Original ｜Odaily Star Daily (＠OdailyChina)
Author｜Golem (＠web3_golem)
Entering September, the on-chain Meme bull market continues, with Binance launching perpetual contract trading for Bull and Marscoin, injecting confidence and imagination into the BSC Meme ecosystem; Robinhood Chain has currently launched 3 Meme coins with a market cap of over 100 million (CASHCAT, AI, and PONS). The two main Meme coin Launchpads, Pons and Long, have become the engines of the Robinhood Chain Meme bull market. New narratives such as Meme stock pairing, Meme squeezing Wall Street, and leveraged stock Memes are stirring the emotions of every Meme player...
As this round of Meme frenzy enters the "deep waters," legendary figures from the chains of 2023 and 2024, and the "great cuts" are also returning, joining this Meme carnival.
Brother Magi's Token Launch Fundraising "First Setback," Highest Market Cap Only 1.7 Million Dollars
As a typical representative of the "returning V," Brother Magi has launched a token.
On the evening of September 1, Brother Magi tweeted on the X platform with a contract address, pointing to a Meme coin named "TAIWAN," which is paired with the stock token TSM (Taiwan Semiconductor Manufacturing Company). Brother Magi then posted on the fomo platform to promote this Meme coin, stating, "The strongest stock on the Robinhood platform is AI, followed by $Taiwan." As of now, Brother Magi has not claimed that his X account was hacked, so it is basically confirmed that it was indeed him who issued the token.
Brother Magi issues tokens on Robinhood Chain
Before officially issuing the token, Brother Magi stated he would attempt "zero holdings" token issuance for the first time, buying in the open market just like the users. According to Brother Magi's public information on fomo, Brother Magi purchased a total of 7636.24 dollars' worth of TAIWAN, averaging buy-in at a market cap of 769,000 dollars, with no sales made, but it cannot be ruled out that Brother Magi may have a hidden wallet address.
Brother Magi's buying operations on TAIWAN
However, this "zero holdings" token issuance method and pairing with stock Memes did not "move" Meme players. According to GMGN data, within 1 hour after Brother Magi's post, TAIWAN's market cap peaked at 1.7 million dollars, then fell all the way down, currently down to around 600,000 dollars, with the number of holding addresses just over a thousand. Brother Magi can be considered to have been cut.
As of the time of writing, there are only 200,000 dollars in the TAIWAN liquidity pool, and the creator's fee income is only 4,784.28 dollars. This is not Brother Magi's first time raising money in the open market, but it is certainly the most miserable one, which may signify the complete bankruptcy of his ability to attract followers.
Brother Magi originally was a rapper who debuted in 1992 and was once very popular in Taiwan. In 2017, Brother Magi ventured into the blockchain industry, launching the blockchain project Mithril, focusing on the "social mining" concept. With the popularity he gained in the entertainment industry, he raised a total of 51.6 million dollars (approximately 60,000 ETH at that time) in the ICO of the project, which was his first fundraising in the crypto open market, but the project completely collapsed to zero in 2022.
In 2020, during the DeFi Summer, Brother Magi introduced the lending protocol Cream Finance, but the protocol was attacked multiple times by hackers, resulting in significant user losses; in 2024, Brother Magi issued tokens for the first time on the Solana chain, launching a coin named Boba Oppa ($BOBAOPPA) after his pet dog, which raised over 40 million dollars in SOL through pre-sales within 24 hours, yet the coin price fell over 70% on the same day, leading to losses for everyone. (Related reading: Brother Magi's "Zero" Record)
Recently, on August 27, Brother Magi posted on the fomo platform that he intended to acquire Friend.tech for 1 million dollars. After the news spread, Friend.tech's market cap surged from less than 300,000 dollars to over 6 million dollars, a more than 20-fold increase. Brother Magi averaged buying in at a market cap of 192,000 dollars with approximately 70,000 dollars, realizing a theoretical profit exceeding 1 million dollars, but this time Brother Magi did not "cut" anyone, claiming he would never sell.
However, no one believes him anymore; Brother Magi has exhausted his credibility through repeated escapes.
The New Generation Pushing the Old
Overall, it is not only Brother Magi who has lost the ability to shout and guide trades, the influence of returning legendary figures from the early chain days has diminished compared to their heyday.
Him is one of the most well-known and active Solana Meme KOLs in 2024 and possesses immense shout-out capabilities, especially during the AI Meme craze. Recently, players have directly transferred 40% of the chips of the Meme coin COPPERINU on Robinhood Chain to him, which he publicly took on. This Meme coin peaked at a market cap of 30 million dollars but then quickly fell; as of the time of writing, the market cap is only 8 million dollars, and Him is still actively promoting it.
In the Chinese-speaking area, thanks to the competitive trends of Meme social trading in this round, such as Pump.fun and fomo, previously legendary figures in the chain like 0xSun, Wang Xiaor, and Crypto D have all joined Pump.fun (Odaily Note: It is still unknown whether they received signing fees from Pump.fun).
Wang Xiaor's shout-out ability remains strong; on August 31, he announced a buy-in for the Meme coin BONER, which subsequently peaked in market cap at 90 million dollars. Although there has been a drop since, the market cap still hovers around 54 million dollars. However, the shout-out abilities of other returning figures have significantly declined.
On the morning of September 2, 0xSun and Crypto D jointly entered the Meme coin JOHNDOG, but as of the time of writing, the highest market cap of this Meme coin is only 2.5 million dollars, indicating a sharp decline in their guiding ability. According to Pump.fun data, as of the time of writing, 0xSun has already suffered a cumulative net loss of about 16,400 dollars since joining Pump.fun.
0xSun's Pump.fun platform account
It can be seen that no one can remain in the spotlight forever. The explosion of the fomo platform is also a major feature of this round of the Meme bull market, as the current trend of social trading is driven by the fomo platform's continuous marketing to find incremental Meme users. New users may not be familiar with these former legendary chain figures but prefer to follow a new wave of emerging and transparently trading Meme traders.
The essence of Meme play has not changed; under the trend of social trading, people still believe in KOLs, but the new generation is pushing the old generation, while the "older generation" is still struggling on the beach.
Recommended reading:
Robinhood Chain Sees Another Over 100 Million Dollar Golden Dog, Coin Stock Pairing Meme Feeding RWA
With Daily Earnings Close to 1 Million Dollars, How Long Can the 5-Fold Rise of PONS Last?
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