In past cycles, high-market-cap meme tokens frequently appeared in the market, but they've notably declined in the current phase. Common explanations focus on liquidity or market sentiment, but I prefer to understand this phenomenon from the perspective of capital structure functionality.
A possible framework is: some high-market-cap memes are not merely the result of price speculation, but objectively serve the function of capital path reconstruction (wash) and repricing.
Through early concentrated pumps, liquidity creation, and multi-account position transfers, capital from complex origins g
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