Author: TechFlow
In the early morning, two special Pump.Fun Memecoins began to pull up the market on the Solana chain. The two Memecoins were similar in that they were launched almost at the same time, and the token name and token icon were blank. Within two hours of going online, they reached a market value of 4 million and 6 million US dollars respectively.
In the recent Meme market, there must be some novel angles and backgrounds behind this sudden surge in the price of new coins.
What exactly happened? After investigation, TechFlow found that the two "blank Memecoins" are related to the anonymous artist @SHL0MS, and the artist's past experience is also quite performance art style.
Art is explosion
Speaking of the protagonist @SHL0MS, NFT OG players in the last bull market may have some impression. In February 2022, SHL0MS blew up a second-hand Lamborghini Huracan and issued the related NFT CAR by SHL0MS based on this performance art. At that time, crypto art NFT was still very popular in the market, and SHL0MS's explosion art also attracted the market's enthusiasm to buy. The market value exceeded 1,000 ETH (3 million US dollars) on the day of its launch, and the current price is 0.169 ETH.
Talking about this performance art, SHL0MS claimed that this move was intended to criticize the greed of the Crypto industry in pursuing speculation and hype, rather than just making money for himself.
After that, SHL0MS gradually faded out of the market until the blank Memecoin hotspot occurred early this morning.
Criticizing speculation and hype is countered by the issuance of coins?
There is no need to elaborate on the recent wealth-creating effect of Meme. One amazing project after another has appeared in the narrative of AI+Meme.
In response to the current Meme craze, @SHL0MS, who has always disliked the hype and speculation in cryptocurrencies, has also continued to make some critical voices on Twitter, saying that he is "deeply bearish on the AI industry because many of them are being drawn into the Meme coin game, which will make them mentally depressed and either bankrupt or too rich to pay attention to the industry", and "If a niche Internet celebrity stands for a token randomly issued by someone, this will allow you to deceive your fans without making any money and permanently ruin your reputation. This is stupid."
At the same time, SHL0MS also believes that if the meme is promoted because of the increase in value, then these theories are meaningless. He believes that an effective meme value theory should be able to:
Predicting which memes will go viral
Or at least be able to explain in hindsight why some memes succeed and others fail
If a theory cannot do these two things, then it is meaningless. He used the term "tautological price apologistics" to imply that these theories are just justifying successful memes without actually explaining why they are successful.
SHL0MS' passionate speech also attracted some discussion from Twitter users. However, apart from the rational discussion, some people "did not forget their original intention" and said to SHL0MS: "You are talking so much, where are the coins you issued?"
SHL0MS responded that he had issued the coin long before, and that the coin had no value, and that it was also a satire on speculative behavior, and that only those who received the invitation could own the worthless coin he issued (I am very noble, don’t get involved).
SHL0MS's move is inevitably a bit "politically incorrect" in the current environment of value frenzy. In addition, the discussion about SHL0MS has gradually heated up, and playful players immediately released a spoof token $SHL0MS with the same name as the artist SHL0MS on Pump.Fun, and posted the token link in the comment section of SHL0MS.
SHL0MS was also furious when he saw this prank, saying, "If you get rugged, you deserve it."
Judging from the chart, the spoof token $SHL0MS did indeed go to zero, but it also reached a market value of one million US dollars at its peak, so a group of quick players still made money.
The more I think about it, the angrier I get. Issue your own currency?
Maybe because he was getting angrier the more he thought about it, in order to "oppose" the spoof of issuing coins, SHL0MS chose to issue coins on Pump.Fun. Not long after, he released the first CA (called Blank One).
It is said that at the beginning SHL0MS mistakenly sent his wallet address and had bought a large amount of tokens, but later he burned the tokens he bought early.
Not long after, SHL0MS released another blank token CA (called Blank 2), saying that the difference between Blank 1 and Blank 2 was some kind of whitespace character with a different format, etc...
Apparently, the market also viewed SHL0MS’s coin issuance rebellion as a hot topic that could be hyped. In a short period of time, the market value of blank tokens soared, and the total market value of the two tokens reached nearly 10 million US dollars at their highest period.
Some followers also expressed their opinions on SHL0MS’s coin issuance: “OMG, I didn’t expect you to start issuing coins, so it’s a bit hard to say for you.”
SHL0MS immediately started to save face, saying that they forced me to do this...
After that, SHL0MS did not make any big publicity for his tokens. He used some relatively "abstract" tweets to explain and introduce his actions this time, and made some jokes with meme pictures. At the same time, he said that he had been burning coins and the pre-purchased tokens had been burned almost.
summary
It may be that the market focus changed too quickly, or the coin issuance was originally based on speculation based on short-term hot spots. As of the time of writing, the two blank tokens have gradually returned to zero.
However, the performance of the coin price is no longer the most interesting thing in the whole incident. After all, the fact that "the reason for issuing coins is to accuse issuing coins of making money" is abstract enough. It is impossible to really judge from the superficial words and abstract expressions whether this is an accidental performance art or whether the artist took a few more detours to make money by issuing coins.
Perhaps the artist's abstraction is engraved in his bones, and the coin issuance that is hypocritical can be covered up by the name of "performance art", but in the whole thing, who made a fortune and who spent a lot of money to watch the fun, only the participants themselves and the balance in their wallets know.
