From Yiwu toys to $10 million, how does CryCry马 break the circle between Web2 and Web3

Meme coin “Cry Cry Horse” has recently shown bizarre performance. According to the latest news, this project on the BSC chain briefly surpassed a market cap of $10 million but then fell back to $7 million. Behind this rapid fluctuation lies a more interesting phenomenon: a toy originating from Yiwu manufacturing defects is simultaneously igniting both the Web2 and Web3 worlds.

From Defect to Breaking the Circle: Real Popularity in Web2

The story of Cry Cry Horse begins with a “beautiful mistake.” Manufacturers in Yiwu’s small commodity market, when producing the Year of the Horse plush toy “Smile Smile Horse,” sewed the mouth backwards, turning the originally upward-curving mouth into a drooping one. Once netizens discovered this flaw, the toy quickly became popular due to its distressed expression, becoming a “workplace meme” and “stress relief神器.”

This is not just hype in the crypto circle. According to reports, the Yiwu production line has increased from the initial 2 to 15 lines, with a daily output of over ten thousand pieces, and domestic orders are scheduled through March. Since January 11, buyers from South Africa, the Middle East, Southeast Asia, and other regions have also begun inquiring about supply. This indicates that Cry Cry Horse’s popularity in Web2 is genuine, not just crypto hype.

Behind Price Fluctuations: Opportunities and Risks in Traffic Conversion

Cry Cry Horse’s performance in the crypto world has been even more intense. Its market cap briefly exceeded $10 million, indicating a large influx of funds. But then it fell back to $7 million, exemplifying the typical characteristics of Meme coins.

According to related reports, Cry Cry Horse has been listed on KCEX exchange. Meanwhile, widespread coverage by mainstream media (Xinhua News Agency, People’s Daily, CCTV, etc.) further boosted its popularity. Industry observers believe this could be another opportunity for large-scale Web2 traffic to convert into Web3, following the example of SHIB in 2021.

Benchmarking and Risk Assessment

Performance of other Meme coins during the same period

Points to Note

• Meme coin prices are highly volatile; the situation where they briefly surpass $10 million and then fall back to $7 million indicates high risk.
• While there is genuine popularity supporting Web2, liquidity in the crypto market and Web2 popularity conversion are not always aligned.
• Historically, SHIB’s success is an exception; most Meme coins ultimately face liquidity exhaustion risks.

Summary

The popularity of Cry Cry Horse indeed reflects an interesting phenomenon: authentic cultural symbols are transforming from Web2 to Web3. The hot sales of Yiwu toys and coverage by mainstream media demonstrate that this IP’s vitality extends beyond the crypto circle. However, this also highlights the risk—when enthusiasm cools, the price decline often accelerates faster than the rise. For investors, the story of Cry Cry Horse warrants attention but also caution.