By Joyce, BlockBeats
It’s been a long time since the meme Golden Dog has been closely related to the dynamic hot spots of projects in the industry.
The most discussed topic these days is Solana’s newly launched blinks function. Blinks opens up new transaction scenarios. Whether from the perspective of public chain development or from the application level of Socialfi, it is worth paying attention to.
The meme coin with the most amazing increase is SC, which is a small-cap meme token that was demonstrated for trading when Solana's ecosystem liquidity protocol Meteora demonstrated the blink s function. The demonstration tweet was retweeted by Solana founder Toly and was regarded as the number one golden dog of the blink hotspot.
Before this, most of the meme coins that attracted the attention of the community had little to do with the dynamics of the crypto industry. Various drama celebrity coins were confusing, and TRUMP also had more political connotations than crypto industry connotations. If you want to make money in the crypto industry, in addition to paying attention to industry dynamics and worrying about project development, you must also maintain trading sensitivity to the drama plots that appear all the time. This time, SC's appearance was enough to satisfy people. Smart money that followed the industry dynamics bought it early, and it increased a hundred times in two days, which can be regarded as making money based on cognition.
So, as a meme coin with enough degen and narrative space, after the attention has been ignited and the price has increased by a hundred times, what should the market value of sc be? The answer is that it has not exceeded 10M (10 million US dollars).
As of writing, SC has fallen from its high point and its market value is 7.9M
This inevitably makes people feel a little confused. Do you remember SILLY six months ago? The dinosaur image of Solana founder Toly once rose nearly 200 times in a few days, and its market value exceeded 150 million US dollars at its peak. Even though the price of SILLY has now "+0" and has fallen more than 90% from its peak, it still has a market value of 15 million US dollars. Why is the "ceiling" of the popular track Golden Dog meme getting smaller in the bull market?
The cooling of the market may be one reason, but the most important thing is that perhaps the liquidity of the meme track has been fragmented.
Moonshot vs. Pump.fun
This time, the lucky golden dog SC (Star Cat) was launched on June 25 and is one of the first tokens released by Dexscreener's coin issuance platform Moonshot.
If Meteora had not used it to demonstrate the blink function and caught up with the overwhelming traffic, SC might still be lying at the bottom. From the chart, we can see that SC experienced two market crashes in more than ten hours. Large buy orders raised the price and then quickly smashed it down.
Moonshot is seen as a product that competes with Solana's eco-token issuance platform Pump.fun. For the community, after Pump.fun, which issues more than 10,000 tokens per day, Dexscreener, a line-watching platform with a large amount of user traffic, can also issue tokens. This seems to be a good thing, but Moonshot's debut performance is not impressive, and the market value of other tokens other than SC is not high.
Even if there is not so much liquidity to pay, it is the right decision for Dexscreener to launch Moonshot. After all, being a coin issuance platform is indeed a profitable business. Pump.fun has accumulated revenue of more than 45 million US dollars in the few months since its launch. This figure is the front-end revenue of Uniswap, the top traffic product in the crypto field, which has just been touched recently since the new fee policy was introduced in October 2023.
Although it has not yet produced the golden dog, Moonshot's appeal to users cannot be underestimated. More than 7,000 tokens were released on the day of its launch. Although only 27 of them reached the threshold of 500SOL and were able to obtain liquidity pools on Raydium, these tokens also gradually returned to zero two days later.
More people are issuing coins, but fewer are buying them
As the number one dogecoin in the blinks topic, while SC is still rising, BLINK has been launched as the "second dragon". Searching the Dexscreener interface, you can see that there are 5 BLINKs on Solana, with market capitalizations ranging from a few hundred US dollars to 100,000 US dollars.
Copycats are not new. For example, after SILLY showed an astonishing increase last year, Solana also had "antonym" memes such as YLLIS to take advantage of SILLY's popularity. Since the emergence of WIF, tokens named "prefix + WIF" have appeared on Solana's hot trading list almost every day.
However, the emergence of Pump.fun has greatly increased the number of imitations. According to media statistics, the number of tokens issued through Pump.fun last month accounted for 83% of the new tokens issued on Solana. Clicking on Pump.fun, the tokens that appear in a vibration are dazzling. When users notice a token, they have to look two or three lines away to try to see the name.
There are more coins, but the number of people who buy coins and the liquidity of transactions have not changed. In the eyes of investors, compared with buying coins, issuing coins, which is more proactive, has higher profit expectations. Based on this, the dilution of meme market liquidity is inevitable.
Take the US election concept coins as an example. Not long ago, a media called Pirate Wires stated on X that "Trump's official team is launching the token DJT on Solana". This unconfirmed tweet pushed the market value of DJT to $500 million in four hours. At the same time, TRUMP fell by more than 31% in four hours, and its market value shrank by more than $200 million. MAGA's market value dropped sharply by $150 million. Other small coins such as TREMP and BODEN also fell by 20%-40%.
After the community questioned the official identity of the DJT team, it was proven false. DJT then plummeted, while TRUMP and MAGA immediately rebounded sharply. Observing the trend of TRUMP, we can see that DJT has a particularly obvious impact on its price.
TRUMP's performance between June 17 and June 20
Finally, let's make a hypothesis. TRUMP, the leader of the election concept coins, was born in August last year. After stepping on the Trump election hotspot, it began to soar. Although the price has been halved from the high point, the market value is still 380 million US dollars (384M). If TRUMP is released on Pump.fun or Moonshot, will it still have a market value of over 100 million?
