《Today's Primary Market Commentary》 1. On BSC Unbelievable. It feels like a wasteland, with people resorting to desperate measures. From the wishing pool to the donkey, to the gorilla, to the innocent cat—everything is dead. Almost all the promising bottom-up themes are dead. The cheapest memes on Binance spot market are those scraps on BSC: mub, bst, tut, etc. This wave barely pumped at all. Completely abandoned by everyone—from the whales to the retail investors, from the primary market to the secondary market. Interesting. Ironically, A few days ago, when the gorilla and donkey were pumping, People said BSC was still suitable for retail investors, while SOL was full of conspiracies. 2. In the secondary market, apart from watching BTC and ETH, Keep an eye on moodeng and pnut. Pnut has dropped to 0.31, already falling below its bottom and doubling back up. Pnut, as a meme, inherently has a daily volatility of about 2x, but the trend has broken down. Moodeng has fallen below 200m. Moodeng represents high control within memes, the best themes with the most conditions and willingness for manipulation. This indicates a marginal shift; the whales are at a high of 300m, and the cost of retail investors selling off is too high to bear. It also shows that the market's liquidity margin is contracting.