Sui's popularity remains high; will the total market cap of Meme coins break one trillion dollars this cycle?
Written by: Alex Liu, Foresight News
Illustration by: Kiet, Foresight News
Note: The "Weekly Hot Search" statistics are compiled from user search results on Foresight News from last Friday to this Thursday (October 4 to October 10), with case sensitivity for the same concepts merged.
Sui's Popularity Unabated
This week, "Sui" remains popular, ranking second.
The narrative of the "Meme" super cycle is trending, and Sui, as a recent hot L1 public chain, has also produced several standout coins — from the OG Meme Shiba Inu FUD, which rose five times from its bottom, to the Sui chain hippo Hippo, which once surpassed Ethereum in market cap, to the rising star dirty fish Blub, and the cat-themed Meme roaring black cat AAA on Sui…
Where can you find the best prices for launching dog coins on Sui? How can you interact on-chain and what potential airdrop opportunities are there? Recommended reading: Where to buy coins on Sui, which aggregator to use?
Under the ecological explosion, what wealth opportunities are there for on-chain players? Foresight News has specially launched the "Gold Rush Handbook Sui Special" to help readers gain potential token airdrops.
- Gold Rush Handbook | How to Efficiently Position for Suilend Airdrop? High returns + airdrop points, entering the rapidly exploding Sui ecosystem via Suilend.
- Gold Rush Handbook | Token Issuance in Q4! A Guide to Bucket Airdrop Stablecoin APY 20% + airdrop points for blue-chip projects on Sui.
Memecoin Super Cycle
@MustStopMurad's speech titled "Meme" Coin Super Cycle at Token 2049 has accumulated over 1.9 million views on X, becoming one of the hottest topics.
Key points from Murad's speech (compiled by Tpan, translated by Deep Tide):
- Whether old or new Memecoins, their performance outshines all other tokens.
- Tokens are often overvalued before listing due to the involvement of various parties (founders, venture capitalists, angel investors, centralized exchanges, market makers, KOLs, etc.), ultimately leading retail investors to become exit liquidity.
- Memecoins have proven their "utility" through DOGE, SHIB, PEPE, and WIF. I am definitely not a supporter of Memecoins, but I have documented the early stages of PEPE and WIF and why they are interesting.
- The cryptocurrency industry is essentially a token production industry disguised as a software production industry.
- The distribution of Memecoins is more organic, decentralized, and fair. Poor holders become unpaid full-time promoters.
- Retail investors ultimately care about making money, enjoyment, and a sense of belonging.
- All tokens (whether tech-oriented or meme-oriented) are like gambling tables in a casino. "Why should we play at your table when we can have our own?"
- The Memecoin super cycle also has external factors: inflation, AI replacing jobs, income inequality, loneliness, mental health issues, more online time, and fewer "success" pathways. This is what is called: financial nihilism.
- Altcoins do not primarily focus on technology, and Memecoins do not primarily focus on memes. Both attract people and drive price increases through different narratives and technologies in tokenized communities.
- The best memes have become a culture, even a small religion, with shared values, lifestyle principles, ideals, ideologies, artworks, events, hopes, and visions.
Multiple Project TGE
This week, several hot projects released token-related information:
Scroll
"Scroll" announced details of its token distribution design, with a total token supply of 1,000,000,000 SCR. The airdrop snapshot date is October 19, 2024, and the token release and airdrop claim time is October 22, 2024. Binance will launch Scroll (SCR) on Launchpool and pre-market trading. Users can deposit BNB and FDUSD into the SCR reward pool on the Launchpool website after 08:00 on October 9, 2024, to earn SCR, with the SCR activity lasting a total of 2 days. Spot pre-market trading will go live at 18:00 on October 11, 2024.
Puffer
The LSD protocol Puffer Finance announced its token economics. The total supply of the "PUFFER" token is 1 billion, with an initial supply of 102.3 million, of which 75 million tokens (7.5% of the total supply) will be allocated to the Crunchy Carrot Quest Season 1 airdrop, 1% of the tokens will support Ethereum core development with a vesting period of 4 years. Additionally, 40% of the tokens will be allocated to the ecosystem and community, 5.5% to the Crunchy Carrot Quest Season 2 airdrop, 20% to early contributors and advisors, and 26% to investors. The eligibility snapshot for the first season airdrop was taken on October 5, 2024, and the token claim portal will be open from October 14, 2024, to January 14, 2025.
CARV
The modular data layer "CARV" has opened the claim for the first season airdrop, distributing 40 million CARV tokens. Users can choose to directly claim tokens or re-stake them at a threefold annualized rate while also receiving special second season airdrop NFT rewards.
Swell
The liquidity re-staking platform "Swell" has opened airdrop inquiries. The total supply of SWELL tokens is 10 billion, of which 8.5% (850 million) will be used for the Voyage airdrop. When claims open, 700 million SWELL will be linearly distributed based on the White Pearls accumulated by each Voyager. An additional 1.5% will be allocated to staked users based on loyalty rewards. Users exhibiting witch-like behavior will not receive rewards, and only if they can prove they were misidentified will they be refunded. Otherwise, these SWELL tokens will be shared among all Voyagers and distributed at TGE. Currently, 7,500 wallet addresses have been identified as witches (totaling over 7.3 million Pearls). The official stated that SWELL tokens can be used to pay gas fees, govern the Swell DAO, and re-stake to ensure the security of Swell L2 applications and infrastructure.
More Hot Terms Delivery
- The Bitcoin staking protocol "Babylon" announced the completion of the Cap-2 deposit activity, with a total of 22,891 BTC staked.
- Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware decided on Monday to approve "FTX's" reorganization plan. FTX will begin distributing funds to creditors. According to the terms of the plan, 98% of FTX creditors will receive approximately 119% of their allowed claim amounts within 60 days after the plan takes effect. FTX expects the total value of assets collected, converted to cash, and available for distribution to be between $14.7 billion and $16.5 billion.
- Bitget released a statement and handling announcement regarding the abnormal price of "BGB," noting that from 10:53:00 to 10:58:59 on October 7, the price of BGB tokens experienced abnormal fluctuations, affecting some users' open contracts and leveraged positions. After investigation, the anomaly was mainly caused by several large leveraged trades, triggering a series of forced liquidation effects in staking lending, leveraged trading, and contract trading products. Considering the impact of this event on some users' positions, Bitget will fully compensate affected users. Bitget will distribute compensation in the form of USDT and BGB airdrops to eligible user accounts by October 10, including staking loans using BGB as collateral, leveraged positions containing BGB, and full and isolated contract positions containing BGB.
- Binance Labs invested in "ZKsync" elastic chain Sophon, which is a ZKsync "elastic chain" built using Matter Labs' modular open-source framework for the second layer network, with the investment amount undisclosed. Former ZKsync DeFi head Sebastien stated that negotiations between Binance Labs and Sophon began this summer, with the investment round concluding in August. Sebastien mentioned that the structure of this financing round is a Simple Agreement for Future Tokens (SAFT). The Sophon mainnet is expected to launch next month.
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