Nothing, just rely on emotions to rise.
Written by: Deep Tide TechFlow
Without assets, we create assets; without narratives, we create narratives.
This description is most appropriate for the frenzy of inscriptions in the cryptocurrency market this year - anti-VC, creating assets, shaping consensus, and the result is good Fomo.
Beyond the inscriptions, the flying Meme coins are also following a similar logic. Meme coins with animal designs such as chickens, dogs, monkeys, and frogs are emerging endlessly, and they have seen astonishing gains in the recent bull market.
However, the success formula for this generation of Meme is somewhat different.
Different from the previous frenzy of the animal kingdom, which simply hyped the names and images of animals, this lively Meme animal kingdom is more specific:
They have started to study the pets of Web3 project founders.
Vitalik's cat, Toly's dragon
Digging through the founders' Twitter or other social media accounts, if it is found that they have shown off their pets, then a Meme coin with a similar name and image is created; subsequently, the market will start to pay attention to this coin due to the heat associated with the founder, and it may even cause a short-term Fomo effect.
For example, just before the publication of this article, a cat-themed Meme coin named Hemule topped the Dexscreen's trading heat list, and related smart money monitoring tools also showed a continuous increase in the addresses purchasing it.
And the name Hemule corresponds to Vitalik's own pet cat.
Vitalik himself had printed this cat on a shirt as a sign of affection, and Vitalik's mother had also shared many cute moments about this Hemule on Instagram.
At the same time, the issuer of the Hemule token seemed very knowledgeable, as they proactively sent coins to Vitalik after the token was issued, seemingly more actively demonstrating, "We are indeed related to Vitalik's cat."
As a result, Hemule rose. No technology, no rationale, just emotions.
And the pet Meme effect of Hemule is not an isolated case.
A week ago, the Avalanche ecosystem also played out a similar story - the beloved dog Bear of Avalanche co-founder Kevin Sekniqi was also Meme'd.
Kevin had previously posted a photo of his pet dog Bear on social media, so the token with the same name, BEAR, was also hyped at the time.
Coupled with the resurgence of the Avalanche ecosystem last week, the Fomo sentiment continued to increase, ultimately pushing up the price of BEAR in the short term.
Similarly, in another attention-grabbing Solana ecosystem, Meme coins also had a wonderful connection with the project founder.
Last Saturday, a Meme project named Silly Dragon suddenly caught the attention of Solana founder Toly (aeyakovenko).
Interestingly, if you carefully examine Toly's Twitter profile picture, you can see that it is also a dragon-like cartoon image.
This was understood by the community and the market as Toly's hint and support for Silly Dragon, and relevant screenshots were widely circulated as "supporting evidence."
Although the dragon is obviously not a pet that Toly can keep, the market has long seen another connection between Toly and this dragon:
Wearing a dragon on oneself may be more effective than just keeping a pet.
At a public meeting, Toly had directly cosplayed a dragon, appearing in a green dragon costume, which also matched his cartoon profile picture on Twitter.
Although these scattered photos cannot directly reflect any connection between the Solana founder and Silly Dragon, the existence of these materials has brought Silly Dragon, with the same symbols and designs, closer to Toly.
At the same time, as next year is the Year of the Dragon in China, this narrative is also more easily welcomed in the domestic community.
Within 1-2 hours of Toly's attention to Silly Dragon, the Silly token instantly saw an exaggerated increase of nearly 10 times.
And seizing this increase may not necessarily require technical expertise, but rather close attention to the movements on social media.
In addition to the above, other ecosystems have also more or less seen Meme coins associated with the project founder's pets or hobbies, such as Sui pointing to its founder's pet dog Uni Wonder Dog; however, due to the token not showing much promise, it has far less attention than the previous ones.
Although "pet narrative" may not necessarily succeed, studying the founders' pets has clearly become a popular Meme play.
It's no wonder that there are mocking voices on Twitter: In 2021, we need to carefully study the project's TVL/MC, trading volume, revenue, and daily active users;
In 2023, we need to study the founders' pets.
Origin of the trend: Musk and Shiba Inus
This wave of pet Meme season reminded the author of a classic English proverb:
Love me, Love my dog.
And this proverb has turned into a more popular version in the cryptocurrency circle - Love me, buy my dog.
The combination of a celebrity and a pet brings about the frenzy of "buying the dog," and when did this popular phenomenon in the crypto circle begin?
Elon Musk is undoubtedly a name that cannot be overlooked.
When the richest man mentions a dog, the price shakes, and the former Doge soared under Musk's casual mention; the news of Tesla accepting Doge payments, and the SpaceX rocket with a Doge design flying into space, gave the market even more implicit hints and expectations of Doge to da moon.
Whether it's real or possible may not be important, what's important is that today's Doge, in a model of infinite inflation, has a market value of nearly 13 billion, ranking 11th in the entire cryptocurrency market value list.
You can say it has no value, but you cannot deny its market value, and you cannot deny the key figures who have contributed to its rise.
In addition, Musk also shared a new pet dog, Floki, on his social media two years ago on a weekend.
Subsequently, the price of the token Shiba Floki with the same name rose by 1406.37% in 24 hours. Today's Floki is no longer just a Meme that became popular due to Musk's new pet "shout-out," but a cryptocurrency with a market value of nearly 350 million, ranking around 150th in market value.
At the same time, after gaining popularity and traffic, Floki also launched a new TokenFi platform, shifting its business towards the RWA field.
Who says Meme is not productive? In the crypto world, popularity is precious, and after gaining popularity, everything can fall into place.
The tokens that have become popular because of pets may have a shining start with built-in traffic. Musk's Shiba Inus have already set the precedent, but the next step, whether to take advantage of the momentum or to end in disappointment, depends on the subsequent operations and development.
Continued popularity, regression in methods?
In this new wave of inscription and Meme-led rise, we seem to see a more primitive frenzy of speculation:
Nothing, just rely on emotions to rise.
Recalling the ICOs of 2017, at least most projects would produce a decent technical white paper full of formulas and dreams to showcase their technical advantages;
Recalling the DeFi summer of 2020, most projects would at least clearly tell you about the returns and benefits to attract liquidity providers;
But as we reach the end of 2023, this season of Meme with pet endorsements seems too primitive in terms of fundamentals. There is no technology, no token utility, just relying on "connections" and "riding the wave" to start pumping.
The market has been craving pumps for too long, to the point where the way of pumping is regressing - no rationale, just emotions.
At the same time, this may also reflect the market's attitude towards projects in the crypto market, that is, don't talk to me about sophisticated technology and narratives, I just want it to rise simply.
But simple and beneficial often cannot be equated.
The heat of the crypto market continues to simply persist, but can the prosperity of the crypto market also come simply?
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