Over the past week, the on-chain market of the ETH mainnet can no longer be described as simply "lively". Bao's interest rate cut has revived the already active on-chain market: there is a large MC memecoin every day, and on weekends there are two or three waves of market in a day. The mainnet Gas also soared to around 70 Gwei at one point, and it was expensive to even breathe on the chain.
From finding concepts to rolling angles, the sentiment of "not accepting each other's business" spreads to MEME
As for the recent on-chain market, it is more accurate to describe it as a “separatist melee”. The weekend, which is fleeting in the eyes of workers, is quite saturated and fulfilling for on-chain players.
Doge founder's dog, Musk's "Mars City" plan, Trump Silver Coin and other concepts have taken turns to appear with their family bucket tokens. It seems that if there are no new concepts, it would be a waste of the sentiment and liquidity on the chain.
However, as the market has evolved to the point where new concepts are clearly not enough to satisfy the enthusiasm for PVP, the Meme market has upgraded from “finding concepts” to “rolling angles”: as soon as a new hype concept appears, various tokens with the same name emerge like mushrooms after a rain, and all kinds of new, old, big and small self-consistent angles take turns to appear.
Not to mention the distant past, just the concept of Musk's "Mars City" that broke out over the weekend has given rise to several large-cap targets: $TERMINUS (Mars City Name 1), $BAR (Mars City Name 2), various spaceships, interstellar hotels, astronaut dogs...not to mention that each coin has to be distinguished by uppercase and lowercase.
Obviously, the phenomenon of "not taking over each other's orders" has been subdivided into the Meme market. You buy uppercase and I buy lowercase. You go for three-point DOGE and I go for four-point DOGE. Everyone plays their own game. The crazy angle-finding behavior of various masters seems to be competing for the "final right of interpretation" of this narrative, until more and more people recognize this angle and finally win the upgraded PVP. In order not to carry the sedan chair for others, everyone really fights.
The rotation of various narratives has brought about a market value of tens of millions of yuan one after another, and various myths of getting rich quickly have also appeared one after another. However, in the on-chain market, there are stories of "getting rich quickly", and naturally there are also stories of "getting rich quickly".
Taking advantage of human weaknesses, conspiracy groups also engage in psychological warfare?
A fragile narrative
Even after winning in many concepts and angles, on-chain meme players will still face many "force majeure" threats. For example, $MISHA in the concept of "Vitalik's dog" went from 0 to 20 million US dollars in market value in one day, but the market value was cut in half again the next day because of Vitalik words "I don't have a dog". In a short period of time, holders fled frantically, Gas soared during the stampede, and countless people's dreams of getting rich fell freely with the price.
Yes, some so-called "narratives" that arise in an instant are often untenable, and the fragile enthusiasm generated by a celebrity's words can also be extinguished immediately because of a single word.
However, this "fragility of narrative" was precisely exploited by the conspiracy group, who set traps for players one after another to manipulate human nature during this passionate weekend.
Hardcore narrative?
Compared with centralized exchanges, primary chain transactions are more transparent in terms of information and tools, and individual operations are almost visible to those who are interested. Therefore, in the on-chain world, the "fighting" in transactions is more face-to-face and direct.
On Saturday, a token called $DOGGO came out of nowhere and its trend was very smooth. It reached a market value of nearly 20 million US dollars four hours after its launch. While many people were still enjoying their weekend sleep, $DOGGO had already finished its pull.
After further understanding, it turns out that the concept of $DOGGO is still based on the OG narrative:
Old players should be familiar with the fact that Shibetoshi Nakamoto, the founder of Dogecoin $Doge, sold all his $Doge very early on. This time, the $DOGGO project also transferred 6.56% of the $DOGGO tokens to Shibetoshi Nakamoto at the beginning, and Shibetoshi Nakamoto did sell all his $DOGGO. This "selling at a high price" narrative has been played by many projects before, but this time Shibetoshi Nakamoto not only "sold at a high price", but also interacted crazily on topics related to $DOGGO.
In the eyes of those who are interested, Shibetoshi Nakamoto 's interactive behavior is nothing more than an ambiguous "endorsement". At the same time, the simple and crude OG narrative adds a conspiracy color. Degens who are tired of fragile narratives and PVP saw this and bought in with smart wallets. As a result, the price of $DOGGO has been rising while many people have not yet reacted.
Some people support the platform, some people pay the bills, the price rises and the market value soars. It seems that the ultimate goal of "listing" is not far away. However, the following plot makes people realize again that the world on the chain is not a gentle fantasy, but a bloody dark forest.
From market control by bankers to community takeover, is the rebirth actually a conspiracy group's plan and struggle?
The trend reverses again
Less than a day after $DOGGO became popular, Dogecoin founder Shibetoshi Nakamoto made it clear that he was not responsible for any Meme coin, denying his previous endorsement of $DOGGO.
As soon as this statement came out, the players who had just been taught a lesson by the fragile narrative of $MISHA a few days ago might have immediately become alert. What else can we do? Run! Coupled with the continuous Fud remarks in the community and the batch selling of large wallets, the trend of $DOGGO changed from a correction to a market crash.
But this time $DOGGO did not fall again and again, and finally returned to zero. Instead, after many people panicked and sold, it immediately reversed, and the price directly pulled back to the price before the decline. It even announced the CTO (community takeover) the next day, and the rapid Fud plunge at night seemed to have never happened. Even after the announcement of CTO, the price of $DOGGO still ushered in a second drop, as if this time the CTO was also a lie of the conspiracy group to trap people. Retail investors panicked again, and the market value of $DOGGO fell to around 6 million US dollars, similar to the plunge at night.
However, just when many people thought that $DOGGO was really finished this time, yes, the price of $DOGGO reversed again. This time the market value rose from 6 million US dollars to a new high of 20-30 million US dollars.
It seems that $DOGGO has experienced flips again and again within two days, from the conspiracy group to the "nirvana" taken over by the community. Community trust has been established step by step, and the current continued price increase is also the result of "community power".
But is it really that simple?
Not nirvana, more like washing the dish?
After the $DOGGO incident, some people pointed out that this incident was not as simple as it seemed. The so-called "Nirvana" of $DOGGO was more like a "washout" with multiple reversals, and the community takeover was just an excuse for the conspiracy group to do a deep washout.
On-chain player @Mirro 7777 said that he was one of the targets of this $DOGGO wash-out. In the process of DEV's deep market crash in the middle of the night with negative news, he sold about 1% of the total chips $DOGGO, and his address also turned from profit to loss.
At the same time, @CryptoRugMunch, a user who is well-versed in conspiracy groups, also wrote a post saying that $DOGGO's fancy operations are a textbook example of the conspiracy group's psychological warfare:
First, the market crashed + Fud to make retail investors panic sell → Announce CTO to temporarily fix the price → Another deep drop to completely destroy retail investors' confidence → After retail investors sold out, the market directly broke the previous high
At the same time, @CryptoRugMunch also mentioned that the conspiracy group of $DOGGO has never left, and every move is to make retail investors surrender firmly. Unless you like to be a victim of psychological warfare, there are better projects on the market for you to choose.
summary
The concept of "separation" due to the problem of profit distribution or different consensus is not new. The hard forks of BTC and ETH are similar in nature. However, unlike hard forks, there is no "decent" reason. The reason for the "separation" of Memecoin is more direct: it is purely for profit. Why should I take over the same concept?
In the collision between consensuses, different opportunities arise. Conspiracy groups VS community takeover is obviously a more recognized confrontation mode in the current Meme market.
The confrontation between uppercase and lowercase Neiro proved that community power can also make people rich, and also ignited a wave of community takeover narrative in the market.
The only thing you don’t fear is a big cut. You just fear that the big cut will work harder than you. From the story of $DOGGO, you can see that the current conspiracy group already knows how to put on the skin of a CTO.
As the liquidity on the chain gradually increases, even experienced Degen traders may still be targeted, not to mention most of the "inexperienced" on-chain players. For most people, the crypto world is still a dark forest. The moment you get into Fomo, there are already countless addresses ready to attack you.
The market environment is constantly changing, but the fact that the market is a negative-sum game remains unchanged. Be flexible and adaptable according to the situation. Don't be blinded by survivor bias, and don't blindly All In all-in. Always remember that the majority of people are still losing money. I wish you well.
