Source: BlockBeats
Original title: The market crashed, why is the Binance Chain Meme still popular?
The October 11th crash came so suddenly that upon waking, everyone's attention was drawn to the bloodbath of the broader market. Despite this, the BSC meme market remained remarkably active, particularly with the record high reached by $BNB. While discussions surrounding the BSC meme coin market are no longer the hottest topic of discussion, they still merit further consideration.
Is the BSC meme market reasonable?
Many players believe that this wave of BSC meme market is an "artificial bull market" from Binance, and the motivation may be one of the means for Binance to launch a "business war."
Since the hype almost revolves around the tweets of CZ and He Yi, and Binance Alpha and the contracts or spot listed on the Binance main site serve as a huge driving force for short-term increases, it is indeed difficult to say that this round of BSC meme market is "organic".
At the same time, it's difficult to equate "irrational speculation" with "irrational market conditions." Whether it was the skyrocketing price of Ghozali's selfie NFT over three years ago, or the frenzied creation of a new protocol and chain daily during the inscription bull market over two years ago, or the GenZ Quant Rug, where the token market cap surpassed $100 million a year ago, the pursuit of explosive returns from irrational speculation is driven by completely rational motivations: engaging in short-term, highly focused PvP, and believing that there will be massive financial backing.
So, is this okay?
Meme coin has changed, is it good or bad?
Murad's "meme coin supercycle" speech caused a sensation in 2024. He believes that the best meme coins have more functions than almost all Altcoin. They provide fun, reduce loneliness, and identity recognition - achieving the goals that DAO was originally supposed to achieve, bringing resonance, emotional connection, a sense of mission and meaning, entertainment, and happiness, and even promoting charity, story creation, and legend building.
A truly excellent meme coin needs to endure a long period of testing. Murad believes that building a belief in it takes at least seven to eight months, and it must have weathered at least two 70% price drops. The best meme coins, moreover, must have a core mission and purpose, a community with a strong sense of cultural identity and a commitment to achieving it, regardless of the consequences, and a willingness to make every possible effort to achieve it.
Of course, it can be said that once a meme is created and tokenized, a so-called "meme coin" is formed. This BSC meme trend is, in some ways, similar to the rapidly shifting attention spans of variety shows and influencers: today it's about life, tomorrow it's about customer service, and the day after tomorrow it's about cultivating immortality. Just like variety show guests or influencers, taking advantage of their popularity to quickly take on business events or promote products to make money—what's wrong with that?
There are also many opinions like this: "I'm just here to make money. I don't care what the meme coin should be like. As long as I can make money, that's fine." "Construction is stupid. Isn't construction just about recruiting people to buy in?"
Precisely because long-term operations are a laborious endeavor, seemingly worthless meme coins are no longer simply a game of emotion, but instead have quantifiable metrics for success and failure. Such a set of metrics is crucial to the long-term development of the meme coin market. Only when such metrics, like stock profitability, are deeply recognizable can we maximize the realization of one of the most desired things for retail investors: fairness.
Only if there is a consensus-based evaluation system—one where you think it's good, I think it's good, he thinks it's good, and retail investors all agree—can the current monopoly of KOLs on market influence truly be improved. Otherwise, insider information, bundling, KOL-sponsored promotions, and other tactics that allow resource-rich investors to exploit retail investors will persist.
Is the BSC meme market good or bad?
For retail investors, volatility presents opportunity. Regardless of whether they profit or lose money in the BSC meme market, it's generally a breath of fresh air. A market that everyone agrees they must participate in is always better than a market that's as dull and stagnant as a pool of water.
We have no way of knowing what Binance, as the most influential entity in the industry, really intends to lead such a meme trend, but we hope that they can do better and play a more positive role.
For example, after the initial wild growth stage is over, carefully observe and screen the meme currencies that have been built in the ecosystem for a long time, and support these currencies.
For example, a more complete creator incentive mechanism can ensure the work enthusiasm of creative creators who are willing to operate in the long term.
Whether it's Ethereum or Solana, each blockchain has experienced a period of rapid growth. Perhaps BSC just needs more time.
Conclusion
Meme coins can go very far, so far that young people can really make money with their own cultural sense and aesthetics, so far that it can really play a role in some unexpected form in real life instead of just being a donation for hype, so far that it can really become a part of young people's lives, or a lifestyle.
Meme coins can also "die" quickly. We can accept that one form of meme coins may be a disposable, extremely fast-paced casino, but if we are self-righteous about this, then in the end we can only watch it become a ruin.
If this industry and this market have truly brought you profits and changed your life, then can we, starting from today, sincerely hope that this market can be better?
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