I want to put double quotes around the name of the product "pump.fun" because its meaning has transcended that of a mere "token issuance product." Now, it has seemingly become the most direct, effective, and possibly the only "lifeline" recognized by various chains. Regardless of whether they are new or old chains, regardless of the narratives these chains promote, and regardless of the goals the projects behind these chains aim to achieve, the market situation presented to all of us is that as long as it’s a chain, just pump it a bit and let everyone have some fun.

ApeChain, launched by the former NFT king Yuga Labs, was initially thought to slowly warm up and gain support from the NFT community like Abstract, which also has an NFT background, or to launch a "black hole coin" $O that is full of art and meme vibes like what artists have done with Shape, or to focus on games related to Otherside like TreasureDAO (Magic).

The result is that I see Yuga Labs is also hungry; they chose "pump.fun" and launched the Ape Express product.

So, was this move by Yuga Labs successful? From the reactions, it doesn’t seem so. People generally believe that those still holding Yuga series NFTs (not just BAYC, MAYC, but even CryptoPunks are already part of the Yuga series) are the "old money" in the crypto space, and these direct target groups, who are not short of funds, will flood in with money, creating a vertical trend. However, until now, the leading $CURTIS of ApeChain has only surged to nearly 30M in market value before abruptly stopping, and it has currently lost half of its market value compared to its peak.

The "one-day tour" is disappointing, although everyone's expectations might have only been for a "one-week tour" or "one-month tour"…

"pump.fun" has sprung up like mushrooms after rain across various chains. On Aptos, there is pump.uptos:

On SUI, there is Move Pump (which also supports Aptos). Additionally, hop.ag is about to launch its own "pump.fun" product.

On Sonic (formerly Fantom), there is Degen Express:

After the former CEO of dydx, Antonio Juliano, announced his return, it only rose about 25%, but after dydx Foundation CEO Charles d'Haussy tweeted, "During tomorrow's dYdX Day event, speakers will reveal secrets about moats, Trojan horses, and flywheels," it instantly surged another 20%. Many speculate that dydx is also going to create its own "pump.fun."

On the Bitcoin ecosystem's Fractal chain, there is also a Satspumpfun that has been in the warm-up phase for a long time and is preparing to launch:

The situation of each chain launching a "pump.fun" reminds me of last year's inscription bull market. I thought that after the Bitcoin ecosystem's inscription speculation entered the IQ50 stage, it would be nearing its end, but unexpectedly, the inscription gameplay spread to ETH, Solana, Polygon, and other chains. Of course, apart from ETH and Solana, which still show some signs of survival, the others can basically be declared completely wiped out.

So, will the rush of various chains to "pump.fun" be a "top signal" for meme coins?

I believe this is merely a "top signal" for the hype-driven gameplay of "pump.fun," and not even a top signal for the hype-driven gameplay or meme coins themselves. Just like after the inscription bull market ended, leading inscription assets like $ORDI still maintained a reasonable market value and liquidity, but assets that relied solely on the gameplay of "inscription" as their only consensus point lost attention after the gameplay itself faded, making their demise foreseeable.

The meme coin sector has developed to a point where its concept has been overused. Initially, people's understanding of memes might have been "worthless and IQ 50," and during the $DOGE era, the understanding of meme coins might have equated them to that dog photo. However, now, leading meme coins like $BITCOIN (Harry Potter), $SPX, $MOG, $JOE, etc., have all withstood several rounds of significant price fluctuations testing their consensus. By now, I think there are not many players who still believe these coins will go to zero; this notion itself reflects a kind of value of meme coins—the path or narrative of forming a solid value consensus is not a matter of superiority.

We can even look at Bitcoin; its value consensus is also unrelated to technology, and Bitcoin itself has a strong cultural and meme attribute.

Hype-driven gameplay, or hype-driven coins, are certainly not long-lasting. Just like we might watch many live streams when we are bored, today we might watch someone playing games, and tomorrow we might watch someone chatting; the popular live content can vary daily. However, we will all be regulars in certain live streams, and top streamers will have certain qualities beyond their live content that can stabilize their audience (community), which in turn helps create various clips of the live stream, attracting more people to enter the live stream and become long-term viewers.

Vibrant meme coins are similar. Communities will spontaneously raid (promote their coin) on Twitter, create images/videos/songs, etc., believing in the power of belief. Of course, if it’s purely "we all believe we can break through the sky," that alone is not enough to produce top meme coins, because if everyone just believes the price can break through the sky, it’s better to say everyone wants to run away early.

Hype-driven gameplay and hype-driven coins will take turns on stage, but every time the market undergoes a major shakeout, it will flow back to those coins with strong community performance. These coins can now stand alone in a sector, or they can be seen as the top tier of meme coins, which is a term we often see now: "Cult." The content of "Cult" is abstract and merely an external manifestation; the core strength is that they can persuade the market, and their community is strong enough. Even when an abstract coin rises to the level of "Cult," we might feel that this coin seems less abstract because the broader audience it attracts will gradually make what it conveys more universal to attract more people.

Meme coins are actually the best counterattack and "rectification" of the market against "VC value technology coins"—perhaps, Crypto is not strong enough to become the second U.S. stock market. It has already persuaded our generation, but it still needs to attract and persuade more young people. Using light and fun content to update the public's serious impression of Crypto, and perhaps one day, giving birth to a globally recognized cultural symbol like Pepe from Web3, is not out of the question.

Who can say that Bitcoin is not one of the greatest cultural symbols of our generation?

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。