On-chain liquidity has warmed up again. In previous years around Christmas, there was almost always a narrative token worth around 50M that would emerge.

Recently, PEPE launched derivatives, and the market has indeed become more volatile. But interestingly, what people are really trading are clones like BEPE on the Solana chain. Although its market cap has only reached around 2M, the level of frenzy… is both exciting and sad.

On-chain is truly a different world. Every time such a narrative wave rises, you can see clearly who is genuinely participating and who is just watching. Whether this wave will arrive as expected depends on the market’s reaction in the coming weeks.