The surge of Thena (THE) is a microcosm of the shift from memecoins to more meaningful blockchain applications, and it also reflects the market's release of the expectation of the return of the wealth effect of the BSC chain. Recently, the projects launched by Binance have returned to the time of mindless rushing; whatever is listed on Binance, I rush in. Apart from SCR, which is a loss, all other new coins have made money upon opening, and even more so for Pnut, which saw four to five times returns when it encountered a call from Musk.
With the expectation of the SEC easing regulations on the crypto industry, and CZ recently mentioning in a tweet that memes have brought a massive number of users, wealth effect, and entertainment value to the cryptocurrency field, it has now become a bit strange. He emphasized the need to shift towards application-driven projects that provide real benefits, and shortly after, Thena (THE) was launched.
Previously, there was a discussion about Binance's current listing strategy, which will not cut off exchange users. In addition to listings, when a project opens, market makers are low-opening and pressuring prices, rather than the peak being reached immediately upon listing. Players in the secondary market of the exchange can also achieve decent gains. Additionally, it is no longer high FDV and low circulation; THE had already achieved over 70% circulation at launch, of which 80% was in locked status. Coupled with the 6.67% airdrop allocation for Binance HODLers, the circulating market value before launch was below 50 million USD, so sufficient price increase could be achieved after listing.
Currently, looking at the situation, market funds have started to flow towards memecoins on the SOL chain, which began to flash crash these past two days, gradually shifting to the two public chains dominated by exchanges, BSC and BASE. Both chains have experienced a significant wave of increases, and many funds have already found opportunities on the BSC chain.
Returning to this project, the logic behind Binance listing THE is very clear: to recreate the brilliance of the BSC chain. In the last DeFi cycle, the BSC chain created a huge wealth effect by replicating successful projects from other chains. AERO on the BASE chain has increased 30 times in a year, and Thena's potential is undoubtedly enormous. Unlike VC tokens that rely solely on narrative for valuation, this is a project that can create real profits, aligning with CZ's previous statements. THE indeed did not disappoint, reaching a high point of $4, nearly four times the initial.
The token uses the famous ve33 model that shone brightly in the last DeFi bull market, with the price of the token rising, staking volume increasing, and dividends growing. The cumulative revenue of THE has reached nearly 25 million USD, with 80% of the chips in locked status. Those who have played with the ve33 model know that once the flywheel starts turning, the increase can be quite terrifying, which is also why it will be hotly discussed in the near future.
Benchmark project: AERO on the BASE chain.
Weekly revenue of 8 million USD, Thena about 1 million USD.
AERO circulating market value is 1 billion USD, FDV 2 billion. THE circulating market value is 230 million USD, FDV 1 billion USD.
The profit effect of following whatever is listed on Binance must be in everyone's hands.
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