The tale of two coins
For those who are meme coin curious or meme coin repulsed, it has been an interesting 72 hours in the space.? Meme coins go by some other more direct and vulgar? vernacular, but in the industry we like to refer to them as long tail products.? They have the greatest amount of beta in early stage bull markets and often follow an Icarian path. ?
A few days ago a well known ex CEO, and convicted felon began to shill a certain coin with the initials DJT.? He claimed it was the actual coin created with Trump although later reducing the claim to being a coin co-created with a Trump progeny.? This coin went from an FDV(market cap) of less than 100k to a brief top of 480 million FDV although it was mostly hovering around the 200 min range.? Here is where things get interesting.? Other well known CT(crypto twitter) personalities started openly challenging the idea that Trump had anything to do with this coin and willing to bet millions of dollars that it was a sham.? At that point someone put out a 150k bounty for any source leading to the identity? of the coin dev. ? Zach XBT who is sort of CT version of Sherlock Holmes quickly claimed the bounty much to the chagrin of said felonious CEO who claimed he was the creator but did not own any to avoid any insider trading rules, ( I have a lot of opinions about whether this constituted insider trading or not but I will leave that for another post) a few minutes later.? He then organized a space on X to tell his side of the story.? For the most part he created a compelling case that he indeed did create the coin most likely with the help of Barron.? His evidence however, pointed to quite a dodgy set of exchanges between Barron, Felonius CEO and insider buyers.? He basically messaged insiders so they could by the coin which they were about to pump with social media posts prior to said pump.? Felonius CEO cried it was all fair given that he did not own any coin and was only helping Barron out of the goodness of his heart. ?
The Degen crowd disagreed and the FDV quickly dropped from 200 million to 100 million.? And in the process created their own? DJT coin which in the course of 24 hours had and FDV of 2.4 Bio USD. ? Read that again.? A coin with no intrinsic value pumped to a market cap of 2.4 billion USD.? The most expensive painting ever bought cost 450 million USD. ?
Why did the degens turn on the original coin?? The creators broke some well established norms for best practices .
No Presales
No insider advantage
No FUD
I think the final kicker was that one of the insiders given the info was Andrew Tate, who might be lovable if you are a prepubescent boy or incel with an itch to spend $50 a month on his fan club, but who generally is best described as a scam artist/misanthrope/misogynist.
So regardless of whether Felonious CEO was legally absolved he had all the intent to break community standards. And I still don’t think he get it.
Further more if you look at the successes of this bull market the projects that have given back the most are the one being rewarded the most (a close friend of mine dubbed this the Mr Beast model).? Bonk airdrops were instrumental in keeping the lights on, pantry stocked in the middle of the last crypto winter for many devs.
There is a light that is forming in even the long tail of blockchain assets, and it is essential for survival.? It is part of our human nature to create positive social norms, despite all the cynicism we see around us in both the normie and digital native narratives.
One last note.? The price of community DJT crashed almost as quickly as it rose with and FDV of approximately 50k at the time of this writing.? A successful meme coin requires a lot of effort beside a catchy name, jpeg, and momentum. Its is truly and enterprise into itself.? So next time you are buying a bag of whatever meme coin tickles your fancy do so guilt free but please do not refer to it as investing.?