Original｜Odaily Planet Daily (@OdailyChina)
Author: Wenser (@wenser2010)
The crypto market rebounded against the trend, and the Meme coin craze continued.
Under the impact of wave after wave of Meme coin projects with great wealth-creating effects, countless crypto players have rushed into the ranks of the "PVP War", and Meme coin projects with various tickers and symbols are also spreading to a wider market in an increasingly "abstract" and cult atmosphere - this has not only spawned a large number of "fanatical calls" from crypto KOLs, but also refocused market attention on the latest developments related to various Meme coin projects, especially Ethereum co-founder Vitalik's "dumping the market for charity", which to some extent has also added fuel to the "Meme coin fever".
Odaily Planet Daily will summarize and sort out some representative viewpoints in this article for readers' reference.
Vitalik: “Thanks to Memecoin for giving me the opportunity to do charity”
On October 7, Ethereum co-founder Vitalik Buterin wrote, “I am very grateful to those Meme Coin projects that donate part of their token supply directly to charities. (For example, I saw that Ebull donated a large number of tokens to multiple charities last month.)
Any tokens sent to me will also be donated to charity (thanks to the Moodeng Hippo Meme Coin Project, the 10 billion tokens received today will be donated to airborne disease prevention technology), but I would prefer to donate the tokens directly to charity, and perhaps set up a DAO to allow the community to directly participate in the decision-making and process.
I’ve mentioned before that I think the best outcome for MemeCoin is that they maximize the positive-sum impact they have on the world, so it’s really cool to see something like this happening.”
Someone asked in the comment section: “When will the post about ‘Ethereum bull market’ be released?” Vitalik was very considerate and once again posted the previous “ETH shouting” meme: Ethereum is good.
Vitalik replied to the comment section with a picture
VanEck Investment Manager: "Meme Coin is worth learning from for crypto projects"
On October 8, VanEck portfolio manager Pranav Kanade wrote that Meme Coin has four key aspects that are worth learning from for crypto teams:
1. Simplicity: Many teams over-engineer their tokens without realizing that:
- Time + capital + attention = scarcity;
-About 600,000 tokens were issued last year;
- Competition for the above scarce resources is intensified by the convenience of token issuance.
Instead, focus on:
Simple token design;
A clear vision;
Demonstrate how execution of the vision can create wealth for token holders;
2. High circulation, low FDV (low entry valuation);
3. Founder/Team Alignment: We can only get rich if we achieve our goals/deliver products as promised;
4. Highly transparent (e.g., disclosing the cost basis of venture capitalists, which is often difficult to find).
It is worth mentioning that Pranav specifically expressed his gratitude to Solana Foundation BD Kuleen in the comment section because the latter forwarded to him the hottest "Meme coin's new generation king of shouting orders, Meme coin's new leader, and crypto KOL's hottest chicken" - Murad.
Crypto KOL Murad: "This is a super cycle for meme coins"
At the industry event Token2049 in September, Murad gave a keynote speech entitled "The Super Cycle of Meme Coin", which vividly described the achievements of Meme Coin in this cycle and its continued success. Based on the rich and detailed data presented and its highly infectious and provocative language, the speech has become a hot topic and content in the subsequent crypto market, including retail and institutional investors. (Note from Odaily Planet Daily: The author puts the specific address of the speech here, and interested readers can watch it by themselves.)
Screenshot of Murad's speech theme
It is also worth mentioning that Murad previously served as the chief investment officer of Adaptive Capital (the institution was founded in May 2019 by Willy Woo, the creator of the Bitcoin NVT valuation model and a well-known Bitcoin investor), a Bitcoin analyst and economist, and a Goldman Sachs analyst. He has also expressed optimistic views on the development of Bitcoin many times. You can feel his previous speaking style:
In January 2019, Mahmudov was very bullish on Bitcoin in the long term, and he believed that Bitcoin also had the potential to revolutionize global finance. Mahmudov claimed that he would not spend Bitcoin for at least ten years, and the asset's potential upside and asymmetric risk profile made it ridiculous to use Bitcoin at the current price.
September 2019, “If trust in government institutions is slowly eroding, I believe people will gradually look for alternatives. If inflation, national regulation, geopolitical tensions, commercial banks, and negative interest rates cause fiat currency holders to lose money, then the motivation to buy and hold Bitcoin may become stronger and stronger.”
He also explained at an international conference more than 50 reasons why Bitcoin price and adoption will explode in sufficient time, including:
1. Public trust in banks and traditional institutions is declining. Probably due to increasing political polarization and the Great Recession of 2008, the public has begun to increasingly distrust mainstream media and banks. This underlying distrust and instability has laid the foundation for the implementation of new trustless systems such as Bitcoin.
2. Global debt is expanding, and someone may need a "Plan B" like Bitcoin or gold.
3. Negative yielding bonds hit an all-time high of $15 trillion. Bitcoin may attract investors who are beginning to realize the state of the world economy.
4. Macro investors turn to Bitcoin. Macro hedge fund managers and investors have already begun to turn to Bitcoin, which only highlights its potential. For example, Raoul Pal, a former Goldman Sachs executive, has begun to turn to Bitcoin, calling it an option for the future of finance, the best asset for millennials at present, and that Bitcoin is currently greatly undervalued in the long run.
It can be said that Murad is a veritable "BTC Maxi" and crypto OG. Now, the object of his advocacy is no longer the supreme BTC, but the Meme coin that "everyone can participate in."
Not only that, he also "personally" participated in the trading of Meme coins. He bought SPX four months ago and made a profit of 79 times. Recently, he even tweeted: "Whether you love it or hate it. In this cycle, the performance of Meme tokens will surpass everything. This is just the beginning."
Previously, he also wrote that "VC, retail investors, and TradFi will all buy Meme coins because the smart people are doing this." He also claimed: "The reason for the arrival of the Meme coin super cycle is that investing in Meme coins is a matter for everyone. The more enthusiastic people are about investing, the more prosperous assets such as Meme coins will be."
Mechanism Capital co-founder: "The top five meme coins in this cycle have been released"
On October 5, Andrew Kang, co-founder of Mechanism Capital, wrote, “It looks like Murad’s speech at Token 2049 catalyzed the next wave of capital reallocation into Meme coins. POPCAT appears to be one of the beneficiaries of these capital flows and is now undergoing price discovery.
The four major meme coins that are preparing to join this cycle are BONK, WIF, PEPE and FLOKI. ”
DWF Labs co-founder: "Institutional investment in Meme coins is our focus"
DWF Labs co-founder Andrei Grachev wrote: “The Meme coin market has become a mature and stable part of the industry. It takes advantage of extreme fear and greed, allowing smart investors and traders to make huge fortunes.
DWF Labs institutionalized its investment in Meme Coin several years ago, and it remains one of our priorities.”
OG KOL Cygaar: "As long as the Internet exists, Meme coins will continue to exist"
Crypto KOL cygaar wrote: “The Meme coin trend is inevitable.
Cryptocurrency is widely adopted by people who: - are always online and love internet culture; - are always looking for ways to make money; - want to be part of a close-knit community; - need something to believe in. Creating, trading, and talking about tokenized memes is a natural progression for a new generation of internet consumers. There is still a lot of work to be done to make meme coins more transparent and fair, but people are having fun and some are making a lot of money in them. The lure of getting rich by investing in the next viral meme coin will continue to attract users. This is why AMC and GME have become such massive phenomena. As long as people spend a lot of time on the internet, meme coins will continue to exist and thrive. ”
Summary: The price of BTC is about freedom, and the price of Meme coins is about fairness
After the Bitcoin spot ETF was approved, when Larry Fink, CEO of global asset management giant BlackRock, was asked how much he thought Bitcoin would be worth in the future, he replied: "What is the value of human freedom?" Later, he declared: "I firmly believe that Bitcoin has an indispensable position in the investment portfolio, it is like 'digital gold'."
If the price of Bitcoin, the first decentralized cryptocurrency in human history, is about freedom, then the Meme coin project, which is rooted in Internet culture and grew up in an atmosphere of various spiritual and cultural symbols, is more like a symbol of "calling for fairness and longing for connection" - low threshold, easy to understand, with community, enjoying the present, earning high profits, and hoping to get rich overnight.
Meme coins are not only about our desire for money, but also our expectation of connecting reality and the Internet through symbolic images. This is also the reason why Meme coins will continue to exist and prosper.
