How important is a moat really? Just look at this case.

There is a "charity meme coin" on BSC that has donated a total of 11,983 BNB to educational platforms, which is roughly $11 million at current prices. Honestly, stories like this and a sense of mission can truly be considered a moat—having practical applications, social significance, and continuous use cases.

And the result? Its market cap is still less than $100 million.

On the other hand, meme coins with little background or story often reach market caps of 10M to 100M. Without a moat or real utility, they rely on hype and sentiment. Is this a market mispricing, or is our understanding of "moat" flawed?

Perhaps in the world of meme coins, a moat simply doesn't matter. Investors might just be after the thrill and excitement, rather than sustainable value.