Yesterday, a Pump token called Stream until 100 M MC (LIVE) was launched. The developer (DEV) openly declared that it would "continue to live broadcast" until the market value exceeded $100 million - a bold narrative that ignited the market's enthusiasm. Although the Pump platform has launched the live broadcast function for half a year, it is not new, but last night, the market was lacking in hot spots, and funds quickly swarmed in. In just one hour, the market value of the LIVE token soared by more than 10 million US dollars, and reached 25 million US dollars in the early morning. However, when the capital boom subsided, DEV's "100 million goal" was still out of reach. So far, he has been live for nearly 19 hours.
This absurd experiment quickly evolved from a single phenomenon into a carnival and reflection for the entire market.
Live streaming is becoming demonized: the ultimate game in the attention economy
At noon on the day when LIVE became popular, another man named NORME joined the craze of "live broadcast + token issuance". He launched the token LIVE ON TOILET UNTIL 50 M (SHITCOIN) and promised to "live broadcast squatting in the toilet until the market value exceeds 50 million US dollars". NORME's gimmick is not only the absurd name of the token, but his identity is even more eye-catching - he once became the Guinness World Record holder for "the longest time awake" with a record of 265 hours without sleep.
This background, coupled with the popularity of LIVE, has caused SHITCOIN to climb to a market value of 8 million US dollars in a very short period of time. As if Pandora's box had been opened, various live broadcast "whole-life" concepts became unstoppable - some people launched tokens that "lock up grandma until the market value exceeds one million", and some people copied the old gameplay from seven months ago and packaged it as a "new hot spot" to try to reap the leeks. The phenomenal performance of Pump Live was quickly pushed to a new extreme, and some comments even joked that it had become the "Olympics of hype gimmicks".
Culture and consensus, or capital carnival?
The charm of Memecoin lies in its narrative, but the Pump model has obviously torn off the warm coat that originally belonged to Meme. Once upon a time, Meme was regarded as a carrier of community culture, embodying a certain spiritual consensus. However, Memecoin in the Pump mode destroyed this beautiful fantasy, and replaced it with the ultimate involution of the "attention economy": creativity is the only productivity, and "making things happen" has become the core means of attracting funds.
This wave of token issuance is not the first time. Back in the early days of Pump, a developer once caused a surge in tokens because of the gimmick of "playing with fire and getting burned", and then a large number of pornographic live broadcasts and live broadcasts came one after another. Today's demonization of live broadcasts is just another reincarnation of this phenomenon. And its essence is nothing more than a self-indulgence under "narrative exhaustion".
The future of Meme: Changes and transitions under collective madness
Although on the surface, Pump's farce has undoubtedly overdrawn the enthusiasm of the market, for the entire Crypto industry, this may be an experiment worth pondering. In the early days of Meme, more people were willing to regard it as a cultural phenomenon: absurdity and humor became the bond of community resonance, and the value of tokens came from the transmission of consensus. However, when Pump gave the right to issue coins to everyone, "consensus" was diluted, and the competition for capital and attention became the main theme.
Is the meme track over? The author does not think so. On the contrary, the current chaos may be the middle stage of meme development - after the peak of mass fantasy and madness, the industry may usher in a major turning point.
The world of Crypto is full of infinite possibilities. The core of Memecoin has never been technology, but narrative, culture and consensus. In this surreal digital realm, absurdity is given value and abstraction becomes concrete. Although the narrative of Meme is being consumed, this attention-driven change may also become a catalyst for the evolution of the industry.
What is Memecoin? A game of narrative and consensus
Memecoin is like a short video on TikTok, ephemeral and fleeting. Keen hunters make quick money, naive gamblers lose their hard-earned capital, and the market is always echoing with shouts of "go, go, go".
In the world of Memecoin, traditional economic laws are nothing but wind on the ears. The value here does not depend on practicality, but comes from cultural resonance and the resonance of enthusiasm. Abstract absurdity is transformed into concrete value, and short-term absurdity is given capital significance.
Memecoin is unique in that it is a mirror of Internet culture and the ultimate embodiment of the attention economy. You can love it, hate it, or even ignore it, but you can never deny that "consensus" is its only lifeline.
And when consensus collapses, can the carnival of attention continue? This is a question that every Memecoin player needs to reflect on.