Demand

Despite the controversies, these emerging market makers have successfully captured the main sentiment and demands of users in the current cycle through strategies of "providing what the market needs". Their success in the current market environment reflects an important point: true value investing should not cling to biases, but should be able to understand and adapt to changes in the market.

Although long-termism and value investing remain important, the true market wisdom lies in the ability to adapt to the characteristics and demands of each era. In this special bull market, some controversial market participants have stood out in unique ways. While their future trajectory is still uncertain, they have undoubtedly left a profound mark on the market.