AICoin

Web2's Monkey God Mocks Web3's Earth Dog.

Author: Biteye Core Contributor Viee

Editor: Biteye Core Contributor Crush

"The Myth of the Black God: Wukong" became the top stream overnight, ranking first in online users on the first day of its launch on Steam, setting a record for the number of online players for single-player games.

The TON ecosystem Meme coin DOGS, unprecedentedly launched the 57th phase of Binance new coin mining, and will soon be listed on top exchanges such as Binance, OKX, Gate.io, etc., two days later.

These two events should have nothing to do with each other, but one is a 3A masterpiece developed for 7 years at a cost of 400 million RMB, "You play for 1 hour, they spend 20 million RMB."; the other is a token with low cost and widespread FOMO airdrop propagation, "Nothing, currently valued at 1 billion USD."

In comparison, the wooden staff in Wukong's hand is like a boomerang, hitting the chests and backs of many Web3 people. It makes people have to ask, how far is Web3 from the Black Wukong? When will it return to its origins.

01 DOGS with a market value of 1 billion USD, where is the value

DOGS is a Meme token based on the Telegram platform, aiming to reflect the spirit and culture of the Telegram community.

The project was inspired by the mascot Spotty created by Telegram founder Pavel Durov, this black and white dog not only represents the iconic image of the project, but also embodies the vitality and innovation of the Telegram community.

The DOGS project attracts Telegram users through airdrops, and the project hopes to further spread the image and spirit of Spotty to a wider audience through DOGS, endowing it with unique cultural value.

With the viral spread of social media, this black and white dog quickly triggered widespread FOMO across the internet. DOGS, with its combination of "Meme" and "TON" ecosystem characteristics, opened the door to trading on Binance. As of now, DOGS has shown impressive performance in the pre-market trading market on the Bitget exchange, with a trading volume of 2.15 million USD, demonstrating the market's high attention and enthusiasm for it.

With low development costs and widespread airdrop propagation, it seems that there is no so-called "value" in DOGS. If there must be a "secret of success," it cannot escape the rise of Meme, consensus, and the TON ecosystem…

However, projects like DOGS, born with humble origins but becoming a hot commodity, are not uncommon in the crypto industry. Short-term speculation seems to have become the norm, and it's unknown how much of such high valuation truly represents value.

02 Wukong Concept Meme Coin's Thousandfold Increase Sparks Controversy

The myth of Meme coins in the crypto world has been enduring, and the launch of "Black Wukong" is no exception. The traffic from Web2 has forcibly poured into the liquidity pool of Meme coins in the crypto market.

Meme coins have seen astonishing gains. According to Dexscreener's data, $Wukong issued on Tron saw a 3980% increase in 24 hours, and multiple Meme coins with the same name appeared on different blockchains, each with varying increases, and $WuKong on ETH also performed well.

Such rapid market movements have once again hurt the hearts of Web3 people. Many projects lack a sense of value, and the market, lifeless and in need of stimulation, still relies on this Monkey God. The absence of value investment has turned Meme coins into one of the few sources of liquidity, and it's no wonder that KOLs lament, "The crypto market urgently needs a Black Wukong to appear."

In the past six months, there has been much debate in the market about Meme coins and VC coins. Some KOLs have bluntly stated that MEME is like opium, affecting the entrepreneurial direction of the Eastern crypto community. For example, Jocy, the founder of IOSG, believes that the frenzy over MEME, obsessed with short-term speculation, may lead to the bursting of the market bubble.

Another view is that the trend of "high FDV, low circulation" in the current market has raised concerns about the sustainable investment potential of the crypto market. Many people believe that these tokens are the "culprits" of the market downturn, leading to retail investors reluctantly choosing to participate in Meme coins. The discussion surrounding high FDV (fully diluted valuation) VC coins has been one wave after another.

Regardless of the viewpoint, you will find that value investment is rarely mentioned, as if it has disappeared.

03 Cryptocurrency Investment is a Game of Attention

In the crypto market, value investment always seems to stumble, and fundamental investment equals hardly making money.

The logic of "high performance supports high stock prices" in traditional financial markets rarely holds true in the crypto market. Many people, while waiting for their altcoins to be rediscovered for their value by the market, eventually find that their assets have turned into fleeting dust.

When a crash strikes, one has to face the mainstream falling like altcoins, altcoins falling like Earth Dogs, and Earth Dogs falling like air. In an era where long-termism is constantly praised, it is repeatedly criticized in the crypto world.

It's all about the ups and downs of the candlestick charts, the human nature of greed and fear, has anything really changed?

The answer is simple, in the crypto market, "fundamentals" have been gradually redefined. Attention is the new fundamental, the most inconspicuous source of value.

This explains why low-cost investment in DOGS can be valued at 1 billion USD, while the seemingly beautiful capital power of the Wukong concept Meme coin reaching a thousandfold increase has sparked controversy and reflection.

04 Conclusion

Even though there are still controversies in the crypto market, there is no need to be overly anxious. Just as the law of survival of the fittest, if the market no longer accepts the game rules of high FDV, VCs will inevitably adjust their strategies.

Similarly, the rise of Meme coins is also the result of natural selection in the market. They can attract a large number of new users, and good projects will eventually survive in the bubble, while those "air coins" disguised as value coins will be eliminated.

Whether or not a Black Wukong appears to return Web3 to its origins, the evolution of the market will always follow the law of natural selection, and ultimately move towards greater heights.

We should maintain an open mindset, focus on truly valuable projects, and believe that with the re-evaluation of value by market participants and the continuous improvement of market mechanisms, outstanding projects and teams will inevitably stand out and lead the industry into a more prosperous period.

Risk Warning: Cryptocurrency assets carry high risks, the above is for information sharing only and not investment advice.

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