Original | Odaily Planet Daily (@OdailyChina)

Author｜Nan Zhi (@Assassin_Malvo)

At 23:00 last night, a Pump token named Stream until 100 M MC (LIVE) was born. The developer of the token (dev) stated that it will continue live streaming until the market value of LIVE exceeds 100 million US dollars. Although the live streaming function of Pump has been launched for half a year and is not a new thing, as there were no other hot spots in the market last night, funds flocked to LIVE.

The market value of the LIVE token rose by more than $10 million within one hour of its creation, and reached $25 million at 3 a.m., but it did not continue to break through. DEV is currently far from the $100 million target and is still a long way from going offline. As of the time of writing, it has been live for nearly 19 hours.

Live streaming becomes demonized

This afternoon, another person, NORME, also created a token with the same gameplay, LIVE ON TOILET UNTIL 50 M (SHITCOIN). Notably, NORME is currently the Guinness World Record holder for 'Longest Wakefulness,' having set a record of 265 hours without sleep.

NORME's background combined with the lingering hype of LIVE allowed SHITCOIN to reach an $8 million market value in a very short time, as the live streaming concept began to ferment and move towards abstraction.

This afternoon, a large number of yellow live streams appeared to issue tokens, with some even launching tokens that said 'lock grandma up until the token market value reaches $1 million.' Upon verification, it turns out that there was an identical version of this token seven months ago, taking advantage of the hype to 'revive old tricks.'

Culture, narrative, consensus? Or just the hype of speculation?

In the early stages of Meme, Meme was packaged as a vehicle for community and culture, believing that the Meme token carries and consolidates the community's consensus on a certain concept. However, when Pump handed over the token issuance rights to the public, this claim was shattered, and the only thing that remains is the core of the 'attention economy,' where various Devs use all kinds of ornate rhetoric or eye-catching 'performances' to attract attention and funds, making Meme trading a naked PvP battlefield.

As early as the early days of Pump.fun, a Dev 'played with fire' when issuing tokens, contributing to a short-term surge in token value, and then various yellow live streams and performances began to appear frequently. Today's demonized live streaming is just another cycle born out of AI aesthetic fatigue and narrative scarcity.

As a deep Meme player, the author does not believe that this 'chaos' will end Meme or signal the end of the Meme track; rather, the author believes we are still in the mid-stage of Meme development. However, under this public fantasy and collective madness, a major acceleration and turning point for the Crypto industry may be approaching.

What is Meme:

The following is a piece written by the author six months ago, before Pump became popular, for a Meme project, explaining the author's understanding of the 'narrative' of Meme.

Original text

Memecoins come and go like short videos on TikTok, most of them flash by and disappear in an instant. Agile hunters get easy money, naive gamblers lose their hard-earned eth, but we can always hear the rallying cry of RAID THIS.

In the ethereal realm of Memecoin, the traditional laws of economics become but whispers in the wind, as value is imbued not by mere utility, but by the fervor and resonance of cultural relevance. It is a realm in which the abstract becomes tangible, where the absurd is celebrated, and where the value of a coin is measured not in material wealth, but in the currency of virality.

Within this surreal landscape, the memes themselves become currency. Through the alchemy of digital sorcery, these fleeting moments of nonsense and absurdity are crystallized into Memecoins.

For in the world of Memecoin, nothing is impossible, and the only constant is the ever-shifting tide of internet culture, forever immortalized in the digital ether. You can have fun with it and embrace it, hate it and fight it, or just ignore it, it’s all your call.

But never forget, CONSENSUS is the one and only lifeline of Memecoins.

Paraphrased version

Memecoins come and go like short videos on TikTok, most of them flash by and disappear in an instant. Agile hunters get easy money, naive gamblers lose their 'hard-earned SOL,' but we can always hear the rallying cry of 'RAID THIS.'

In the void of Memecoin, the laws of traditional economics are merely whispers in the wind.

The value here does not stem from mere practicality, but is infused with passion injected by cultural resonance and popularity. In this field, the abstract becomes concrete, absurdity is revered, and the value of a coin is measured not by material wealth, but by the 'currency of dissemination'—viral popularity.

In this surreal landscape, the memes themselves become currency. Through the alchemy of digital sorcery, these fleeting moments of nonsense and absurdity are crystallized into Memecoins. Because in the world of Memecoin, nothing is impossible, and the only constant is the ever-changing tide of internet culture, forever etched in the digital ether.

You can have fun, enjoy it; you can hate it and fight against it; or you can completely ignore it—it's all up to you.

But remember, 'consensus' is the only lifeline of Memecoin.