The meme coin SICK, which has been preheated for several days and has a novel Stake-to-meme concept and anti-opening sniping function, went online last night. It was delayed in opening at first. After opening, the community found that the claimed anti-sniping mechanism was "completely useless", and most of the money was made by snipers who entered the market immediately after opening.

Two minutes after SICK opened, the market value was rushed to about 5 million US dollars by snipers. In 20 minutes, SICK's trading volume was 3.3 million US dollars, and the market value reached a peak of 6.8 million US dollars, and then it quickly collapsed and fell. It is currently 60% below the high point. Afterwards, Sick's official Twitter account Sick On Sol explained that due to technical problems, the anti-sniping function could not be triggered.

What is SICK?

In the past two days, Sick on SOL has gained rapid attention in the meme community. Its NFT was minted in the form of blinks on August 23, and the floor price tripled on September 1. SICK, the token originally scheduled to be launched at 11 pm on September 3, has become the focus of meme players.

$SICK is a token launched through a platform called Moonkebiz, representing the project Sick on SOL. $SICK raises initial liquidity by minting NFT (Sick of rug), and uses the raised amount as the initial liquidity pool of meme coins. Moonkebiz adopts the "stake-to-meme" mechanism. The staker is the holder of the NFT. When the liquidity pool of the meme coin increases, the staker's share will be unlocked, and the NFT holder will receive the corresponding amount of SOL and the corresponding value of the meme coin.

At the same time, Moonkebiz also has anti-sniping measures to prevent tokens from being snapped up in large quantities. Within 90 seconds of the opening, if more than 10% of the circulation is purchased, then a part of the tokens stored in the smart contract will be added to the liquidity pool to prevent snipers from holding too many tokens. The additional income brought by this mechanism will also be distributed to NFT holders.

Experience Tutorial

In the official push of Moonkebiz, its mission is to innovate the meme rug phenomenon that is rampant on Pump.fun. Entering the Moonkebiz homepage, the first thing you see is its slogan: "A meme launch platform without rugs on Solana."

In the introduction of the gameplay, Moonkebiz used "crowdfunding" to replace the bounding curve stage that the meme needs to go through before it is released. Now you cannot freely create tokens on Moonkebiz. You need to send a private message to the official account to obtain the creation permission. SICK is the first token on Moonkebiz.

The battle situation is miserable

Last night, BlockBeats editor also squatted on the opening time of SICK. SICK announced the launch time as 23:00, but according to Dexcreener and GMGN, the actual launch time of the contract is 23:13:59. Dexcreener data shows that two minutes after the opening, the market value of SICK rushed to about 5.5 million US dollars. After that, SICK fell 37% in 4 minutes, and then continued to rise for 13 minutes, doubling its price. Only 20 minutes had passed since the opening.

Left: SICK's trend within 8 minutes of opening; Right: SICK's trend within three hours of opening

After reaching a market value of $6.8 million, SICK began to plummet, and its current market value is $2.49 million, down more than 60% from its peak. According to the response of meme community players, most of the traders who were able to make profits in SICK were those who bought quickly within one minute of the opening. For example, the sniper wallet address starting with CZaHE, Dexcreener data shows that it bought $44,000 of SICK at the opening moment, and sold all the chips in 7 transactions in the next minute, leaving the market with a profit of $100,000.

Meme player Mikong shared his trading experience on Twitter. After the opening time passed but the token contract was not announced, his team found a frequently traded address 2hbRbjgYXYFtDCPKDZngY1Vzy3RdoajwaQziZHByp7mk, which was related to Sick's official tg group. So he bought it manually more than ten seconds after the contract address was launched, doubling the original amount.

Left picture @mekongeth, SICK contract seen at 22:53; right picture SICK official released token contract at 23:14

"After the scheduled launch time was delayed, there began to be a lot of fud information, so we canceled the sniper bot that was opened in advance. Afterwards, it was found that sick's anti-sniping hardly worked. I regret not opening the sniper bot." Mekong wrote.

Faced with community doubts, SICK officials explained that the anti-sniping function was not triggered due to technical problems caused by transaction failures related to rate limits.

SICK officials also pointed out on Twitter that the meme board tool GMGN marked the sniper as a developer's trumpet, hoping that they would modify the mark, and complained that the sniper's transaction records were too many, and there was no end after turning 250 pages. “Unfortunately, the anti-sniping mode didn’t start fast enough, but honestly, this is still the fairest token launch ever (despite the lack of anti-sniping).”

GMGN told BlockBeats that the determination of dev trumpets is based on the traders in the first few blocks at the opening. Records show that four sniper addresses were determined to be dev trumpets, and their profit multiples on SICK ranged from 100%-300%. If there is anything that ordinary traders can learn, it is to not only be wary of the vision portrayed by the project party, but also to distinguish the rules of play set by the project party.

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