The decline trajectory of a celebrity Meme token is worth paying attention to. The token is currently priced at $5.3, with a market capitalization shrinking to $2.45 billion, and a circulating market cap of $5.3 billion, down over 90% from its peak — this number itself is telling.

Six months ago, when political figures chose to issue personal tokens during special periods, the entire crypto market was buzzing. A key figure in power directly participated in the Meme coin ecosystem, breaking the invisible barrier between politics and Web3, and attracting mainstream traffic into the crypto space. The project was unprecedentedly popular, with many participants, seemingly witnessing a new era.

But numbers do not lie. Behind the massive decline, there are more complex issues — conflicts of interest, boundaries of power use, and a trust crisis among market participants. This "political breaking-the-circle experiment" leaves behind not only a space for business innovation but also an ethical dilemma that must be faced head-on.