Recently, the MEME "114514" on the SOL chain has become popular. On the surface, it's just a Japanese ACG meme, but if you only look at it superficially, that's a shame. The truly interesting part is the hidden flow of funds and community changes behind it.

Speaking of the Japanese community, for the past decade or so, hardly anyone has played MEME on the chain. The reason is quite simple—taxes are too harsh. Back then, crypto earnings in Japan were taxed as miscellaneous income, with a top rate close to 55%, which directly discouraged ordinary investors. Who would want to earn 100 bucks and have to pay 55 bucks in taxes?

But recently, a key turning point has emerged. Japan adjusted its tax policy, lowering the tax rate on crypto financial gains to around 20%. This is not just about "saving money"; it reflects a reshuffling of the entire market ecosystem.

Why is this considered a potential signal? Look at the current market landscape, and you'll understand.

The Chinese market has been under long-term pressure, with economic growth slowing down. Many retail investors have already exited or significantly reduced their funds. Those still holding on are mainly existing capital engaging in repeated speculation, with little new momentum. Meanwhile, in Europe and America, investors have also become more cautious.

The situation in Japan and South Korea is completely different. In these regions, there was almost no on-chain MEME activity in the past, and many new participants are entering. More importantly, the mindset of these newcomers differs from that of the seasoned Chinese investors— their risk preferences are shaped by cultural traits and community identity, not by repeated short-term losses. In other words, first-time buyers are often long-term holders.

Why is the MEME "114514" worth paying attention to? It has several overlapping conditions. First, Japan has a deep-rooted subculture foundation, and this meme has high consensus within the ACG community. Second, its explosion coincided precisely with Japan’s tax policy shift window. Policy dividends + cultural identity + new entrants, these three factors combined create a powerful effect.

More critically, once profit-making effects take hold in Japan and South Korea communities, the speed of emotional cohesion will be very fast. These newcomers haven't been repeatedly cut, so their mindset is more stable. Once recognition is established, it will have strong stickiness.

What does the market need now? It needs new incremental volume. Chinese funds are retreating, and Europe and America are watching cautiously. At this moment, the entry of new communities from East Asia becomes a key "liquidity supplement." This may not immediately trigger a broad market rally, but it is very likely to change the development trajectory of MEME in the next phase and become an important narrative variable.

In simple terms, in the coming period, whoever can integrate the consensus of Japanese and Korean communities will grasp new growth opportunities. This is not accidental; it is the market naturally seeking a new balance point.