Sui’s popularity remains high; will the total market value of Meme coins exceed one trillion US dollars in this cycle?
Written by Alex Liu, Foresight News
Map: Kiet, Foresight News
Note: "Weekly Hot Searches" counts the user search results of Foresight News from last Friday to this Thursday (October 4 to October 10), and the capitalization of the same concepts is merged.
Sui remains popular
This week, "Sui" remains popular and ranks second.
The "Meme" super cycle narrative is becoming popular. As the L1 public chain that has been at the forefront of the storm recently, Sui has also produced many golden dogs - the OG Meme Pug FUD, which has risen 5 times from the bottom, the Sui Chain Hippo Hippo, whose market value once exceeded Ethereum moodeng, the emerging dirty fish Blub, the cat-themed Meme Roaring Little Black Cat AAA on Sui...
Where is the best price for buying coins on Sui? How to interact with the chain and what are the potential airdrop opportunities? Recommended reading: Which aggregator should I go to when buying coins on Sui?
With the explosion of the ecosystem, what wealth opportunities are there for players on the chain? Foresight News has specially launched the "Gold Rush Manual Sui Special" to help readers harvest potential token airdrops.
Gold Rush Manual | How to efficiently plan Suilend airdrops? High returns + airdrop points, the Sui ecosystem is booming with the entry of Suilend
Gold Rush Manual | Coin issuance in the fourth quarter! Get on board with one article Bucket airdrops Stablecoin APY 20% + Sui blue chip project airdrop points
Memecoin Super Cycle
@MustStopMurad's speech titled "Meme" Coin Super Cycle at Token 2049 has accumulated more than 1.9 million views on X, becoming one of the hottest topics.
The main points of Murad's speech are (organized by Tpan and translated by Shenchao):
Memecoin, both old and new, outperforms all other tokens.
Tokens are overvalued before listing due to the involvement of various parties (founders, venture capitalists, angel investors, centralized exchanges, market makers, KOLs, etc.), which ultimately leads to retail investors becoming exit liquidity.
Memecoin has proven their "use" with DOGE, SHIB, PEPE, and WIF. I am by no means a Memecoin supporter, but I documented what PEPE and WIF were like in their early stages and why they were interesting.
The cryptocurrency industry is actually a token production industry disguised as a software production industry.
Memecoin is distributed in a more organic, decentralized, and equitable way. Poor holders become unpaid full-time evangelists.
What retail investors ultimately care about is making money, having fun, and a sense of belonging.
All tokens (whether technical or meme) are tables in a casino. “Why should we play at your table when we can have our own?”
There are also external factors to the Memecoin supercycle: inflation, AI replacing jobs, income inequality, loneliness, mental health issues, more time online, and fewer ways to “success.” This is what it’s called: financial nihilism.
Altcoins are not primarily about technology, and Memecoins are not primarily about Memes. Both are tokenized communities that attract people and drive prices up through different narratives and technologies.
The best memes become a culture, even a mini-religion, with shared values, lifestyle principles, ideals, ideologies, artwork, activities, hopes, and visions.
Multi-project TGE
This week, several hot projects released token-related information:
Scroll
"Scroll" announced the details of the token distribution design. The total supply of tokens is 1,000,000,000 SCR. The airdrop snapshot date is October 19, 2024. The token release date and airdrop collection time are October 22, 2024. Binance will launch Scroll (SCR) on Launchpool and pre-market trading. Users can put BNB and FDUSD into the SCR reward pool on the Launchpool website after 08:00 on October 9, 2024 to obtain SCR. The SCR activity will last for a total of 2 days. Spot pre-market trading will be launched at 18:00 on October 11, 2024
Puffer
LSD protocol Puffer Finance announced token economics. The total supply of "PUFFER" tokens is 1 billion, and the initial supply is 102.3 million. Among them, 75 million tokens (7.5% of the total supply) will be allocated to the first season of Crunchy Carrot Quest airdrops, and 1% of the tokens will support Ethereum core development with a vesting period of 4 years. In addition, 40% of the tokens will be allocated to the ecosystem and community, 5.5% of the tokens will be allocated to the second season of Crunchy Carrot Quest airdrops, 20% of the tokens will be allocated to early contributors and consultants, and 26% of the tokens will be allocated to investors. The first season airdrop qualification will be snapshotted on October 5, 2024, and the token claim portal will be open from October 14, 2024 to January 14, 2025.
CARV
Modular data layer "CARV" is now open for the first season airdrop, and 40 million CARV tokens will be distributed. Users can choose to receive the tokens directly or re-stake them at a three-fold annualized rate, and receive special second season airdrop NFT rewards.
Swell
Liquidity re-staking platform "Swell" opens airdrop query. The total supply of SWELL tokens is 10 billion, of which 8.5% of the total supply (850 million) will be used for Voyage airdrops. When the claim is open, 700 million SWELL will be linearly distributed according to the White Pearls accumulated by each Voyager. Another 1.5% will be distributed to pledged users based on the loyalty reward method. Users with witch activity will not receive rewards and will only be returned if they can prove that they have been misidentified. Otherwise, these SWELL tokens will be shared by all Voyagers and distributed at the time of TGE. Currently, there are 7,500 wallet addresses identified as witches (a total of more than 7.3 million Pearls). Officials said that SWELL tokens have uses such as paying Gas fees, governing Swell DAO, and re-staking to ensure the security of Swell L2 applications and infrastructure.
More hot words
Bitcoin staking protocol "Babylon" announced the completion of Cap-2 deposit activity, with a total of 22,891 BTC staked.
John Dorsey, a judge at the U.S. Bankruptcy Court for the District of Delaware, decided to approve FTX's reorganization plan at a hearing on Monday. FTX will begin distributing funds to creditors. According to the terms of the plan, 98% of FTX creditors, by number, will receive approximately 119% of their allowed claims within 60 days of the plan taking effect. FTX expects the total value of the property collected, converted into cash and available for distribution to be between $14.7 billion and $16.5 billion.
Bitget released an explanation and handling announcement of the abnormal price of "BGB". From 10:53:00 to 10:58:59 on October 7, the price of BGB tokens fluctuated abnormally, which affected the open contracts and leveraged positions of some users. After investigation, the abnormality was mainly caused by several large leveraged transactions, which triggered continuous forced liquidation effects on pledged lending, leveraged trading, and contract trading products. Considering the impact of this incident on the positions of some users, Bitget will fully compensate the affected users. Bitget will distribute compensation to eligible user accounts in the form of USDT and BGB airdrops before October 10, including pledged lending with BGB as collateral, leveraged positions containing BGB, and full and position-by-position contract positions containing BGB.
Binance Labs invested in the "ZKsync" elastic chain Sophon, which is a ZKsync "elastic chain", a layer 2 network built using Matter Labs' modular open source framework. The investment amount has not been disclosed. Sebastien, the former head of DeFi at ZKsync, said that Binance Labs' negotiations with Sophon began this summer and the investment round ended in August. Sebastien said that the structure of this round of financing is a simple agreement for future tokens (SAFT). The Sophon mainnet is expected to be launched next month.
