In recent times, the liquidity on the SOL chain has been gradually recovering, and the most direct indicator is the project popularity.

This morning, I saw that PEPE artists released a new piece. My first thought was naturally that this type of IP should be on the ETH mainnet, but I didn't expect the response speed on SOL to be ridiculously fast. It was quickly pushed to a 3M level, while similar projects on the ETH mainnet were still hovering around 400K. After nearly half a month on the SOL chain, my deepest feeling is four words: the environment has improved.

As long as the perspective is slightly justified, most can reach heights of 1 to 3M. When encountering a whale controlling the market, breaking 10M is not a dream. But there is a practical problem—height itself is not difficult to achieve; the bottleneck is the relay of funds. The higher you go, the more the subsequent funds become scarce. In simple terms, liquidity is tight. Whales are not fools; if they try to push without buyers, it’s like giving away money, so they understand this well. However, compared to November, the current situation is much better. Plus, the overseas markets have been on holiday these days, so we’ll wait until their holiday ends to see the market response.

Another phenomenon worth noting: the overall market will inevitably undergo a shakeout. For example, Snowball reaching 10M is actually based on the core logic that it experienced a violent shakeout earlier, which then left room for a rebound. In contrast, PUMP V2 can only reach this height, which is not surprising—it's just too heavy. These types of tokens that rely on mechanisms and narrative-driven growth are far less durable than pure meme coins. Meme coins have strong momentum and higher tolerance for mistakes. If you don’t time the top and bottom well, it’s easy to get caught at the peak, making the experience quite uncomfortable.