#永续合约DEX赛道之争# During the pullback of a bull run, many people are eager to declare the arrival of a Bear Market based on the Candlestick Chart, which is actually applying past experiences to the current market—similar to how ancient people sought swords by carving boats, which is out of place. The market rules of 2021 are no longer applicable for understanding the trends of digital assets in 2025.

The transformation of $SHIB from a joke project to a legitimate asset is quite remarkable. The meme coin category is gradually gaining recognition, just like the developmental path already demonstrated by $DOGE: from an internet joke to mainstream acceptance and even entering discussions about ETFs. During the current market pullback, signals of institutional investors quietly increasing their holdings have become apparent. What appears to be selling by large holders may actually be a strategic move to prepare for the next bull run.

Regarding $ETH, despite short-term price fluctuations, the two fundamental factors of its technical upgrade roadmap and continued institutional capital inflow have not changed. Some market analysts predict that changes in the macro environment may drive Ethereum to challenge the $8500 level by the end of the year. It is worth noting that recently, the "Elon Musk's Little Dog" project has seen a surge in popularity on the Ethereum network, which may indicate that the liquidity of the Meme coin market is concentrating towards the Ethereum ecosystem.

Looking back at history, the market always has similar patterns: in 2021, $SHIB created remarkable returns relying on a strong community expansion; looking ahead to 2025, some early participants have shifted their attention to "little puppy" projects, whose lower market capitalization and highly active community support have become potential breakout points.

In this bull run, moderately allocating a small amount of funds to early high-potential projects is essentially a bet on the initial community dividend, rather than following the crowd to chase highs. The gains and losses during market fluctuations often depend on whether investors can maintain independent judgment amidst the overwhelming information—technical analysis and market data are important tools, but a steadfast investment philosophy is the key to successful positions.