A rise solves a thousand worries.
Written by: WOO
Background: SUI and APT, both in the Move language family, have very different fates
It is well known that both SUI and APT are new public chains built using the Move language. Since Grayscale announced the launch of the Sui cryptocurrency fund on August 7, SUI has skyrocketed, continuously breaking historical highs, with an increase of about 9 times.
Among them, the leading decentralized exchange token in the SUI ecosystem, $CETUS, and the top meme coin $HIPPO have both been listed on Binance, becoming the focus of market attention. Meanwhile, APTOS, also in the Move language family, experienced a surge in early November due to the popularity of the APT song, but recently it has been unable to maintain its gains and has fallen back into a consolidation phase.
In terms of ecosystem projects, Thala is the largest Dex by trading volume on Aptos, but it suffered an attack on November 16, resulting in the theft of $25 million worth of assets.
Despite being in the MOVE language family, APTOS and SUI have very different fates. Can APTOS catch up and achieve a rebound? Let's take a look with WOO X Research.
emojicoin.fun: It's really not that meme-like
Pump Fun has exploded in popularity since May of this year, becoming one of the top money-making projects on-chain, leading to various imitation projects. APTOS also wants to ride the meme wave, which led to the creation of the meme coin issuance platform emojicoin.fun.
emojicoin.fun is developed by Econia Labs, which is also behind the decentralized order book project Econia, with operations managed by infranomicon.net.
APTOS has also promoted the launch of emojicoin.fun on its official Twitter, indirectly proving that the platform has received official recognition.
Unlike Pump Fun, emojicoin.fun, as its name suggests, is specifically designed for users to create emoji-based meme coins for speculation, rather than strings. Although there are 10 characters available for users to combine emojis, it also means that the total issuance of tokens on the platform is not unlimited, but rather fixed.
This brings about two levels of impact:
- Inability to speculate on hot events: The essence of meme coins is viral dissemination, and most meme coin narratives rely on Web 2 viral events to transfer to Web 3. For example, the recent viral Chill Guy on TikTok, which skyrocketed to a market cap of $300 million in less than 3 days, finds it difficult to locate corresponding emojis for speculation on this platform, which is what crypto users often refer to as "can't find the angle, can't buy in."
- Limited targets, concentrated attention: The limitations of emojis also mean that market attention will focus on more well-known top symbols. The upward momentum of coins is not the essence of "meme," but rather the capital overflow from the APTOS public chain, which can be seen as APT's beta.
Platform Projects
Sorted by market capitalization
😂
- Market Cap: Approximately $9.3 million
- 24-hour Trading Volume: Approximately $7.76 million
♾️
- Market Cap: Approximately $842,000
- 24-hour Trading Volume: Approximately $2.44 million
🐸
- Market Cap: Approximately $624,000
- 24-hour Trading Volume: Approximately $2.31 million
It is worth mentioning that on November 20, Aptos officially retweeted their previous tweet from August 17, which stated "Forever Aptos," along with the Batman and bat emojis 🦇. At the same time, the token surged but quickly fell back to its original point.
🦇
- Market Cap: Approximately $30,393
- 24-hour Trading Volume: Approximately $870,000
Conclusion: A rise solves a thousand worries
As mentioned earlier, the tokens on emojicoin.fun are essentially related to the Aptos ecosystem, which is quite different from meme narratives. Therefore, for the platform to thrive, it must meet the following conditions:
APT token must rise: The transmission of liquidity must inevitably flow from easier-to-access areas to more difficult ones. Just as the rise of public chain tokens can overflow to ecosystem projects, smaller market cap ecosystem projects can achieve considerable gains. The same logic applies to APT and emojicoin.fun; the first step for emojicoin.fun to gain popularity is to create demand, and APT must first rally to sustain the narrative.
Tokens on the platform need to have a wealth effect: The characteristic of meme coins is to utilize the wealth effect to attract users to continuously invest funds for purchases. If the leading tokens have poor continuation in their gains, then other meme coin projects will be even more precarious. Currently, the leading token 🐶 has a market cap of less than $10 million. To attract users to the platform, there must be at least one token with a market cap of $100 million.
In the current situation where there are not enough players in the APT public chain, the ideal approach would be for the official to explicitly or implicitly rally the market. Most people tend to believe what they see first; without a "meme angle," if there is no wealth effect generated, it will be difficult to attract users to join.
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