Crypto influencer 0xSun has observed a shift in market dynamics, noting that retail investors are increasingly focusing on projects with tangible applications and strong financial backing. Last year, Meme tokens gained popularity due to their low entry points, but their appeal has waned due to a lack of new narratives and liquidity issues. In contrast, VC-backed projects with real-world applications and robust revenue streams are gaining traction. Retail investors are primarily driven by wealth effects, and projects that pair positive news with actual price increases continue to attract interest.