In the fast-paced world of crypto, where trends can shift overnight, understanding the forces driving market behavior is key for anyone dipping their toes into meme tokens or broader blockchain plays. Recently, Hitesh Malviya, known on X as @hmalviya9, shared some sharp insights that build on his earlier thoughts from January 2025. His latest post emphasizes how attention in crypto isn't static—it's fluid, influenced by catalysts and how communities rally around them. This fluidity, he argues, is set to cause even more fragmentation in the ecosystem. Let's break this down and see what it means for meme coin enthusiasts.

The Evolution of Crypto Cycles

Malviya points out a big change in this crypto cycle: more people are going onchain, diving into decentralized exchanges (DEXs) to hunt for opportunities. Unlike past bull runs where centralized exchanges (CEXs) dominated, now there's a flood of new coins popping up daily. Think of it as a massive buffet of potential winners, but picking the right one requires smarts and discipline.

However, not everyone plays it cool. Many folks jump in with an "ape first, research later" mentality—crypto slang for impulsively buying into hyped projects without due diligence. Sure, it might pay off sometimes, but more often, it leads to losses and frustration. Some even bail on onchain altogether, sticking to old-school strategies that feel safer. But as Malviya notes, that's getting tougher because CEXs are now quick to list hot DEX tokens, turning latecomers into "exit liquidity" for early birds—basically, buying high while others sell.

Big Caps vs. Low Caps: Where the Real Action Is

One of the standout observations is how large-cap projects—those big-name coins that have already mooned—are underperforming compared to nimble low-cap gems. In the meme coin space, this rings especially true. Meme tokens thrive on virality and community hype, often starting as low caps on platforms like Solana or Base. Expecting a project that's already hit massive market caps to 10x again is unrealistic, Malviya says. History shows that winners from one cycle rarely dominate the next.

This ties into the hype cycle of emerging tech. Blockchain intersects with hot areas like AI, and whichever narrative grabs the spotlight wins. Right now, AI is stealing the show, but attention can pivot fast. For meme coins, this means short-lived trends (like a viral cat meme lasting weeks) or longer metas (broader themes like AI-memes persisting months). The key? Adapt quickly or get left behind.

Attention as the Ultimate Currency

Wrapping up his thread, Malviya stresses that attention flows based on catalysts—think major news, tech breakthroughs, or celebrity endorsements—and community buy-in. This isn't just abstract; it's the engine behind meme coin pumps. A strong, aligned community can turn a silly token into a cultural phenomenon, but if attention drifts, so does the value.

In this fragmented landscape, sub-trends or "metas" will keep emerging. For blockchain practitioners, especially those in memes, staying ahead means monitoring these shifts. Tools like DEX screeners, community forums on X, and onchain analytics can help spot where attention is heading next.

Implications for Meme Token Investors

At Meme Insider, we see this fragmentation as a double-edged sword for meme coins. On one hand, it creates endless opportunities for quick flips in niche metas. On the other, it demands better self-control to avoid FOMO-driven mistakes. If you're building your knowledge base, focus on understanding community dynamics and attention signals— they're often more telling than charts alone.

Malviya's insights remind us that crypto, especially the meme side, is as much about psychology and trends as it is about tech. As the ecosystem splinters further, those who navigate the fluidity will thrive. Keep an eye on onchain action, and remember: in memes, attention is king.