In the future, the 'Gold Dog', the starting point is always $100,000 FDV?

It has been a long time since the meme gold dog was closely related to the hot topics of projects in the industry.

The most discussed topic these days is the new blinks feature launched by Solana, which opens up new trading scenarios. It is worth paying attention to both from the perspective of public chain development and the application level of Socialfi.

The most amazing meme coin with the highest increase is SC, which is a small market cap meme token displayed in Meteora, the Solana ecosystem liquidity protocol, when demonstrating the blinks function. The demonstration tweet was retweeted by Toly, the founder of Solana, and was regarded as the hottest spot for blink.

Before this, most of the meme coins that could attract the attention of the community were rarely related to the dynamics of the encryption industry. Various drama celebrity coins were confusing, and TRUMP also had more political connotations than encryption industry connotations. In order to make money in the encryption industry, besides paying attention to industry dynamics and caring about project development, one also needs to maintain trading sensitivity to the drama plots that constantly emerge. And the appearance of SC this time is enough to satisfy people. Smart money that closely follows industry trends bought in early and made a hundredfold profit in two days, which can be considered as making money by relying on cognition.

So as a sufficiently degen, narrative space is also large enough meme coin, after the attention is ignited and the increase reaches a hundredfold, what is the market cap of sc? The answer is still not more than 10 M (10 million dollars).

As of the time of writing, SC has fallen from its high point, with a market cap of 7.9 M

It's hard not to feel a little confused. Do you remember SILLY from half a year ago? The dinosaur image of Solana's founder Toly once rose nearly 200 times in a few days, with a peak market capitalization exceeding $150 million. Even though SILLY's price has now gone up by '0' and fallen more than 90% from its high point, it still has a market capitalization of $15 million. Why, while still in a bull market, has the hot track of the golden dog meme 'hit the ceiling'?

The market downturn may be one aspect, but more importantly, perhaps the liquidity of the meme track has already been fragmented and scarce.

Moonshot vs. Pump.fun

The lucky golden dog SC (Star Cat) was launched on June 25th and is one of the first tokens released by Moonshot, a coin issuance platform on Dexscreener.

If it hadn't been for Meteora using blink to generate a huge amount of traffic, SC might still be lying at the bottom. From the chart, we can see that SC experienced two dumps within a dozen hours, with the price quickly being brought up by large buy orders and then smashed down.

Moonshot is regarded as the counterpart of Pump.fun, the coin issuance platform in Solana ecosystem. For the community, after Pump.fun, which issues more than 10,000 tokens daily, the Dexscreener platform with a large user traffic can also issue tokens. This seems to be a good thing, but the initial performance of Moonshot is not outstanding, except for SC, the market capitalization of other tokens is not high.

Even without so much liquidity buying orders, it is still a right decision for Dexscreener to launch Moonshot. After all, being a coin issuance platform is indeed a profitable business. Since its launch a few months ago, Pump.fun has accumulated more than 45 million US dollars in revenue, a number that Uniswap, the top traffic product in the encryption field, has only recently reached since the introduction of the new charging policy in October 2023.

Although the Golden Dog has not yet run out, the attractiveness of Moonshot to users should not be underestimated. On the day of its launch, it released over 7000 tokens, although only 27 of them reached the threshold of 500 SOL, and then they could obtain liquidity pool on Raydium. Two days later, these tokens also gradually went to zero.

There are many issuers of coins, but few buyers.

As the top dog coin of the BLIN topic, SC is still in the pump phase, while BLINK has already been launched as "Long 2". On the Dexscreener interface, you can see 5 BLINKs on Solana, with market capitalization ranging from a few hundred dollars to 100,000 dollars.

Imitation disks are not new, for example, after SILLY showed an amazing pump last year, there are also "anti-word" memes such as YLLIS on Solana to rub the popularity of SILLY, and since the emergence of WIF, Tokens with the name of "prefix + WIF" have appeared on the Solana trading hot list almost every day.

However, the emergence of Pump.fun has greatly increased the number of imitated platforms. According to media statistics, the number of tokens issued through Pump.fun last month accounted for 83% of the total number of new tokens issued on Solana. Clicking into Pump.fun, one is overwhelmed by the tokens that appear in rapid succession. Users notice a token and have to go two or three lines away to try to see its name clearly.

There are more coins, but the number of buyers and the liquidity of the market has not changed. In the eyes of investors, issuing coins, which is more proactive than buying coins, has higher profit expectations. Based on this, the dilution of meme market liquidity is inevitable.

Taking the concept of the US election-themed token as an example, not long ago, a media called Pirate Wires stated on X that 'the official Trump team is launching the DJT token on Solana.' This unconfirmed tweet pushed the market capitalization of DJT to 500 million US dollars in four hours. Meanwhile, TRUMP fell by over 31% in four hours, with a market capitalization shrinking by over 200 million US dollars, while MAGA saw a sharp decrease of 150 million US dollars. Other smaller tokens such as TREMP and BODEN also experienced varying declines of 20% to 40%.

After being questioned by the community in turn, the official identity of the DJT team was proven false, and DJT subsequently experienced a big dump, while TRUMP and MAGA immediately rebounded significantly. By observing the trend of TRUMP, it can be seen that DJT has a particularly noticeable impact on its price.

TRUMP's performance between June 17th and 20th

Finally, let's make a hypothetical scenario. The current leading concept coin in the election, TRUMP, was born in August last year, and began to soar after tapping into the hot topic of the Trump election. Although the price has halved from its peak, the market cap is still $380 million (384 M). If TRUMP were to be released on Pump.fun or Moonshot, would it still have a market cap of over 100 million?