Airdrops and US stock memes are coming together, will the Solana dog market come back to life again?

introduction

Memes continue to bombard the encryption market. Last night, Vitalik’s “meowing like a cat” made Meow Meow Meow gain more than 50 times. This morning, after Musk deleted “(CTO) Chief Troll Officer” from X’s profile, TROLL instantly halved. Maybe this is the charm of memes, but when it comes to meme currency hype, we have to look at the Solana ecosystem.

With the WIF contract being launched on Binance and the LFG vampire attacking the Ethereum ecosystem, Solana’s meme will continue to reach climax in 2024. BlockBeats has taken stock of the meme craze on Solana in the new issue, just for readers’ reference. Readers should be reminded here that meme coins themselves have no use cases. They are mostly emotional speculation and investment needs to be cautious.

JUP airdrop system

The most anticipated event in the Solana ecosystem recently is the airdrop issued by DEX aggregator Jupiter, and the project team has also organized a lot of “flowers” around this matter. On January 16, Jupiter co-founder Meow said that before launching JUP, the team plans to test the new release platform, which will include 2 main tests. These two tests are the JUP simulation meme currency mockJUP and the launch platform meme token WEN.

mockJUP

MockJUP originally had no actual value at the beginning. It was a test coin issued by the project team for the JUP token airdrop, so that users could participate in the experience and receive the airdrop in advance. On the evening of January 16th, users can go to the testnet faucet to receive 5000 mockUSDC, and then visit the airdrop website to receive the mockJUP airdrop. Since it was deployed on the mainnet, mockJUP was launched for trading on January 17, with a maximum increase of 21,900%.

WEN

Last week, Jupiter officially announced that it would launch the Beta version of the Jupiter LFG Launchpad platform and revealed that subsequent meme tokens and JUP will be issued through the platform. WEN is a meme coin tested and issued by the LFG Launchpad platform. WEN, which accounts for 70% of the total supply, will be airdropped to millions of Solana wallet addresses. Each user can receive a fixed amount of more than 600,000 tokens, including users who have received mockJUP. ; In addition, 20% of WEN will be used to build liquidity in DLMM, and 10% of WEN will be retained in the treasury.

WEN was launched for trading on January 27. Excluding extreme situations such as pin insertion, WEN’s increase after its launch reached 3500%.

“Real world mirror” system

Thanks to the large traffic and low handling fees, many real-world meme cultures have also successfully entered the Solana ecosystem. The most popular ones recently belong to the American music industry and the US stock market.

music trends

In mid-January, the DEXScreener token trading popularity ranking was dominated by musicians. At that time, the top three in terms of trading volume were TUPAC, MJ, and YE.

As the earliest representative figure of pop culture, Michael Jackson’s popularity needs no introduction. The traders who bought this meme coin also paid tribute to MJ. Its meme currency MJ has risen by as much as 39,900% since its launch.

As the most awarded hip-hop artist in the United States, Kanye is a representative of the new generation of trend culture. Its meme currency YE has experienced a maximum increase of 39899% since its launch. Tupac (2Pac) is the most influential American rapper of the last century, and Rolling Stone magazine lists him as one of the 100 greatest artists of all time. Its meme currency TUPAC rose by as much as 12,899% after its launch.

But now the prices of these music-based meme coins have fallen sharply. BlockBeats’ review here is not investment advice, and readers should treat it with caution.

US stock market

Last weekend, the popularity of DEXScreener token trading was related to concepts related to US stocks, including Wall Street, Robinhood, etc., the most famous of which is Game Stop (GME). At this time three years ago, the U.S. stock market was witnessing a long-short war between retail investors and Wall Street, and the protagonist was Game Stop.

Game Stop is a 37-year-old veteran game product retailer in the United States, mainly focusing on offline retail. Affected by online games, GameStop has suffered losses for consecutive years, and its stock price fell from US$28 in 2016 to US$3 at the end of 2019. At the end of August 2020, GME started a surge, doubling within 4 months. On January 13, 2021, GME soared 57%.

On January 19, the short-selling institution Citron was short on Game Stop, saying that its stock price would fall back to $20, which was almost half of the closing price that day. This news aroused the anger of many retail investors. They disagreed with the institutional views and called on investors on the Internet to continue to buy GameStop stocks and squeeze out short positions.

As a result, on the WallStreetBets section, a large number of young investors who believe in the YOLO culture (that is, advocating living in the present and doing it boldly) began to “gather together” to buy GameStop’s stocks and options. By the end of January, GME’s stock price had risen by more than 1,700%, and retail investors worked together to stage a wonderful drama of “retail investors taking over Wall Street.”

Three years later, GME appeared again on Solana, known as the “Nasdaq on the chain”, and the meme price increased by up to 2499899%. Although it is just a meme coin transaction, it also means that crypto players still commemorate this epic stock market trading myth.

From the above review, we can see that for meme coins to be successful, they need to have high cultural recognition or prank genes. In short, they must have something worth talking about. Trading Blogger Fiona (@nft_hu) shared her thoughts on meme coins on social mediaTrading experience, BlockBeats has edited it with permission and placed it in the article for readers’ reference.

How to choose a meme coin:

1. A good name is the most important: A name that is easy to remember/meaningful/meme-compliant is the most important. This is somewhat similar to “appearance control”. Hundreds of new memes are born every day, and it’s important to have a good name that people can remember immediately.

2. Good concept: This determines the subsequent narrative and communication, and determines how high it can fly.

3. Good communication/community: The essence of meme is actually more like social communication. How to get more people to participate and take over the orders? This requires going deep into the community and social media to see the spread of this meme.

How to trade meme coins:

1. Buy a small position and don’t feel bad if you lose. If you have a high multiple, you can use small to win big. Memes either go back to zero or get rich instantly. They are essentially lottery tickets. What’s more important is to buy a small position so that you can hold it. Only then is it possible to achieve a 10-fold or 100-fold increase.

2. What should I do if I buy “Christmas Tree Top”? Some people will tell me that the price they bought is poor. In fact, memes are difficult to price because their essence is air. Don’t pay too much attention to the top within 10m. As long as it can really rise, your so-called “bad position” will become a good position.

3. For memes on sol/eth, it is routine to reset them to zero within 10m. After 20m, if you are strong, you can keep breaking through. If you want stability, you can increase your position appropriately on the right side.

4. Liquidity: The meme pool is shallow. If the profit is large (more than 5% of the pool), you can sell a little bit anyway. The exchange of chips will also help the rest to rise higher.

Disclaimer：

1. This article is reprinted from [BlockBeats]. All copyrights belong to the original author [shushu]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.