It is an indisputable fact that BTC is the biggest meme experiment. The crypto market is a huge fund, telling all kinds of different stories, including the ideals of financial tycoons to fight against real-world monetary inflation, the pursuit of decentralized code geek spirit by code technology tycoons, the urgent demand of BTC miners for limited supply, and the ultimate pursuit of consensus spirit by ordinary community players.
A new narrative emerges, telling a new story, and finally with the cycle of ups and downs, new players continue to come in and out. With the emergence of one wealth-making myth after another, new users will continue to pour in. The bloodthirsty nature of capital and human desires are infinitely magnified. It is these elements that continue to drive the iteration and change of the crypto market. Money never sleeps!
The rise of meme coins is an inevitable product of the development of cryptocurrency. The earliest real copycat meme coin is Dogecoin DOGE. At that time, it was because Dogecoin had a particularly large online and offline community that it was listed on the Binance exchange. The story behind it was that Musk called for Dogecoin, creating the first wave of wealth myths of hundreds of times, and then the 500,000-fold wealth myth of SHIB, followed by some meme coins such as PEOPLE, FLOKI, PEPE, and WIF. The celebrity call effect was the earliest meme explosion model. The core was still a strong money-making effect. It kept pulling the market to new highs. All early participants had huge profits. The community sentiment FOMO reached its peak. Rising prices were the best promotional business card, and the community was the core rising force. Holding exposure and preaching was the sustainable way.
Currently, among the top 15 currencies in terms of 24h trading volume on Binance’s secondary trading market, 5 are meme coins:
Among the top 100 projects in the crypto market, 10 are meme projects, accounting for 10%, while Eth chain and Solana chain account for the largest proportion. BNB chain's meme project did not make the top 150. The MEME sector contributes greatly to the transaction volume on the chain. At present, the MEME sector has made an indelible contribution to the prosperity and development of the public chain! The prosperity of MEME has created the prosperity of the public chain. The development of the BNB chain in the MEME sector is still relatively backward, which also indicates that the MEME sector on the BNB chain has huge room for development!
It is the strong money-making effect of memes that forms a strong visual contrast with the continuous selling pressure and decline of VC coins after they are listed on exchanges, which makes the secondary players in the crypto market vote with their feet, abandon VC coins, and refuse to take over VC coins. I believe that with the development of the industry, more and more VC coins will become memes, and only light-weight ones will be accepted by market investors.
DWF Labs co-founder Andrei Grachev said in a post on X platform: "The Meme coin market has become a mature and solid part of the industry. It takes advantage of extreme fear and greed, allowing smart investors and traders to make huge fortunes. DWF Labs institutionalized investment in Meme coins a few years ago, and this remains one of our priorities."
Well-known market makers such as GSR Markets, Wintermute and DWF Labs have long been involved in the market making of meme projects. At present, there is no new story to tell for theme coins, and the economic model of VC coins has become a false proposition. No story to tell means that bubbles cannot be created, so fully circulated meme coins will become a better configuration option. I believe that in the fourth quarter of this year, more institutions will configure meme currency positions!
Cult refers to a highly focused and fanatical following culture, where fans show extreme enthusiasm and loyalty to a specific thing, such as a person, brand, idea or work. This cultural phenomenon usually revolves around a small but influential group, which distinguishes itself from mainstream culture through common beliefs, behaviors or interests. In the field of crypto, what is Cult meme and why should we promote Cult meme? Perhaps it all starts with Murad.
Murad is a meme coin KOL who has become popular recently. He became completely popular in the crypto circle with his speech on the meme coin super cycle at the TOKEN2049 conference.
Murad believes that the best meme coins have more functions than almost all altcoins. They provide fun, reduce loneliness, and identity recognition - achieving the goals that DAO was supposed to achieve, bringing resonance, emotional connection, a sense of mission and meaning, entertainment, and happiness, and even promoting charity, story creation, and creative construction.
Murad’s criteria for screening meme coins:
1. Focus on medium-sized currencies with a market value between 5 million and 200 million US dollars;
2. On-chain whales prefer Solana and ETH chains because whales will park their wealth on the former two. These chains are like large bank accounts, and once they truly understand that meme coins will dominate the altcoin market in this cycle, the flow of funds will be very fast.
3. Projects with at least six months of history and tokens that have experienced at least two 70% crashes; time cannot be forged and represents real commitment. Assuming that each of us lives to 80 years, time itself is a very serious resource investment.
Murad's meme philosophy is short and concise, shared below:
The key to finding undervalued memecoins is emotion, they need to make you feel something.
The lower the global fertility rate, the higher the market value of cult memes will be, because children give people's lives meaning, and if fewer people have children, they will look for meaning elsewhere.
Excess money supply + excessive loneliness + scarcity of meaning = money flows into overly speculative assets, and because there is “more money” and “more loneliness” in the system than four years ago, assets need to be more speculative than they are in 2021.
The additional service that cult memes provide compared to regular memes is a heightened sense of relative safety. This safety comes down to community cohesion and the personalities of the top 300 most active members, which permeate the overall culture and atmosphere of the meme.
In Murad's view, meme is not a track, but a culture and attribute. To put it abstractly, meme is about meaning, while cult meme has even more grand imagination.
I have summarized the hype paths of memes into six modes:
1. Keep an eye on the Twitter feeds of celebrities like Musk, and get involved as soon as new topics or stories appear. This kind of money can only be earned by players who have a certain threshold and are extremely focused;
2. The entry point after the first wave of rising correction stops falling and stabilizes. Those who don’t enter at the first time can only wait until the market heats up and follow the meme KOL to enter the PVP game.
3. There are events and hype involved, similar to Murad's on-chain coin selection criteria, with a market value between 5 million and 200 million US dollars, and projects with at least six months of history. They need to have a unique vision for coin selection, similar to meme projects such as SPX;
4. On-chain meme projects have the potential to be listed on exchanges, with sermons exposed and waiting for new narratives to emerge;
5. For new meme projects that have been listed on Binance Exchange for spot or contract trading, the volume-price game in the first three days of listing and the right-side buying method after the correction stabilizes and stops falling for a period of time after listing. This hype method is somewhat similar to the hype model when Binance launched new VC coins a few years ago. You can review the meme projects that Binance has recently launched for spot and contract trading;
6. BTC’s upward trend after the correction stabilized. The previous way of playing was to buy the leading projects in the theme sector and rise with the big cake. Recently, the most recognized theme sector in the market is the meme sector. Currently, the large-cap meme leader of the Eth chain is PEPE, and the large-cap leader of the Solana chain is WIF. Finding leading meme projects on different chains may not have the largest increase, but it is definitely the most certain way of operation.
Binance’s MEME development trajectory
On May 13, 2024, the BSC Chain Meme Innovation Competition officially held by BNB Chain was a complete success;
On May 30, 2024, BNB Chain officially conducted a market poll and users were most enthusiastic about the Meme section;
On June 5, 2024, Yijie is optimistic about the BNB and Memecoin sectors;
On June 7, 2024, Binance officially launched the Meme spirit;
On June 13, 2024, BNB Chain officially held a discussion event in Spaces for the Meme project on the BSC chain;
On June 18, 2024, BNB Chain officially held a Meme trading competition for the @whyanelephant project;
On June 20, 2024, BNB Chain officially launched a voting campaign, and $WHY won the voting campaign;
On June 26, 2024, BNB Chain officially provides BSC chain Memecoin project developers with the opportunity to apply for LP support and become Meme Hero! BNB Chain officially will provide $900,000 in support.
On June 27, 2024, in order to help Memecoins grow, BNB Chain officials hope that users can provide constructive feedback on specific Memecoins in the BNB Chain ecosystem and provide winning users with Memecoin tokens worth US$2,000.
On July 16, 2024, BNB Chain provided $WHY with $200,000 of BNB liquidity, making $WHY the first recipient of Meme Heroes LP support on BNB Chain! (PS: BNB Chain does not officially have a foundation, and the support funds should be provided by Binance Labs!)
On July 20, 2024, the BNB Chain Incubator Alliance will be present at the 2024 Bitcoin Conference in Nashville, and $WHY is honored to be one of the sponsors;
On July 27, 2024, the 2024 Bitcoin Conference in Nashville was held as scheduled, and $WHY was unveiled at the Binance Labs conference;
On September 2, 2024, $WHY participated in the blockchain electronic music festival in Seoul, South Korea;
On September 5, 2024, $WHY will become the fundraising token for the meme launch platform of Four.meme. WHY ecological projects can use $WHY to raise funds for launch on the Four.meme platform;
On September 18, 2024, $WHY appeared at the TOKEN2049 conference in Singapore and became one of the sponsors of the BNB Chain special event;
On September 28, 2024, $WHY’s official Twitter account celebrated CZ’s return;
On October 9, 2024, $WHY will participate in the Binance Week event held in Dubai at the end of October. $WHY is honored to be one of the sponsors;
Fundamental analysis of the Whyanelephant project
The project's meme is a dancing elephant. Nonsense, free and easy, and with great emotional fluctuations are its labels, which also represent you and me in the crypto market;
$WHY was launched on April 5, 2024, and has been online for more than half a year. Currently, the token chips are fully circulated, with a market value of 113 million US dollars. The LP pool addresses officially provided on the chain are all locked, and more than 10,000 BNBs in the LP pool have been entered into the black hole address. The V3 transaction fee is permanently locked, which is equivalent to the automatic destruction of WHY for each transaction fee. The token has been in a deflationary state!
$WHY’s smart contract address on the BSC chain:
0x9eC02756A559700d8D9e79ECe56809f7bcC5dC27
Official X account: https://x.com/whyanelephant
The project has received official support from BNB Chain, becoming the first meme project on the BSC chain to receive LP support. $WHY is also the only meme project sponsor that can sponsor various Binance activities, and the entire venue is filled with WHY peripherals during the event.
The holders of the Elephant Community are all very dedicated to Cult meme. It is because of the enthusiasm and active promotion of the community holders that we have this healthy and happy baby elephant!
What the meme project needs is more popularity and exposure. Only the strong belief of the community and holders can make the project go further!
The market is risky and investment should be cautious. The analysis of the meme project in this article is purely personal opinion and does not constitute any investment advice!
