When the market's attention is focused on the two tracks of Perp Dex or stablecoin protocols, Solana meme coins have almost become a thing of the past overnight. Although the daily revenue of pump.fun is still quite considerable, players find it hard to capture the "golden dog" level of tens of millions of dollars every day like they used to.

In such an environment, the $nl, which once surpassed a market cap of 10 million dollars today, can definitely be called a "golden dog." This coin launched from pump.fun has the thematic concept of "meme coin Perp Dex on Solana." However, what’s interesting is that if it is a purely meme coin, it indeed has a "product." If it is a serious project making products, its product cannot be considered a qualified "serious" one, as can be felt from its full name, niggaliquid.

The dev of $nl is @10piecedawg, a well-known on-chain player, famous for his record of going from 4 dollars to 10,000 dollars in 48 hours.

Therefore, when $nl was first launched, no one thought this thing was serious. Whether it was the early meme tweet promotional content:

or the fact that this is a token launched from pump.fun, everyone would think, "How could a 'serious' project launch a coin so hastily on pump.fun?"

But slowly, things began to get confusing… the dev pulled out a website and a referral points system, and everything seemed to start taking shape.

Subsequently, the official Twitter account began frequently posting Moonshot-style listing announcements, and more and more players started to feel that this might not be a pure meme; it seemed to have something real.

In fact, niggaliquid used Orderly's "Orderly One" no-code feature to launch Perp Dex. Comparing niggaliquid with ADEN, which was also created using "Orderly One," they are almost identical.

ADEN

niggaliquid

And the meme coins mentioned in the tweets that were listed, on the niggaliquid Twitter profile page, only have the Swap function.

So, niggaliquid is playing a game of "cosplay" that is both real and fake, very much like the bankrupt Enron company that issued a coin earlier this year, claiming to revive Enron and create the world's first residential micro-nuclear reactor, but in reality, it was a meme show that broke the dimensional wall. (Related reading: A 28-year-old American guy issued a coin for the once 70 billion Enron?)

When the market's Perp Dex craze meets the subcultural humor of Solana's "trench," $nl has become very popular, with many English-speaking KOLs joining in on the joke:

Everyone is also making absurd jokes about niggaliquid, such as the extremely high fee income:

For example, ETH has Hyperliquid, Binance has Aster, and Solana has niggaliquid:

Even inspired by niggaliquid, niggapay was also born:

With the success of $nl, @10piecedawg's previously launched $niggabonk on bonk.fun has also shown some signs of revival.

In summary, $nl is a rather eye-catching absurd meme joke recently; it is somewhat similar to $chillhouse, while also carrying some satirical meaning like $fartcoin. This kind of humor can currently only be found on Solana and pump.fun.

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