Elon Musk has once again ignited the meme coin market, delivering a "golden dog" - $ASTEROID - which has seen nearly tenfold gains in three days for many players.

However, this "golden dog" has not only sparked the ETH mainnet market but also caused anxiety in the SOL trenches...

"Space Dog" ASTEROID

ASTEROID was initially designed as a zero-gravity indicator for the SpaceX Polaris Dawn mission in September 2024. It was actually made into a plush toy that flew into space with the astronauts, floating in the cabin to remind them they had entered a weightless state.

Although ASTEROID is not a real dog, it can be said to be the first "Shiba Inu" to enter space.

Liv Perrotto, the creator of ASTEROID, was a little girl herself, and she hoped that ASTEROID would encourage all children to bravely chase their dreams, saying, "Look, a little Shiba Inu has gone into space; when I grow up, I can too." Unfortunately, after fighting bone cancer for five years, she passed away on January 14 of this year.

Liv's biggest dream was to meet Musk, and she even made a list of questions to ask him when they met. After Liv's passing, her mother, Rebecca Perrotto, published the handwritten list of questions:

The last question on the list was, "Can you make ASTEROID the mascot of SpaceX?"

On April 17, Musk replied to a tweet by @glennbeck mentioning this matter, saying, "Will answer shortly."

On April 19, Musk answered all questions on the list, and regarding the question "Can you make ASTEROID the mascot of SpaceX?", Musk's reply was, "OK."

Typical Musk narrative, and a grand enough angle - SpaceX's new mascot. But this time, the wealth effect occurred not on SOL but on the ETH mainnet.

The $ASTEROID on the ETH mainnet will begin operations in September 2024, but after March 2025, its official Twitter account became relatively inactive, posting updates approximately every few months, and the official website linked in its profile is already inaccessible.

They once donated 0.5% of the tokens to St. Jude's Hospital, the same recipient as the profits from the sale of Asteroid Shiba plush toys by creator Liv Perrotto, to fund children's cancer treatment. But that was back in 2024.

Creator Liv Perrotto's mother, Rebecca Perrotto, received 485.98 SOL in transaction fee revenue from $ASTEROID on SOL, which launched through the Bags platform, and the total fee revenue has reached 856.46 SOL.

However, after receiving the fee revenue, she has not publicly disclosed this behavior on X or other social media, nor has she expressed any stance regarding the related meme coins on ETH or SOL. The only remark regarding cryptocurrency has actually been unfriendly:

In the tweet announcing the listing of ETH $ASTEROID, @AJamesMcCarthy stated that profiting from the creative design of a deceased little girl is a despicable act. Rebecca Perrotto replied, "This is really frustrating."

So, both the new and old $ASTEROID have certain advantages from different angles, but it cannot be said that the older coin on the ETH mainnet ultimately emerging victorious is a "victory for the community," since the CTO team had been inactive for more than half a year before encountering this significant opportunity.

However, there was more anxiety-inducing news for the SOL trenches.

SOL Being Drained

Wojak is a classic meme character, familiar to meme players. The $WOJAK on SOL slowly began to recover at the end of March, gradually rising from a market value of 3 million dollars to a peak of 12 million dollars.

But all of this abruptly stopped on April 17, the day Musk announced he would respond to Liv Perrotto's questions. Since April 17, the $WOJAK on SOL has dropped by more than 50%.

In contrast, the $WOJAK on ETH rose approximately 44% on April 17 and continued to rise in the following days, quickly climbing from a market value of 6 million dollars to a peak of 45 million dollars.

In just one day, the market value advantage of the $WOJAK on SOL, which was about twice that of the $WOJAK on ETH, was quickly reversed.

The reversal of $WOJAK on SOL is a dangerous signal for players in the SOL trenches. Unlike native memes on SOL like $neet or memes with IP on SOL like $troll, both $WOJAK on ETH and SOL do not have IP, meaning the competition between them is not just viewed as a competition for community vitality but also signifies a preference for capital allocation. While the native high-quality meme targets on SOL remain unaffected, and even $troll on SOL has increased (though not as dramatically as $troll on ETH), there are simply not many such tokens.

Will pump.fun Be Challenged?

Many players in the English-speaking community believe that the low-cost token issuance of pump.fun no longer signifies "fair launches" but has become a race to see who can acquire 5% or more of the chips faster and cheaper. They miss the days when buying 0.x% of chips, with the shared dream of reaching market valuations in the hundreds of millions or even billions.

While it is uncertain whether this sentiment will actually lead to changes in the SOL ecosystem, some launchpads are already attempting to harness this sentiment to challenge pump.fun.

Supported by Bybit, the launchpad Printr has introduced "Proof of Belief," allowing developers to activate this mode when issuing tokens, distributing creator income to token stakers. Additionally, creators can choose to automatically use their income for buybacks and burns, or to automatically add to liquidity pools.

A hot new token issuance model experiment comes from @xbt2027, who calls it "D27/D17", and its main token $2027 issued on the ETH mainnet has increased by approximately 15 times since its launch.

Compared to bonding curves, this model has a much slower pace. It is divided into five stages:

- Stage 1: 10% of the total supply of tokens is used for the initial fundraising, which is similar to the traditional method of transferring money to a wallet and waiting for tokens, but it allows for 100% refunds.

- Stages 2, 3, 4: A maximum of 5% of the total supply of tokens is allocated, and the valuation of tokens will increase relative to Stage 1, at 1.21 times, 1.44 times, and 1.69 times, respectively. Refunds are still available, but the refund rate is not 100%; each stage’s refund rate depends on the fundraising situation of the previous stage.

- Stage 5: If the raised amount does not reach the ceiling, the unsold tokens allocated in stages 2, 3, and 4 will roll over to this stage, which will also have a fixed sales quota of 5% of the total supply, and this stage is non-refundable.

A total of 20% of tokens will be sold through these five stages, with another 10% locked in liquidity pools along with 90% of the sales proceeds, and the remaining 10% of the sales proceeds used to buy back $2027, with all remaining issued tokens to be burned.

The reason it is called an "experiment" is that this model has not yet been formalized through a smart contract to establish automated operations. Currently, two tokens have completed fundraising through this experiment, $2027 issued on the ETH mainnet and $XBT which is set to launch on SOL. $XBT has raised a total of 8146.349 SOL and will have its token generation event on April 21 at midnight.

This model clearly aims to slow down the process and reward believers (with the highest costs and flexibility for refunds in Stage 1), while addressing current issues of early sniper activity and poor liquidity in meme coins.

While it's uncertain whether these new experiments or launchpads can reverse the overly PvP nature of the SOL ecosystem, the actions of these projects indicate that the resentment towards PvP on SOL has reached a level where project teams feel they can attract users to break through using the current sentiment. Perhaps the SOL ecosystem will indeed usher in some changes. Perhaps pump.fun is also feeling anxious.

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