In past cycles, meme markets frequently saw high market cap targets, while the current stage shows a marked decrease. Common explanations tend to focus on liquidity or market sentiment, but I'm more inclined to understand this phenomenon from the perspective of capital structure functionality.

One possible framework is: some high market cap memes were not merely the result of price speculation, but objectively served the function of capital path reconstruction (washing) and repricing.

Through early concentrated pumping, liquidity creation, and multi-account chip migration, funds with complex origins are "markets-expressed" through on-chain trading and price fluctuations, thereby completing a re-interpretation of the path.

This mechanism was viable in the past, relying on two prerequisites:
1) Limited on-chain tracking capability, with non-transparent address associations and capital flows
2) Scarce narrative supply, where single targets could absorb high-intensity liquidity compression

However, these two conditions are currently changing. Mature on-chain analysis tools make capital paths easier to reconstruct; simultaneously, narrative supply is oversaturated, with liquidity dispersed across multiple sectors, making it difficult for single memes to carry extremely high valuations and capital density.

Against this backdrop, the AI sector provides a structure with higher "carrying capacity":
Its valuation anchor points are looser, expectation space larger, and narrative explanations more extensible, giving it stronger absorption and revaluation capability from a capital perspective.

So in my view, the so-called "fewer big dogs" may not simply mean the market has no money or fewer players.
More likely, the capital reorganization function previously borne by meme coins is being replaced by the AI sector with higher narrative density and stronger valuation elasticity.