Jessy Golden Finance

In just one day on October 20, APE doubled in value (although it was still more than 90% lower than its highest point).

APE is the payment and governance token within the ecosystem of Yuga Labs, the parent company of Bored Ape, and is also the gas token of Apechain, the Layer2 public chain launched by Yuga Labs.

The doubling of the market is due to the launch of a Meme distribution platform Ape Express on the Apechain chain.

As APE rose, the floor price of Bored Ape NFT also rose by about 10%. The dead Yuga Labs ecosystem was revived by the catfish Ape Express.

The Meme Coin launch platform, which was popularized by Pump.fun, has become a very eye-catching track in this bull market. Not only Apechain has entered this track, but recently, the community has also been discussing that DYDX will also launch its own Meme Coin launch platform. DYDX rose 20% in one day. In May this year, the FTM Foundation launched 4 Meme launch platforms in one go. After Solana, chains such as TRON, BSC, and Sui have all launched their own Meme Pumps.

In the short term, these Meme Pumps gave birth to some skyrocketing Meme Coins and also boosted the prosperity of the on-chain ecosystem. However, it is not easy for public chains to succeed in Meme Pumps.

After a set of combined punches, you can't escape a wave of attacks.

Yuga Labs launched a combination of measures. First, the Layer2 public chain ApeChain was officially launched, and then Pump.fun's Meme coin launch platform Ape Express was launched on the chain. It is reported that the on-chain trading simulation game Top Trad will also be launched next.

In order to attract users to participate in the ApeChain ecosystem, ApeChain launched the cross-chain bridge Ape Portal, which allows tokens on other chains to be transferred to ApeChain, which undoubtedly allows more funds to flow into Apechain. At the same time, an automatic income model is provided for stablecoin holders on the chain. The stablecoins bridged to ApeChain will be converted into DAI and deposited in sDAI, and the income will be accumulated according to the savings rate of MakerDAO.

With a series of good news, the mood in the BAYC community was high, and Ape Express's transaction volume exceeded one million US dollars within an hour, reaching 25 million US dollars within 12 hours, and the cumulative transaction volume reached 480,000.

BAYC already has a highly cohesive and identified community, which has also driven the success of multiple tokens and NFTs. In the cryptocurrency world, the community behind BAYC already has a high industry influence.

Ape Express has attracted a lot of attention in the short term, and it has also spawned some popular Meme coins, such as its leading token CURTIS, which had a market value of 30 million US dollars at its peak. However, on the 21st, its market value had fallen below 10 million US dollars.

October 20th was the most popular day for Ape Express. According to the statistics provided by Ape Express itself, both new users and active users achieved exponential growth on October 20th, and then quickly fell back.

For old projects, launching a meme launch platform is a relatively effective means to attract attention again. But inevitably, this kind of attention is only temporary and difficult to sustain. Ape Express is a good example. For Yuga Labs, it started with NFT and also achieved great success. But NFT has become yesterday's news, and BAYC's floor price has fallen by more than 90% from its high point.

At present, Yuga Labs is developing blockchain and games, and wants to build its own ecosystem from scratch. Yuga Labs has a brand effect, and the huge attention that Ape Express has received in a short period of time is a reflection of its brand effect.

Yuga Labs also wants to use Ape Express to gain traffic and attention. In the short term, this attempt is successful. But in the long term, it is still difficult to sustain. Some previous practices have given the answer.

Meme Pump is hard to come out with, but the traffic is good

Similar Meme Pumps have appeared on various emerging public chains, such as Move Pump on Sui, pump.uptos on Aptos, Four.Meme on BNBChain, etc. However, the most well-known Meme Pump is still Pump.fun on Solana.

How are these Meme Pumps performing at the moment?

Judging from the data, only Pump.fun and Sunpump on Tron are relatively successful. Take SunPump as an example. It was launched in August this year. According to Dune data, SunPump's revenue reached $190,000 in the first week of its launch. Sunpump's early popularity was inseparable from Justin Sun's personal promotion. He first forwarded the Memecoin that came out of Sunpump and then launched a large-scale gas subsidy event. On the day when Black Wukong was launched, it took advantage of this wave of national popularity and successfully promoted a number of Wukong concept coins on Sunpump by giving away games and changing Wukong avatars.

It can be seen that the popularity of Meme Pump is inseparable from marketing. Sunpump is successful because of the marketing genius of Justin Sun. Currently, the token with the highest market value on SunPump is The Real World ($TRW), with a market value of more than 30 million US dollars.

The success of Ape Express is also inseparable from the influx of funds from the BAYC community. Those who hold BAYC are a group of old money in the industry. They have a lot of funds to boost the Meme coins on the platform, not to mention the official publicity from Yuga Labs.

Other Meme pumps have basically failed. For example, the Meme Pump on Aptos is Uptos.pump. The Meme coin with the highest market value on it is Celestitties, which has a market value of approximately US$80,000 as of October 22. The Meme coin with the highest market value on the move pump on Sui is AAA cat, with a market value of approximately US$8 million.

The token with the highest market value on Pump.fun is Goatseus Maximus (Goat), with a current market value of nearly US$400 million.

By comparison, we can see that the competition between these Meme "casinos" is still fierce, and the chains and Meme pump platforms complement each other. It is difficult for Meme pump to gain momentum, and it also tests the traffic of the chain itself. It is also a result of the right time, right place and right people. Take the Base chain where Meme Coin is rampant. There are many Meme Pumps on it, such as We.rich, Momentum, Rug fun, Ape.Stor, etc., but none of them are well-known.

Now, Meme Pump has become an important means for a public chain to attract traffic. Take Ape Express as an example. After ApeChain went online, it was launched immediately, creating most of the transaction and contract deployment data for Apechain.

Perhaps, the era of using airdrops to create data for the chain is over. In the future, Meme Pump may become the standard configuration of the chain, creating good-looking data and traffic for the public chain.