What other chains are doing pump.fun?

I want to put double quotes around the name of the product "pump.fun" because its significance has gone beyond being a "coin issuance product" itself. Now, it has become the most direct, effective, and perhaps even the only "life-saving straw" that each chain considers. Regardless of whether it is a new chain or an old chain, regardless of the main narrative of these chains, regardless of the purpose that the project parties behind these chains want to achieve, the market situation presented to all of us in the end is that as long as it is a chain, just pump it and let everyone have fun.

ApeChain, a chain launched by the former NFT king Yuga Labs, was originally thought to be like Abstract, which also has an NFT background, and slowly warm up to win the support of the NFT community, or like Shape, which was created by artists, to launch a "black hole coin" $O with full art and meme vibes, which is refreshing, or, like TreasureDAO (Magic), focusing on games related to Otherside.

As a result, I see that Yuga Labs is also hungry, so they chose "pump.fun" and launched the "pump.fun" product Ape Express.

So is this move of Yuga Labs a success? Judging from everyone's reaction, it is not. It is generally believed that those who still hold Yuga series NFTs (not only BAYC and MAYC, but even CryptoPunks have long been Yuga series) are all "old money" in the currency circle. These direct audience groups who are not short of money will bring in funds crazily, and stage a vertical trend. But up to now, ApeChain's leader $CURTIS has only reached a market value of nearly 30M and has stopped abruptly. At present, it has lost half of its market value compared to the high point.

“One-day tour” is disappointing, although everyone’s expectation may only be “one-week tour” or “one-month tour”...

“pump.fun” has sprung up like mushrooms on various chains. On Aptos, there is pump.uptos:

On SUI, there is Move Pump (also supports Aptos). In addition, hop.ag is about to launch its own “pump.fun” product.

On Sonic (formerly Fantom), there is Degen Express:

dydx only rose by about 25% after former CEO Antonio Juliano announced his return, but after the tweet of Charles d'Haussy, CEO of the dydx Foundation, "At tomorrow's dYdX Day event, speakers will reveal the secrets of moats, Trojan horses, and flywheels", it instantly rose by 20%. Many people speculated that dydx would also create its own "pump.fun".

On the Fractal chain of the Bitcoin ecosystem, there is also a Satspumpfun that is ready to start after a long warm-up:

This situation where there is a "pump.fun" on each chain reminds me of last year's inscription bull market. I thought that the inscription hype of the Bitcoin ecosystem had come to an end after entering the IQ50 stage, but I didn't expect that the inscription gameplay was passed on to various chains such as ETH, Solana, and Polygon. Of course, except for ETH and Solana, which still have some signs of survival, these "different chain inscriptions" can basically be declared annihilated.

So, will the rush of "pump.fun" on each chain be the "top signal" of meme coins?

I think this is just the "top signal" of the hot-spot game play of "pump.fun", not even the top signal of the hot-spot game or even the meme coin itself. Just like after the end of the inscription bull market, the top inscription assets such as $ORDI still have a reasonable market value and liquidity, but the assets with the "inscription" game play as the only consensus point, after the hot spot of its game play itself loses attention, there is no consensus to support the long-term value, so it is foreseeable that they will die.

The meme coin track has developed to this day, and its concept itself has been over-abused. At the beginning, everyone's understanding of meme may be "worthless and IQ 50". In the $DOGE period, the understanding of meme coin may even be equated with the photo of the dog. But now, the top meme coins such as $BITCOIN (Harry Potter), $SPX, $MOG, $JOE, etc. have all withstood several rounds of large price fluctuations to test their consensus. Up to now, I think there are not many players who still think that these coins will return to zero. This concept itself is a manifestation of the value of meme coins - there is no difference between the path or narrative to form a solid value consensus.

We can even look at Bitcoin. The consensus on Bitcoin’s value has nothing to do with technology. Bitcoin’s own culture and meme attributes are also very strong.

Hotspot gameplay, or hot spots, must not last long. Just like we may watch many live broadcast rooms when we are bored, watching games today and chatting tomorrow, the popular live broadcast content may be different every day. But we will all be frequent visitors to a certain live broadcast room. The top anchors will have certain characteristics other than live broadcast content to stabilize their own audience (community). The community will help this anchor make various live broadcast slices to attract more people from the slices to enter the live broadcast room and become long-term fixed viewers.

The same is true for dynamic meme coins. The community will spontaneously raid (promote their own coins) on Twitter, spontaneously make pictures/videos/songs and other content, and believe in the power of belief. Of course, if it is just a pure statement of "we all believe that it can break through the sky", it is not enough to run out the top meme coins, because if everyone just believes that the price can break through the sky, it is better to say that everyone wants to run away early.

Hot gameplay and hot disk will be performed by one party after another, but every time the market is washed away, it will flow back to those coins with strong community performance. Such coins can now open a separate track, or they can be regarded as the top stream of meme coins, which is a word that everyone often sees now, "Cult". The abstract content of "Cult" is just an external manifestation, and the core strength is that they can convince the market and their community is strong enough. Even when an abstract coin ranks among the "Cult" level, we will feel that this coin seems not so abstract, because it attracts more audiences and gradually makes what it conveys more universal to attract more people.

Meme coins are actually the market’s best response and “correction” to “VC value technology coins” - perhaps Crypto is not strong enough to become the second US stock. It has convinced people of our generation, but it still needs to attract and convince more young people. Use lighthearted and interesting content to update the public’s serious impression of Crypto. One day, it is not impossible to expect a global cultural symbol like Pepe to emerge from Web3.

Who can say that Bitcoin is not one of the biggest cultural symbols of our generation?

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