Is the Solana meme no longer pumping? I think the problem isn't the sentiment. Recently, everyone has been saying that the Solana meme is no longer fun and can't make money. But I don't quite agree with the judgment that it's cooled off. From my observations, the problem isn't the narrative, but the failure of the mechanism: 🔹 Arbitrage has failed, and no one is willing to take over. Now, many memes go live for 30 minutes and then no one is trading. Bots are afraid of being countered, and MEV activity has also decreased. Without arbitrageurs, there are no successors, and the pump naturally can't be sustained. 🔹 User expectations have changed; they no longer dare to rush in with "buy and it drops." In the past, buying memes could at least double your investment, but now many are halved as soon as they launch. User FOMO has been cut off, and the closed loop has directly collapsed. 🔹 The KOL pump system has also collapsed. KOLs failing to pump have started to damage their reputation. The endorsement risk is high, and the slippage arbitrage is too obvious; no one is willing to be the "cannon fodder traffic" anymore. ———— So, memes aren't dead; rather, the first phase of wild pumping has already burst. In the next phase, I'm focusing on mechanism innovation types, such as: + Practical gameplay, like $FROG, $WEN. 2. Memes with "preset consensus mechanisms," like locking, community rewards, etc. Don't wait for the old model to revive; now it's an elimination match: Whoever can continuously create a sense of user participation is the true king.