CZ's new book is on sale, titled "Binance Life." The same-named token has opened a violent upward trend, reaching a peak price in this round, rising 15 times from the low point at the end of March to now.

This is happening while cryptocurrency trading volumes are dismal, and the wealth effect has sharply shrunk, with Bitcoin's peak being halved. In simple terms, the crypto market is experiencing a 15-fold increase at the lowest levels of the technology asset industry.

The 15-fold increase has brought about a far greater wealth effect than just the token "Binance Life." On Binance, altcoins have seen a long-awaited doubling trend in 24 hours, starting to show familiar capital rotations, such as inscriptions, Chinese memes, or Polkadot-related tokens. A rally of "Binance Life" has slightly invigorated the crypto market, which had fallen to a low point.

This incident has happened again on Binance.

Because this man-made bull market has appeared twice before when it was most needed during the bear market.

On January 28, 2019, BTT opened subscription on Binance Launchpad, and the window lasted for 18 minutes. The allocation of $7.12 million was sold out in 18 minutes. The issuance price was $0.00012, and it rose more than 10 times in 8 days compared to the issuance price.

That was a point in time during a super bear market when everyone was lost. The problem Binance Launchpad solved was straightforward: providing ordinary investors with an entry point to acquire early-stage tokens. This kind of opportunity had never existed before. If you bought, you were one step ahead of others. The scarcity was real, and FOMO was naturally generated.

In March 2022, BTC dropped 34% from its historical high of $68,700, settling at $37,800. Most people had not yet decided to exit or wait; the governance token GMT of STEPN completed subscriptions on Binance Launchpad at an issuance price of $0.01.

On April 24, GMT was priced at $4.1144, an increase of 411 times from the issuance price, with a peak circulating market value of $2.46 billion. Google Trends data showed that the global search interest for "STEPN" reached a perfect score of 100 that week, almost simultaneously with the price peak. In June, daily active users hit 1 million. Mimic projects subsequently appeared, with at least 17 move-to-earn projects following suit.

Compared to BTT, the narrative level of GMT was a step higher. BTT sold scarcity. GMT sold a story supported by behavioral logic, earning money by walking, which is explainable and shareable. It accurately captured two collective emotions in the post-pandemic era: a desire for outdoor activities and a fantasy about crypto earnings. The platform backed by Binance + a narrative of a shareable product = the conditions to ignite during a bear market.

Four years later, when a target was needed to rouse the numb nerves of crypto market players, "Binance Life" appeared, coinciding with the release of Zhao Changpeng's new book, the start of a week-long reading event across the internet, and old stories being unveiled yet again, creating continual public interest and bringing a meme token to a historical new high.

BTT needed a trading protocol, GMT required a pair of running shoes and a mobile app. What Binance Life needed was a single line, a meme, and the title of a book.

In terms of the process, "Binance Life" wasn't as organic as the previous times. Old players surely remember the IEO that made delivery riders refuse to take orders at 8 PM to grab new token shares, and how running for profit directly redefined Web3 as a trend. This time, there seemed to be no newcomers in the market, but combined with the trending new book, the whimsical tokens on Binance have brought about long-awaited fluctuations in altcoins, and qualitatively, it appears to be more satisfying than the last two times.

This is certainly not a macro bull market; money is still not willing to flow into Bitcoin, much less into altcoins. However, even this brief artificial bull market can still evoke some emotion.

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