The reason so many gold-capped stocks (memes) in the past have exceeded 1B market capitalization isn't fundamentally due to any exceptional performance, but rather because BTC and SOL were in clear upward trends, and the entire market was a growth market. As mainstream assets continue to rise, market liquidity increases and spills over, naturally driving up the prices of high-alpha, low-valuation assets, leading to a continuous stream of memes exceeding 1B market capitalization. Recently, I've been relatively optimistic about Tencent and BOE, and in terms of narrative strength alone, they're actually no less compelling than those past gold-capped stocks. However, the reality is: Tencent's peak was around 170M, and BOE's peak was around 120M, both subsequently experiencing deep corrections. The biggest reason is simple: the market simply ran out of money. In a market downtrend, liquidity continues to flow out, new funds are on the sidelines, and old funds become extremely conservative; everyone is essentially a paper tiger. Even the best narrative can't support a higher market capitalization ceiling. Market Capitalization = Liquidity (Fuel) × Narrative (Catalyst)

Because CZ came out.

Another perspective is that the market lacks sufficient funds and firepower. Once sufficient firepower is available, all problems will be solved; it will simply be a matter of how much the price will rise.