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Entering the crypto world, you will find an interesting phenomenon: the so-called "shilling" was originally the intention of project teams to have everyone test the platform, but it has turned into a carnival for shilling studios and multiple account spammers. No matter how exquisite the project packaging is or how many "big shots" are invited to endorse it, essentially it's just relabeling the same scheme. Even more exaggerated are meme coins, which simply put this gameplay openly on display, with some still claiming it's about community operation and continuous development. Is this a matter of perception or is there something else at play?
The current situation is quite delicate. The window for newcomers to enter is shrinking, leaving only internal battles among existing players, with funds constantly turning into air. This scenario is somewhat like a replay of the internet bubble years ago, but no one really cares. The bubble can still be inflated for now, but the laws of physics are clear—one day it will burst.