Can what we are trading now still be called meme coins?

CN
6 hours ago

The "1011" crash came so suddenly that when everyone woke up, their attention was drawn away by the bloodbath in the market. Nevertheless, as the market quickly rebounded, especially with $BNB hitting an all-time high, the BSC meme market remained very active. Discussions about the BSC meme coin market, while no longer the hottest topic of "immortals fighting," still warrant further contemplation.

Is the BSC meme market reasonable?

Many players believe that this wave of BSC meme market is a "manufactured bull market" from Binance, possibly one of the means by which Binance initiates a "business war."

Since the hype is almost entirely centered around the tweets of CZ and He Yi, along with Binance Alpha and the contracts or spot listings on Binance's main site serving as significant short-term upward momentum, it is indeed hard to say that this round of BSC meme market is "organically occurring."

However, "irrational speculation" cannot easily be equated with "unreasonable market conditions." Whether it was the explosive rise of Indonesian guy Ghozali's selfie NFT over three years ago, the crazy inscriptions during the bull market two years ago with a new protocol or chain every day, or the "Kid Brother" GenZ Quant Rug's descendant token market cap breaking one hundred million dollars a year ago, the pursuit of explosive returns from irrational speculation is entirely reasonable. It is merely about participating in a highly concentrated short-term attention span for PvP and believing that there will be significant capital backing to lift it up.

So, is this good?

Have meme coins changed, for better or worse?

Murad's "meme coin supercycle" speech caused a stir in 2024. He believes that the best meme coins have more functionality than almost all altcoins; they provide fun, reduce loneliness, and offer identity recognition—achieving the goals that DAOs were originally meant to fulfill, bringing resonance, emotional connection, a sense of mission and meaning, entertainment, and happiness, even promoting charity, storytelling, and legend-building.

A truly excellent meme coin needs to withstand the test of time. Murad believes that building a belief system takes at least seven to eight months and must experience at least two 70% crashes. The best meme coins require a core mission and goal, with a community that has a strong cultural or identity recognition, unafraid of storms, and willing to try every possible effort to achieve their mission and goals over the long term.

Of course, one could say that having a meme and executing an action to tokenize that meme forms a so-called "meme coin." This wave of BSC meme market somewhat resembles the rapid shifts in attention seen in variety shows or internet celebrities; today it's about life, tomorrow it's about customer service, and the day after it's about cultivation. Just like variety show guests or internet celebrities, seizing the opportunity to engage in business activities or sell products while they are popular is not wrong.

There are many viewpoints like this: "I'm just here to make money; I don't care what a meme coin should be like, as long as it can make money." "Building is just for fools; isn't building just about getting people to take over?"

It is precisely because long-term operation is a labor-intensive task that seemingly worthless meme coins are no longer just an emotional game but have quantifiable evaluation metrics for good and bad. Such metrics are crucial for the long-term development of the meme coin market because only with metrics that resonate like a stock's profitability can we obtain one of the things retail investors desire most—fairness.

With a consensus-based evaluation system, if you think it's good, I think it's good, and he thinks it's good, and retail investors all think it's good, the current monopoly of KOLs' discourse power in the market will truly improve. Otherwise, insider information, opening bundling, KOL organizing, and other means that allow resource advantages to harvest retail investors will continue to exist.

Is the BSC meme market good or bad?

For retail investors, volatility means opportunity. Whether profiting or losing in the BSC meme market, overall, it is a stream of fresh water, a market that "everyone thinks should not be missed" is certainly better than a stagnant market like a dead pond.

We cannot know the true intentions of Binance, the most influential entity in the industry, in leading this meme market, but we hope they can do better and play a more positive role.

For example, after the initial phase of wild growth, carefully observing and selecting meme coins that have long-term commitment to building within the ecosystem and supporting these coins.

For instance, a more comprehensive creator incentive mechanism to ensure the enthusiasm of creative and long-term operating creators.

In any chain, whether Ethereum or Solana, there has been a period of wild growth. Perhaps BSC just needs more time.

Conclusion

Meme coins can go far, far enough that young people can really make money based on their cultural intuition and aesthetics, far enough that they can play a role in real life in some unexpected form rather than just becoming speculative donations, far enough that they can truly become a part of young people's lives or a lifestyle.

Meme coins can also "die" quickly; we can accept that one form of their existence may be a fast-paced, disposable casino. But if we are unapologetic about this, in the end, we can only watch it become a wasteland in solitude.

If this industry and market have genuinely brought you profits and changed your life, can we start today to sincerely hope that this market can be a little better?

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