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“Black Myth: Wukong” became the top star overnight, and dominated the list of Steam on its first day of launch, setting a record for the number of online users of a single-player game.
TON Eco Meme Coin DOGS, the 57th issue of Binance New Coin Mining, will be launched in two days on top exchanges such as Binance, OKX, and Gate.io.
These two things are logically unrelated, but one is a 3A masterpiece that has been developed for seven years and spent a huge amount of RMB 400 million.“If you play for one hour, they spend 20 million yuan.”;The other is tokens with low cost and airdrops on the entire network,“There is nothing, the current market value is $1 billion.”
In this comparison, the willow stick in Goku’s hand was like a boomerang, hitting the front, chest and back of many Web3 people.It’s a question that people have to ask, how far is Web3 from Black Wukong?When will the origin be corrected?
01DOGS market value is 1 billion US dollars, what is its value?
DOGS is a Meme token based on the Telegram platform, designed to embody the spirit and culture of the Telegram community.
The project was inspired by the mascot Spotty created by Telegram founder Pavel Durov. This black and white dog is not only the iconic image of the project, but also represents the vitality and innovation of the Telegram community.
The DOGS project attracts Telegram users to participate through airdrops. The project hopes to further spread Spotty’s image and spirit to a wider field through DOGS and give it unique cultural value.
With the viral spread of social media, this black and white puppy quickly triggered the entire network FOMO. DOGS has opened the door to Binance for online transactions with its characteristics combining the “Meme” and “TON” ecosystem.So far, DOGS has performed well in the pre-market trading market of Bitget Exchange, with a turnover of US$2.15 million, showing the market’s high attention and enthusiasm for it.
Low development costs and extensive airdrop communication, it seems that the so-called “value” cannot be found in DOGS. If there is a “secret of success”, it cannot escape the rise of Meme, consensus, and TON ecosystems…
However, projects that are born like DOGS, but have become golden cakes, are not uncommon in the crypto industry.Short-term hype seems to have become the norm, and I don’t know how much of such high valuations are truly worth.
02The Wukong concept Meme coin has increased by a thousand times, causing controversy
The myth of Meme coins has been popular in the currency circle, and the launch of “Black Wukong” is no exception. This wave of Web2 traffic has been poured into the liquidity pool of Meme coins in the crypto market.
MEME coins ushered in an astonishing increase. According to Dexscreener data, $Wukong issued on Tron rose by 3980% in 24 hours. Multiple MEME coins of the same name appeared on different blockchains, with different increases, and $ on ETHWuKong also performed well.
Such a rapid market once again hurt the hearts of Web3 people. A number of projects lack a sense of value, and the lifeless market still needs to be driven by this divine monkey.Without value investment, Meme coins have become the few liquidity, so no wonder there will be KOLs sighing. “The currency circle also urgently needs the appearance of Qingliu Hei Wukong.”
In the past six months, there have been a lot of debates about Meme and VC coins in the market. Some KOLs once said that MEME is like opium, which has influenced the entrepreneurial direction of the Oriental Crypto community.For example, IOSG founder Jocy believes that MEME’s fanatical addiction to short-term hype may lead to the bursting of the market bubble.
Another voice believes that the current trend of “high FDV and low circulation” in the market has caused public concerns about the sustainable investment potential of the crypto market.Many people believe that these tokens are the “culprits” of the market decline, which has led to retail investors having no choice to participate in MEME coins. The hot discussions around high FDV (full circulation market value) VC coins can be said to be one after another.
No matter what kind of voice it is, you will find that value investment is rarely mentioned and seems to be invisible.
03Crypto Investment is a game about attention
In the crypto market, value investment always seems to have to fall apart, and fundamental investment means basically not making money.
The logic of “high performance supports high stock prices” in the traditional financial market rarely gains a foothold in the crypto market. Many people are waiting for the long wait for the altcoins to be rediscovered by the market to finally find that only the assets are left with the wind.The dust that passed away.
When a plunge comes, you have to face the situation where the mainstream falls like a copycat, the copycat falls like a local dog, and the local dog falls like an air.In this era of long-termism being praised, it has been criticized again and again in the currency circle.
They are all k-lines of ups and downs. Are greedy and fearful human nature different?
The answer is simple. In the crypto market, “fundamentality” has gradually been redefined.
Web2 projects value more technical strength, user data and financing background, and the encryption industry also values it. However, no matter how much space you spend to emphasize these indicators, it may often be inferior to gossip, celebrity endorsements, or even negative news.
This has brought about many incredible scenes: when a certain track such as MEME coins or AI set off a craze, even if a project’s technology is not outstanding, as long as it can get on the hot spot, it can easily attract a large amount of funds.
Furthermore, if a project is recommended by a KOL, even if its strength is mediocre, it can quickly attract fans with the help of celebrity effect.
What’s more, after being hacked or negative news is exposed, it can attract more attention, because many people think that this kind of project is “full of drama” and is worth a try.
In short, in this imaginative crypto world, the traditional “fundamental” no longer applies.Attention is the fundamentals and the most inconspicuous value.
This can explain why the low-cost investment in DOGS can be worth 1 billion US dollars, while the seemingly beautiful capital power of the Wukong concept Meme coins reaching a thousand times increase, but it has caused controversy and reflection.
04Summarize
Even if the crypto market is still controversial, we don’t have to be too anxious.Just like the law of survival of the fittest and elimination of the unfit, if the market no longer accepts the rules of the game with high FDV, VCs will inevitably adjust their strategies.
Similarly, the rise of MEME coins is also the result of natural selection in the market. They can attract a large number of new users, and good projects will eventually survive in the bubble, and those “air coins” disguised as value coins will also be eliminated.
Regardless of whether there is a Black Wukong to clarify the origin of Web3, the evolution of the market will always follow the natural selection law of natural selection and ultimately move to a higher level.
We should keep an open mind and pay attention to truly valuable projects. With market participants’ re-examination of value and continuous improvement of market mechanisms, we believe that in the future competition, excellent projects and teams will stand out and lead the industry into the market.A more prosperous period.
