ทำไม Meme ภาษาจีนถึงมีแรงผลักดันไม่เพียงพอ?

Original | Odaily (@OdailyChina)

Author｜Golem (@web 3_golem)

"The two-day on-chain bull market is over," is the general sentiment in the Meme community today.

Following October last year, Chinese Meme coins once again sparked a frenzy on BSC in January this year, giving birth to many projects highly sought after by the community (Related reading: From "Life K-line" to "Laozi", a rundown of the top 5 hottest BSC "Chinese Memes" right now). However, according to GMGN data today, popular Chinese Memes have generally experienced a pullback. Within 24 hours, "I'm F*cking Coming" dropped by 30%, "Laozi" fell by 25%, "Life K-line" declined over 20%, and "Manager Xiaoni" plunged over 40%.

Every feast eventually comes to an end, and for Memes, the cooling-off is especially swift. The Chinese Meme frenzy last October started during the National Day holiday and lasted for an entire month before ending. But why did this round end so quickly? What exactly went wrong?

Rejection of "Shandong-ology" Affects Community Cohesion

This round of Chinese Meme frenzy was cold-started from a tweet by He Yi. On January 1st, He Yi posted on X platform with the caption "2026, I'm F*cking Coming" to celebrate the New Year. A week later, the Meme coin of the same name began to gain traction, eventually listing on Binance Alpha, igniting the Chinese Meme community.

However, along with this came widespread community discussion about "Crypto Shandong-ology: Which way does the fish head point?", directly pointing to a whole set of Meme launch methods on BSC revolving around CZ and He Yi. CZ and He Yi don't need to personally direct or even know about these projects; from developers to the community to the Binance Alpha team, everyone automatically "gets enlightened." The life or death of a Meme is decided by a single tweet.

In February 2025, CZ first interacted with a worthless on-chain test token TST on BSC, marking the initial formation of this Meme launch model on BSC. After subsequent small-cycle iterations of BSC on-chain Memes, such as the dispute over CZ's dog and the Dubai narrative, the community figured out the necessary "social etiquette" for a BSC Meme frenzy from cold start to climax.

To make money in such an ecosystem culture, to put it nicely, one must learn from the top and the excellent; to put it bluntly, it means "you absolutely cannot stand upright."

"Is this time really different?" When this Chinese Meme frenzy reached its peak again, countless bloggers asked on social media. This wasn't just simple meme-ing; it genuinely reflected the psychological shadow left on the community by this "Crypto Shandong-ology" since 2025.

When enough shadows accumulate, rejection forms. Some criticized the BSC ecosystem for going to any lengths to "suck up," blindly extracting content from CZ and He Yi's tweets, even giving birth to tokens like "Mom," "Dad," and "Laozi," making Chinese Memes increasingly tacky.

Previously, Odaily also analyzed the community debate sparked by the listing of "I'm F*cking Coming" on Binance Alpha, calling it "a severe blow to genuine Chinese Meme culture." (Related reading: How to evaluate the listing of "I'm F*cking Coming" on Binance?).

When rejection of "Crypto Shandong-ology" becomes widespread, seeking community Meme coins without the CZ/He Yi angle itself becomes a community force. Crypto blogger Honest Mai Zong (X: @Michael_Liu93)直言, "People really don't want to suck up anymore." (This blogger holds 1% of Life K-line tokens)

Regardless, such division still hurts the cohesion of the BSC Meme community, preventing capital from forming a合力. When a community-consensus leader cannot quickly emerge, Meme sentiment accelerates its decline.

Lack of External Liquidity

To sustain a Meme mini-cycle, there must be price increases, and to sustain increases, there must be new buying pressure that exceeds selling pressure. One possible reason for the lack of staying power in this Chinese Meme round is the lack of external liquidity injection. The market cap was mainly pushed up by the Chinese community on BSC, failing to attract the overseas community or the Solana Meme community to take over.

The传播范围 of last October's Chinese Meme frenzy was unprecedented. Many overseas Meme influencers sought help on X platform on how to join Chinese Meme communities; "Dog-beating WeChat groups" suddenly saw an influx of English-speaking newcomers. This frenzy also prompted other chains to court the Chinese Meme community. Base blockchain lead Jesse invited the Chinese community to build on Base, while Solana founder Toly and Solana Foundation主席 Lily Liu等 helped fuel the Solana Chinese Meme coin "Suolala."

This influence溢出 from the wealth effect of Chinese Memes translated into substantial on-chain purchasing power, extending the duration of the October Chinese Meme frenzy.

But the January Chinese Meme frenzy lacked such externality, still revolving around CZ and He Yi's tweets. The only Chinese Meme with some externality, "Life K-line" (reported by CCTV on January 3rd), saw its光芒 quickly overshadowed after "I'm F*cking Coming" listed on Alpha.

One piece of evidence for the lack of external liquidity in this round is using the language filter on X platform to search for posts and views related to recent hot Chinese Meme coins (like I'm F*cking Coming, Laozi, Small Shareholder, etc.) in English-speaking regions. Apart from exchange listing announcements having relatively high views, discussion of these Memes in English-speaking regions is quite scarce.

Hot posts about "Laozi" in English-speaking regions on X platform are all exchange listing announcements

Chinese Memes Themselves Are No Longer Novel

A乒乓球 bouncing from its peak always rebounds lower and lower.

Chinese Memes themselves are no longer a sufficiently attractive narrative.

At the end of October last year, Odaily asserted that although the October Chinese Meme frenzy ended, Chinese Memes themselves would绝不会消亡, becoming a fixed Meme category with periodic peaks in the future. (Related reading: After Binance Life, Chinese Memes Move from Blockbusters to Sectorization)

This also means that if a Meme coin merely has a Chinese ticker and some "ass-determines-head" logic for price increases, it is注定不足以长久.

Since last October, the only Chinese Meme coins still alive are Binance Life and Hachimi. Others like Customer Service Xiao He, Cultivation, Nailong have vanished into history. The representative Chinese Meme projects in this wave are all "Shandong-ology" projects strongly tied to CZ and He Yi. Without forming an independent culture跳出 the "Two Saints"光环, they are注定 to share the fate of any similar token before them, lacking the生命力 to穿越 Meme mini-cycles (Theoretically, Life K-line doesn't belong here, as its爆火 was essentially driven by the央视 article).

When the Chinese Meme narrative first appeared, a Chinese Meme coin could be pushed up simply due to its novelty. Now, Chinese Memes have become an unremarkable, fixed category. As Chinese Memes彻底融入 the BSC Meme cycle iteration assembly line,伴随 the market逐渐 "figuring out" this玩法, the ecosystem回归 to a "run fast" mode. The entire Meme cycle accelerates: cold-start by "imperial decree," bait持续互动, list on Binance Alpha,最后浇给...

This round of Chinese Memes is just a缩影 of that.