On-chain memes are starting to resemble NFTs, or somewhat like the on-chain DeFi landscape after DeFi 2.0. Some memes with some value still have some belief and holding (like x402), but they can't be hyped up; purely speculative ones won't have a second wave (the recent new AI and new memes), and pump dumps are happening faster and faster. One cycle is gradually coming to an end. What the new on-chain narrative and new gameplay will be in the next cycle, nobody knows; we'll have to wait patiently.