Author: Joyce, BlockBeats
It's been a long time since meme coins were closely related to industry project dynamics.
The most discussed topic these days is the new "blinks" feature launched by Solana. Blinks has opened up new trading scenarios, attracting enough attention from both the perspective of public chain development and the application layer of Socialfi.
The most astonishingly rising meme coin is SC. SC is a small market value meme token showcased by Solana's Meteora liquidity protocol when demonstrating the blink feature. The demonstration tweet was retweeted by Solana founder Toly, making it the top meme coin in the blink hot topic.
Before this, most meme coins that caught the community's attention were rarely related to industry dynamics. Various drama-related celebrity coins were confusing, and even TRUMP had more political connotations than industry connotations. To make money in the crypto industry, one must not only pay attention to industry dynamics and project development but also maintain sensitivity to trading drama that arises at any time. SC's appearance this time was satisfying enough. Smart money that closely follows industry dynamics bought in early and made a hundredfold profit in two days, earning money through awareness.
So, as a meme coin with enough degeneracy and narrative space, after igniting attention and achieving a hundredfold increase, what should SC's market value be? The answer is still not more than $10 million.
As of the time of writing, SC has fallen from its high point, with a market value of 7.9M.
This inevitably makes people feel somewhat puzzled. Do you still remember SILLY from half a year ago? The dinosaur image of Solana founder Toly, which saw an increase of nearly 200 times in just a few days, reached a peak market value of over $150 million. Even now, although SILLY's price has "++0" and has fallen by over 90% from its peak, it still has a market value of $15 million. Why, in the midst of a bull market, has the ceiling for popular meme coins shrunk?
The downturn in the market may be one aspect, but most importantly, perhaps the liquidity of the meme track has already been fragmented.
Moonshot vs. Pump.fun
This lucky meme coin SC (Star Cat) was launched on June 25th and is one of the first tokens released by Moonshot, a coin issuance platform on Dexscreener.
If it hadn't caught the attention of Meteora for demonstrating the blink feature, SC might still be at the bottom. From the chart, it can be seen that SC experienced two sell-offs in just over ten hours, with large buy orders pushing up the price and then quickly being sold off.
Moonshot is considered a competitor to Pump.fun, a coin issuance platform in the Solana ecosystem. For the community, after the daily issuance of over 10,000 tokens by Pump.fun, Dexscreener, a platform with a large user base, can also issue tokens. This seems like a good thing, but Moonshot's initial performance is not particularly impressive. Apart from SC, the market value of other tokens is also not high.
Even without so much liquidity in buy orders, for Dexscreener, launching Moonshot was still the right decision. After all, running a coin issuance platform is indeed a profitable business. Since its launch a few months ago, Pump.fun has accumulated over $45 million in revenue, a figure that top-tier traffic product Uniswap's front-end revenue only recently reached since the introduction of the new charging policy in October 2023.
Although it hasn't produced a meme coin that has taken off, the attractiveness of Moonshot to users should not be underestimated. On the day of its launch, out of over 7,000 tokens released, only 27 reached the threshold of 500 SOL, and then they could obtain liquidity pools on Raydium. Two days later, these tokens also began to head towards zero.
More issuers, fewer buyers
As the top meme coin in the blinks topic, while SC is still rising, BLINK has already been launched as "Dragon II" on Solana. Searching the Dexscreener interface, you can see that there are 5 BLINKs on Solana, with market values ranging from a few hundred dollars to $100,000.
Imitation is not new. For example, after SILLY showed astonishing growth last year, there were also "antonym" memes on Solana, such as YLLIS, to ride the wave of SILLY's popularity. Since the appearance of WIF, there have been almost daily tokens with names like "prefix + WIF" appearing on Solana's trading hot list.
However, the emergence of Pump.fun has greatly increased the number of imitations. According to media statistics, last month, the number of tokens issued through Pump.fun accounted for 83% of the total new token issuance on Solana. Clicking into Pump.fun, the overwhelming number of tokens that appear is overwhelming. Users notice a token, and when they try to read the name, they have to look two or three lines away.
There are more coins, but the number of buyers and the available liquidity for trading have not changed. In the eyes of investors, issuing coins, which have more control than buying coins, have higher profit expectations. Based on this, the dilution of meme market liquidity is inevitable.
As an example, not long ago, a media outlet called Pirate Wires stated on X that "the official Trump team is launching the DJT token on Solana." This unconfirmed tweet pushed DJT's market value to $500 million in four hours. At the same time, TRUMP fell by over 31% in four hours, with a market value shrinking by over $200 million, MAGA's market value sharply decreased by $150 million, and other small coins like TREMP and BODEN also experienced declines ranging from 20% to 40%.
After being questioned by the community, the official identity of the DJT team was debunked, and DJT subsequently plummeted, while TRUMP and MAGA immediately rebounded significantly. Observing TRUMP's trend, it can be seen that DJT's impact on its price is particularly evident.
TRUMP's trend between June 17th and 20th
Finally, let's imagine. The leading coin in the election concept coins, TRUMP, was born in August last year and began to soar after tapping into the hot topic of the Trump election. Although its price has halved from its peak, it still has a market value of $380 million. If TRUMP were to be released on Pump.fun or Moonshot, would it still have a market value of over a billion?
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