Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

When discussing the issuance of Meme with ChainCatcher, Lao Mai (pseudonym) used an old joke: How many steps does it take to put an elephant into a refrigerator?

In Lao Mai's view, a Meme project is like "putting an elephant into a refrigerator," only requiring three steps: preheating issuance, market value management, and community maintenance.

During Meme Summer, ChainCatcher interviewed several Meme coin operators. Some actively followed the hot trend to issue Meme coins and then operate the project; some wholesale issued Meme coins, generated a bunch, and continuously switched hotspots; or some bought Meme coins and turned themselves into "shareholders," becoming operators of the project.

In this wealth creation movement, human emotions are not in sync.

According to The Block Pro data, in May of this year, approximately 455,000 tokens were created on the Solana blockchain, 177,000 on the Base chain, and 39,000 on the BNB Chain, not including other public chains.

Most of the tokens created on Solana are Meme tokens, partly due to the popularity of Pump.fun.

It is estimated that at least over 100,000 tokens are generated on the chain every day, and the environment of one-click issuance has become a paradise for monetizing Meme culture.

Perhaps behind every hotspot you think of buying a bunch of Meme coins, there is a team doing bulk issuance.

However, this carnival currently seems to show no sign of ending, with many institutions joining in.

Project Parties in Action

Recently, Xiao Xi (pseudonym) placed advertisements about a Meme coin with several media outlets, announcing their collaboration with a film and television company to create a series of film and television works for the Meme series.

Xiao Xi explained that he has always been active in various "community" groups, and many Meme projects are actually not well-prepared and have not thought about what to do. They just suddenly latched onto a certain trend, gained popularity and traffic, and the project party quickly made the payment address public and finalized the coin issuance time.

The project he is involved in is such a case.

The project party, which originally intended to build the project slowly, latched onto the Meme craze and hastily issued the coin. Without a clear concept and product support, this project achieved success.

"This success may be more attributed to the market's heat. Nowadays, whether many Meme projects do something or not depends on the market's heat," Xiao Xi said.

Meme projects endorsed by celebrities are even more likely to take off.

The Meme coin $Jenner, endorsed by Caitlyn Jenner, the stepfather of the American internet celebrity Kardashian sisters, surged from Pump.fun to the secondary market.

Musk's endorsement of Dogecoin became the representative of the last bull market's surge.

Although former U.S. President Trump did not personally endorse Meme, there are many tokens named after him in the market, which occasionally skyrocket or plummet due to his news.

However, most "grassroots" Meme projects do not have the influence and endorsement of intellectual property (IP), and the traffic of the project mostly comes from market hotspots.

If the project party seizes the hotspots, successfully initiates presale, and brings liquidity and initial funds to the project, some projects will start to take action.

"To be honest, we had nothing at the beginning, but users thought we were 'keeping the project progress secret,'" Xiao Xi said. It was only after having money that they started to build the project.

When asked if doing this is a bit crazy, wouldn't users worry that you might run away?

Xiao Xi said, "This coin issuance process has become the norm in the current Meme market. I cannot confirm whether other 'community' projects will run away, but at least we won't."

As Xiao Xi said, most Meme coins originate from a certain trend or market craze. The idea of speculation makes the Meme market even more chaotic.

Senior Meme player R (pseudonym) said, "Anything in the early stages will be chaotic, just like the A-shares in the 1980s. Currently, the Meme environment is much better than the previous bull market."

Meme coins are now forming an industry chain.

Meme Coin Industry Chain

From celebrities issuing coins to various animated characters, and even "emoji packs" issuing coins, all Meme coins are not accidental.

Lao Mai has been involved in the issuance of multiple Meme projects. In his view, managing a mature Meme project is like "putting an elephant into a refrigerator," only requiring three steps: preheating issuance, market value management, and community maintenance.

This mature operation matrix involves the entire crypto industry chain.

The issuance starts with preheating. Meme matrix researcher Ghost (pseudonym) told ChainCatcher that one type of preheating is the self-fermentation of Meme IP, such as "pepe" and "doge," which inherently have traffic and resonate with the public to gain mass traffic. The other type is through the crazy promotion of crypto KOLs, community leaders, and some industry media.

Lao Mai believes that promotion is necessary for Meme. If the expectations are too high, it may be difficult for retail investors and whales to get involved.

When the heat reaches a certain high point, the coin can be issued. The current issuance methods include project party presale and fair public launch.

Regarding market value management of Meme, some project parties choose to involve market makers, while others choose to build the community together.

Ghost believes that if a project party focuses too much on promotion in the early stages of Meme, an initially high market value may cause participants in the presale, airdrop recipients, or the project party themselves to lose control and abandon this ecosystem.

Most "dead" Meme projects on the chain have shown a trend of high opening and low decline, either being sold off by presale investors or being "one-wave" money-grabbing and running away by bad project parties.

In response, Lao Mai stated, "Market value management should involve market makers. After all, it is difficult for whales to continuously profit in a Meme. For the so-called 'project party control,' most of it is small-scale matching. For the project party, it is a 'permanent profit.'" (Matching refers to a common manipulation technique where the main force trades from one hand to the other.)

As for project maintenance, R's experience is, "Promote during the peak, plan during the low."

During market peaks, more promotional work should be done to expand the market. When the market faces a downturn, the next plan needs to be brewed, and the team needs to be optimized.

As Meme develops later, Lao Mai admitted, "Listing on a major exchange is the only way out."

Listing on a major exchange means going public, but few Meme projects can survive to the secondary market; the primary market is the main battlefield for Meme.

Listing on an exchange also leaves part of the life and death of Meme to the exchange because "with average liquidity, it cannot generate fees," and Meme coins may face the risk of being delisted by the exchange.

Therefore, when the positive effect of listing on a major exchange is activated, the project party will also cooperate with the listing promotion to boost the price of the Meme coin. At this time, the price of the Meme coin will reach a new high.

This height may become a new starting point or a final point.

"Now listing will face a large number of sell-offs," Lao Mai said. Currently, most Meme speculators will sell off when the positive effect is completed. "They don't care about selling at a high price, after all, selling at a high price is a permanent profit."

Speculators are the main audience in the Meme race, and how to maintain this wave of speculators is the most headache for the project party in the development of Meme coins.

White Knights or Community Consensus

Whether it is successful wealth creation or being hindered by Meme, the real active force behind each project has always been the grassroots users in the coin circle.

R explained, "In the early stages, retail investors who like to conduct rapid trades, after a certain period, may become more united."

Meme coins can be understood as a symbol of decentralization, and the community is the manifestation of decentralized collective consciousness. When collective consciousness turns into consensus, the decentralization of Meme coins can become complete.

Successful Meme coins are never just led by the project party but also come from the collective frenzy of community consciousness.

Community takeover (CTO) is common in the Meme field, and R is also one of them.

When faced with the malicious run-off of the early team, R and a group of like-minded community OGs, KOLs began to voluntarily take on the entire operation of the Meme project.

R said, "Our strength and that of the KOLs are very strong, and the subsequent glory is achieved by the current long-term team."

In R's view, rescuing a project from a malicious team is the power of community consensus, and it also brings vitality and vitality to Meme projects.

Currently, every Meme project will have an official TG group and Discord group, and will also set up official administrators to liven up the atmosphere and answer some user questions.

Most mature Meme projects will conduct regular AMA activities to show the recent development to the public and answer user questions, and the community can also make suggestions to the project party.

Compared to the centralization of mainstream coins, the top-down interconnection established by the Meme community is more decentralized.

Excessive Decentralization - Meme Becomes a Speculative Casino

While Meme coins take decentralization to the extreme, speculation is also growing wildly within it.

For Lao Mai, he never thought of issuing coins at the beginning, but the profit-seeking and speculative nature of Meme attracted him here.

The public transparency and decentralization on the chain make it a natural breeding ground for speculation.

Here, Lao Mai has witnessed the appearance and disappearance of too many Meme projects.

"For me, the project is like a pet. I don't have high expectations for it. I have seen its entire life since its birth."

There are few projects that can truly break the cycle, and most projects are born and cut off, repeating the cycle, but perhaps with the same team behind them.

Lao Mai defends himself: "I never consider myself a big loser. In the Meme race, most of it is speculation, with losses and gains."

In the Meme casino, human desires are magnified infinitely in high-leverage gains, and more and more profit-seeking speculators are entering.

Ghost believes, "Many 'one-night stands' in the Meme market, people are crazy about arbitrage. But afterwards, only the firmly trapped speculators and the depleted liquidity remain."

"Take a gamble, and a bicycle becomes a motorcycle," is a phrase that often appears in the Meme circle. For most players who buy Meme coins every day, buying coins is more like buying a lottery ticket.

"I buy ten popular Meme coins every day, and there will always be a surprise," but in most cases, all ten tokens end up empty.

As an investor and "Builder," R views Meme from an investment perspective. "Now many Meme coins have certain use cases and are gradually moving towards good long-term development. As long as the investment is reasonable, I still have confidence in this area."

In each market cycle, Meme tokens will follow suit. A group of investors enthusiastic about a specific Meme will gather and push up the price of a certain asset in a short period of time. This strategy has become popular in the crypto field, revitalizing the entire ecosystem while boosting token prices.

From Solana, to Base, and now to the current Ton, Meme coins are leading this round of the bull market, and more and more traditional institutions are setting their sights on Meme. Avalanche has even established a dedicated Meme token fund.

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