In previous cycles, high-valuation meme targets appeared frequently in the meme market, but have clearly decreased at the current stage. Common explanations tend to focus on liquidity or market sentiment, but I prefer to understand this phenomenon from the perspective of capital structure and function.

One possible framework is: some high-valuation memes are not merely the result of price speculation, but also objectively serve the function of capital flow restructuring (wash trading) and repricing.

Through early intensive price rallies, liquidity creation, and chip migration across multiple accounts, funds with complex origins are "market-expressed" through on-chain trading and price fluctuations, thereby completing a re-interpretation in terms of flow path.

This mechanism was viable in the past, relying on two prerequisites:
1) Limited on-chain tracking capabilities, with opacity in address associations and capital flows
2) Scarce narratives, where single targets could absorb high-intensity liquidity compression

However, these two conditions are currently changing. Mature on-chain analysis tools make capital flows easier to reconstruct; simultaneously, narrative oversupply diverts liquidity across multiple tracks, making it difficult for single memes to support extremely high valuations and capital density.

Against this backdrop, the AI track provides a structure with higher "absorption capacity":
Its valuation anchors are looser, expectation space is larger, and narrative interpretations are more extensible, giving it stronger capacity for capital absorption and revaluation from a capital perspective.

So in my view, the so-called "fewer big meme coins" is not necessarily because the market has less money or fewer participants.
Rather, part of the capital reorganization function previously undertaken by meme coins is likely being replaced by the AI track, which has higher narrative density and stronger valuation elasticity.