PEPE is listed on Binance, who will be the next meme king?

2023-05-05 20:05:42

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Value investing is in vain, all-in on frogs living in the palace...

Author: Flowie, Biscuit, ChainCatcher

PEPE is listed on Binance. Binance announced that it will launch Pepe (PEPE) in the Innovation Zone and will open the PEPE/USDT and PEPE/TUSD trading pairs at 24:00 Beijing time tonight. Following the announcement, PEPE surged over 25% in the past hour.

Recently, the successive surges of PEPE have brought meme coins and "shitcoins" back to the forefront of the crypto market. In just a few days, dozens of meme coins and shitcoins have emerged, with some experiencing increases of several dozen times, leading half of the market to revel in the myth of wealth creation, while the other half remains anxious in FOMO.

Among the currently popular meme coins and shitcoins, multiple gameplay styles have emerged, and there are also scams disguised as meme coins that players need to be wary of.

1. Typical Gameplay of Meme Coins / Shitcoins

1. Well-known Meme Derivative Coins

PEPE

Pepe the Frog is a meme coin, and its official Twitter posted its first tweet on April 5, later launching PEPE trading on April 15. The initial price of PEPE was about $0.000000001, with a total supply of 420.69 trillion.

PEPE had no presale, zero burn tax, and LP tokens were destroyed, relinquishing contract authority. PEPE claims to be "the most talked-about meme coin currently in existence. Dogecoin is outdated; it's time for Pepe to dominate."

Shortly after its launch, a series of wealth myths about PEPE yielding hundreds of times returns made it go viral quickly. According to Lookonchain monitoring, a smart money address spent 0.125 ETH (about $251) on April 15 to purchase 5.9 trillion PEPE (currently worth $1.14 million), yielding over 4500 times based on the price of $0.0000001933 on the 19th. Five addresses associated with pepecexwallet.eth purchased 88.7 trillion PEPE at a low cost of about 0.19 ETH ($385) and sold 77.6 trillion PEPE on DEX for $1.23 million, yielding over 3200 times.

Currently, according to Coingecko data, PEPE's market cap has soared over $800 million, ranking among the top 100 cryptocurrencies (currently at 61), with nearly 600% increase in the past 7 days and over 93,000 holding addresses. Exchanges where PEPE is listed include OKX, Uniswap (v2), Uniswap (v3), Gate.io, and Huobi.

WOJAK

After PEPE's rise, the well-known meme coin WOJAK (also known as Feels Guy) was launched, supported by the PEPE mememeter according to its official website. Wojak's original form is a simple drawing of a wrinkled, frustrated bald man. Celebrities like Zhao Changpeng have also shared Wojak meme images last year.

The total supply of WOJAK tokens is 69.42 billion, which surged in the first 24 hours after its launch on April 18, and shortly after, the famous crypto artist Beeple also shared related posts about WOJAK.

Currently, WOJAK's market cap has reached over $60 million, with an increase of over 1000% in the past 7 days, a 24h trading volume exceeding $70 million, and over 10,000 holding addresses. Exchanges where WOJAK is listed include Uniswap (v3), Gate.io, Huobi, Bitget, and LBank.

CHAD

Similar to Pepe the Frog and Wojak, Chad is also a well-known meme on the internet. Following the rise of the PEPE meme coin, the meme coin CHAD was born. Chad originally refers to a verbose and self-important person; when someone is rambling and you can't be bothered to respond, you can say "Yes Chad."

CHAD has a total supply of 235 trillion tokens and has surged 79,202% since its launch on April 18, but this coin has seen a sharper decline compared to PEPE and WOJAK, dropping over 50% from its peak.

Currently, CHAD's market cap exceeds $4.3 million, with an increase of over 690% in the past 7 days, a 24h trading volume exceeding $5.57 million, and 2,268 holding addresses. Exchanges where CHAD is listed include Huobi, Bitget, Poloniex, and Uniswap (v2).

POGAI

POGAI is almost a clear-cut domestic shitcoin, with its meme image being a panda head meme that has gained a lot of popularity in recent days.

POGAI has a total supply of 10 billion tokens and officially launched on May 4, with no private sale or presale. POGAI has a very strong marketing strategy, adopting the airdrop model that was popular during the peak of shitcoins in the past two years, and has strong KOL promotion. Its model is very similar to a batch of lowb shitcoins, and it is even speculated to be created by the original team of lowb.

Currently, POGAI has increased over 75% in the past 24 hours, with a trading volume exceeding $24 million, and over 42,000 holding addresses. Exchanges where its tokens are listed include Gate.io, Bitget, and Uniswap.

2. Airdrop Speculation Types

The meme coin with the token AIDOGE mainly revolves around Arbitrum airdrop accounts, and later even appeared around zksync account airdrop speculation, but it did not make much of a splash.

AIDOGE

In this round of meme token frenzy, while PEPE was going crazy overseas, AIDOGE quickly gained popularity domestically. The ArbDoge AI official website (AIDOGE) claims to be an experiment in the Arbitrum ecosystem, with its token AIDOGE launched on April 15, with a total supply of 2.1 trillion tokens. Addresses eligible for ARB token airdrops can receive 95% for free, and the earlier they claim, the more they receive.

Additionally, AIDOGE has designed a transaction burn tax mechanism. Users incur a 15% burn tax on every transaction on-chain, with 3% allocated for ecological development; 1% will be burned; 2% rewards liquidity providers; 3% is used to purchase ARB for subsidizing protocol games and voting (in the early stages, some ARB tokens will be directly used to encourage users to increase liquidity pool funds); and 3% is for AIDOGE holders' staking dividends. Another 3% is for lucky drops, which will be converted into ARB tokens and deposited into a lucky pool.

Currently, AIDOGE's market cap exceeds $100 million, with a 24h trading volume exceeding $157 million, and its token has increased by 241% in the past 7 days, with over 130,000 holding addresses. Exchanges where AIDOGE is listed include OKX, Gate.io, Huobi, Bitget, and BKEX.

MONG

MongCoin launched the MONG token on April 23. According to its official description, MongMob (蒙民) was born from the ramblings of a U.S. congressman, and the Mong people are immortal, able to survive in bear markets.

Unlike pure meme coins, MONG is related to the MONGS NFT created in January 2022, which includes 6,943 NFTs, each depicting a unique meerkat, and holders of these NFTs will receive MONG token airdrop rewards.

MONG has increased over 88% in the past 24 hours, with a trading volume of $24.4 million and over 10,000 holding addresses. Currently, it is listed on Uniswap (v2).

3. Social Experiment / CX Types

This type utilizes game mechanisms similar to CX to create user FOMO emotions.

CLIPS

Just launched last night, CLIPS is likely the hottest shitcoin today. The gameplay provided by its official site appears quite complex; simply put, it is a FOMO game for competing for advertising space, with a prize pool. The first mint by a single wallet receives five million CLIPS, which then undergoes halving; users can also use their tokens to bid for homepage advertising space, with consumed tokens being burned. The successful bidder must pay 1.5 times the tokens of the previous bidder, and if no one bids for over a week, they can receive token rewards.

CLIPS has a total supply of 220 billion tokens, and currently, the CLIPS token has surged over 88% in the past 24 hours.

RG has not been as explosive as CLIPS, but its gameplay is also a relatively new way to create FOMO emotions, with its official website claiming that the smart contract was entirely generated by ChatGPT.

RG has a total supply of 999,999,999 tokens, all of which are placed in the Uniswap V2 pool, and the LP tokens have been burned. If an address holds RG for more than 9 days, its held tokens will be burned, and the holder must send the tokens to a new wallet during this period. Currently, RG's 24h trading volume exceeds $2.44 million, with a 24h increase of over 170%.

2. Meme Projects Continuously Exit, Users Need to Be Wary of Risks

Recently, popular meme coins like SHIBERA and XIRTAM have exited. On April 26, blockchain data analyst ZachXBT posted on social media that in the past month and a half, users had continuously created 114 meme coin scams and transferred the profits to the same address (starting with 0x73). Under the FOMO created by meme production, users need to be cautious of risks.

XIRTAM

XIRTAM is the first protocol proof deployed on Arbitrum, and its official website states that it will establish the world's first advanced non-KYC blockchain reputation system. It aims to create a free Play-to-Earn game world where players can participate without purchasing any entry tickets.

Many KOLs promoted XIRTAM. From April 23 to 26, the project raised $2.11 million in a public offering at FjordFoundry, ending at a price of $0.0456. Subsequently, in the public presale on the 29th, the project raised funds at a price of $0.037 on Pincubator_io, mapping tokens to Arbitrum after raising 633 ETH.

However, unexpectedly, on May 3, it was listed on SushiSwap and plummeted from $0.02 to $0.0018, with a market cap crashing 90% in just a few hours.

SHIBERA

SHIBERA is a meme project on zkSync that previously announced an airdrop, but soon after, it experienced a rug pull, and its official Twitter account has been deactivated, with the liquidity pool on SyncSwap withdrawn. Notably, before deactivating the official Twitter, the account changed its username to "Hello."

3. Is Ethereum the Biggest Winner?

With the meme/shitcoin season comes high gas fees. According to data from beaconcha.in, ETH gas fees have been continuously soaring, with gas fees exceeding 100 Gwei becoming the norm in recent days.

Why is the meme/shitcoin season so high? Some crypto KOLs analyze that the liquidity of meme coins/shitcoins is mainly on-chain and that LPs are generally small, leading to significant price fluctuations for memes. Buyers and sellers set higher slippage to prevent failed transactions from wasting gas fees, while MEV arbitrages from this, pushing up gas fees.

From the perspective of ETH burn volume, amid a recent downturn in the NFT market, the total supply of ETH has decreased by 32,242 in the past 7 days, with an annualized deflation rate of about 1.398%. Since the merge (231 days ago), approximately 560,000 ETH has been burned, with 45,400 ETH burned in the past 7 days. The power of memes is evident, so are you in FOMO?