The current Meme coin community has indeed shifted from the frenzy of "全民共创、病毒式传播" (全民 co-creation and viral spread) back in the day to a less enthusiastic, even deadened "casino" environment where only a few people stake their territory for their own amusement. After purchasing, they neither promote nor build, which is definitely not a healthy cycle but rather a vicious cycle heading toward "value exhaustion."

Considering the current internet environment (early 2026), this phenomenon of "not spreading, not building" is actually a typical symptom of Meme coins entering the "involution stockpile period."
We can analyze from three levels why this is not a healthy cycle and what crises it faces:
1. "Not spreading" is because the meme itself has weakened: lack of the original driving force to break out of the circle
You feel that Meme coins today lack the viral power they had in 2021. This is not just your illusion but a common issue in internet culture—inflation of memes and aesthetic fatigue.
* Meme lifecycles are rapidly shortening: Currently, the internet (referencing social trends in 2026) is in a state of "high turnover." A meme (like the previous "cat meme" or "Chengdu Disney") explodes in popularity very quickly but also fades just as fast. Once people get familiar with the trend, the novelty wears off. Meme coins born in this environment can only circulate among seasoned crypto veterans and cannot break out to attract real "fresh blood."
* From "co-creation" to "consumption": Previously, memes were created collaboratively, with everyone remixing and playing with the meme (building). Now, Meme coins are often mass-produced "digital fast-moving consumer goods" by institutions or individuals. People just consume them, buy and then discard, naturally lacking the desire to spread.
2. The "not building" vicious cycle: from "faith community" to "pure speculative chips"
The core of Meme coins was originally "consensus value," meaning people liked a meme and were willing to maintain it together, even using it to buy things or tip (which is building). But now, "not building" has led to serious alienation:
* Consensus turns into a "bet": If after buying the coin, everyone just stares at the K-line chart instead of enriching the cultural connotation or application scenarios of the meme, then the coin has completely turned into a "hot potato" lottery game.
* Liquidity exhaustion: Without building, there are no new use cases (such as integrating AI, creating game items, or social tokens). When early speculators exit, and without practical utility support, subsequent funds (FOMO funds) refuse to take over, leading to a price collapse.
3. Why this is definitely not a "healthy cycle"?
A healthy cycle should be: Good meme -> Someone spreads it -> Attracts newcomers -> Builds consensus -> Someone develops applications or communities -> Value increases -> More recognition.
But what you see as "buy but not spread or build" is heading down a different path:
Mediocre meme -> Relying solely on hype -> Attracting only gamblers -> No one maintains -> Value drops to zero -> Market credibility collapses.
This is called "bad money drives out good money" in economics. When those "sh*tcoins" that only want to scalp the little guys flood the market, truly creative Meme projects that aim for long-term development are drowned out or die due to lack of funding.
Summary
The phenomenon you observe is essentially the result of Meme coins "de-ideologized" and purely tool-based. When a Meme coin loses its soul that makes people want to share and participate, leaving only the shell of hype, it is not far from zero.
The Meme market in 2026 is undergoing a "great filtering." Those Meme coins that cannot evolve from simple "memes" into projects with actual technological infrastructure (such as Layer2, AI applications, real payment scenarios) will ultimately be forgotten due to lack of spreading and building.