As various chains compete to “pump.fun”, is Memecoin about to reach its peak?

I want to put double quotes around the name of the product pump.fun because its significance has gone beyond being a coin issuance product itself. Now, it has become the most direct, most effective, and perhaps even the only life-saving straw that all chains consider. Regardless of whether it is a new chain or an old chain, regardless of the main narrative of these chains, regardless of the purpose that the project parties behind these chains want to achieve, the market situation presented to all of us in the end is that as long as it is a chain, just pump it and let everyone have fun.

ApeChain, a chain launched by the former NFT king Yuga Labs, was originally thought to be like Abstract, which also has an NFT background, slowly warming up to win the support of the NFT community, or launching a refreshing black hole coin $O with both artistic and meme vibes like Shape, which was created by artists, or, like TreasureDAO (Magic), focusing on games related to Otherside.

As a result, I saw that Yuga Labs was also hungry, so they chose pump.fun and launched the pump.fun product Ape Express.

So is this move of Yuga Labs a success? Judging from everyones reaction, it is not. It is generally believed that those who still hold Yuga NFTs (not only BAYC and MAYC, but even CryptoPunks have long been Yuga NFTs) are all old money in the currency circle. These direct audience groups who are not short of money will bring in funds crazily, and stage a vertical trend. But up to now, ApeChains leading $CURTIS has only reached a market value of nearly 30M and has now lost half of its market value compared to the peak.

One-day tour is disappointing, although everyones expectation may be just one-week tour or one-month tour…

Pump.fun has sprung up like mushrooms on various chains. On Aptos, there is pump.uptos:

On SUI, there is Move Pump (which also supports Aptos). In addition, hop.ag is also about to launch its own pump.fun product.

On Sonic (formerly Fantom), there is Degen Express:

Dydx only rose by about 25% after former CEO Antonio Juliano announced his return, but after the tweet of Charles dHaussy, CEO of the Dydx Foundation, At tomorrows dYdX Day event, speakers will reveal the secrets of moats, Trojan horses, and flywheels, it instantly rose by another 20%. Many people speculated that Dydx would also create its own pump.fun.

On the Fractal chain of the Bitcoin ecosystem, there is also a Satspumpfun that is ready to start after a long warm-up:

This situation where pump.fun appears on every chain reminds me of the inscription bull market last year. I thought the inscription hype in the Bitcoin ecosystem had come to an end after entering the IQ 50 stage, but I didnt expect the inscription gameplay to be passed on to various chains such as ETH, Solana, and Polygon. Of course, except for ETH and Solana, which still have some signs of survival, these different chain inscriptions can basically be declared annihilated.

So, will the rush of various chains to get to “pump.fun” be the “top signal” for the meme coin?

I think this is just a top signal of the hot-selling game pump.fun, not even a top signal of the hot-selling game or even the meme coin itself. Just like after the end of the inscription bull market, the top inscription assets such as $ORDI still have a reasonable market value and liquidity, but the assets with inscription as the only consensus point, after the hot spot of its gameplay itself loses attention, there is no consensus to support its long-term value, so it is foreseeable that it will die.

As the meme coin track has developed to this day, the concept itself has been overused. At the beginning, everyones understanding of meme may be worthless and IQ 50. In the $DOGE era, the understanding of meme coins may even be equated with the photo of the dog. But now, the top meme coins such as $BITCOIN (Harry Potter), $SPX, $MOG, $JOE, etc. have all withstood several rounds of large prhielo fluctuations to test their consensus. Up to now, I think there are not many players who still think that these coins will return to zero. This concept itself is a manifestation of the value of meme coins – there is no difference between the path or narrative to form a solid value consensus.

We can even look at Bitcoin. The consensus on Bitcoin’s value has nothing to do with technology. Bitcoin’s own culture and meme attributes are also very strong.

Hot spots, or hot spots, are not permanent. Just like we may watch many live broadcast rooms when we are bored, one day we may watch games and the next day we may watch chats. The popular live broadcast content may be different every day. But we are all regulars in a certain live broadcast room. The top anchors have certain characteristics other than live broadcast content that can stabilize their audience base (community). The community helps the anchor to make various live broadcast slices, attracting more people to enter the live broadcast room from the slices and become long-term regular viewers.

The same is true for vibrant meme coins. The community will spontaneously raid (promote their own coins) on Twitter, spontaneously create pictures/videos/songs, etc., and believe in the power of belief. Of course, if it is just a pure statement of we all believe that it can break through the sky, it is not enough to produce a top meme coin, because if everyone just believes that the price can break through the sky, it is better to say that everyone wants to run away early.

Hot games and hot topics will come and go, but every time the market is washed away, the market will flow back to those coins with strong community performance. Such coins can now open a separate track, or they can be regarded as the top meme coins, which is the word Cult that everyone often sees now. The abstract content of Cult is just an external manifestation, and the core strength is that they can convince the market that their community is strong enough. Even when an abstract coin ranks among the Cult level, we will feel that this coin seems not so abstract, because it attracts more audiences and gradually makes what it conveys more universal to attract more people.

Meme coins are actually the markets best response and correction to VC value technology coins – perhaps Crypto is not strong enough to become the second US stock. It has convinced people of our generation, but it still needs to attract and convince more young people. It is not impossible to update the publics serious impression of Crypto with light-hearted and interesting content, and even one day, a global cultural symbol like Pepe will emerge from Web3.

Who can say that Bitcoin is not one of the biggest cultural symbols of our generation?

This article is sourced from the internet: As various chains compete to “pump.fun”, is Memecoin about to reach its peak?

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