have memes gone too far they have gone too far a meta that began as a springtime rally of adorable animals has descended into a deluge of mcoin detritus polluting our blockchains sucking up M share and even inspiring violence and debauchery in the real world my name is guy and stay tuned to find out why one of crypto's most revered figures says mean coins are too weird now and whether or not the mean coin reign of terror is finally coming to an end memecoins are Far and Away the best performing cryptos of the year in 2024 all of the altcoin analysis research and Gem hunting in the world couldn't bring you gains on par with a well-chosen animal this became apparent at the beginning of 2024 when spot Bitcoin ETF Mania sparked a monster rally that touched all corners of the crypto Market but especially memes which went ballistic the rally lasted until March when it met an Abrupt end and not long before the market reversed Travis cing the founder of crypto asset management firm ikigai posted a thread on X entitled a lack of pretense that any of this does anything or will ever do anything in what turned out to be a preent read on the crypto Market in 2024 cing described a widespread dissatisfaction with the Returns on investment available from major altcoins despite the fact that these returns would be considered astronomical in any other Market at the time BTC and eth had just pumped 55% and 100% respectively gains which would sound amazing to no coiners but for working people with a small amount of money trying to find a way out through crypto it ain't lifechanging and by the way if you can relate to that then we have good news for you the coin Bureau deals page has trading fee discounts of up to 70% and sign up bonuses of up to $100,000 on the best crypto exchanges in the thick of a bull market these deals can help you maximize your gains and save you thousands of dollars on trading fees they won't be around forever though so check out the link down below while they're still hot anyway back to Travis clling now as he put it quote there is a palpable component of financial nihilism here the idea that cost of living is strangling most Americans that upward Mobility opportunity is Out Of Reach for increasingly more people that median home prices divided by median income is at a completely untenable level all of that is true so you need to really swing for the fences why not put $500 into a meme coin that could 50x knowing that you could likely lose most or all of it it's not like the $500 is enough to make any difference anyways neither is 1K or 5K that mindset which is becoming pervasive in America is financial nihilism this is the Zeitgeist for Young Americans you're naive to think otherwise and it's a huge driver of coining now coining is an amorphous term that means different things to different people for some it's a derogatory term reserved for the worst lops and pedlers of vaporware others save it as an insult for shiny VC coins with predatory tokenomics and still others say shitcoin is just a synonym for altcoin meaning that all cryptos except BTC are shitcoins but if there is one thing we can probably all agree on it's that memecoins are definitely shitcoins mem coining is the highest form of coining during the q1 rally it was memes that ran the hardest and over the next 7even months memes were the only sector of the market that consistently showed any signs of Life while serious crypto projects bled out New Meme metas spanning thousands upon thousands of freshly launched coins were popping up left and right sequential meme coin Mets included crude political cartoons and racial slurs meme coins bass memes Tron memes Elon Musk memes and of course memes of pets belonging to crypto Founders Skeptics of crypto have called the whole thing gambling many many times and this year crypto has provided perhaps the most efficient gambling apparatus the world has ever seen Once Upon a Time launching a cryptocurrency of any kind required technical knowledge and resources developers who possessed these assets typically put them to use building Tech with some discernable purpose of course speculation was usually the main name but there was at least a sense that cryptocoins and tokens should be justified by some other pretext this can explain why meme coins a category that has existed for a long time remained a niche interest until quite recently Dogecoin was launched in 2013 but spent most of the 2015 to 2020 period outside of the top 10 cryptos by market cap it wasn't until 2021 that a potent combination of Elon Musk tweets and disgruntled Reddit users put a spotlight on Doge and bid it up to a 73 billion doll market cap making it the fourth largest cryptocurrency at the time but despite the rise of Dogecoin few other meme coins managed to leave much of an impression on the market there was shib the so-called Dogecoin killer which launched in 2020 there was also flaky another Elon Musk reference launched in 2021 Bonk was cooked up in 202 too by salana developers as a strategy for countering the negative sentiment around salana following the FTX collapse and in 2023 Pepe was finally turned into a mcoin it's pretty remarkable that it took so long for that to happen but then that just goes to show that mcoins were a marginal force in the crypto verse until quite recently so basically we were getting about one big meme per year until 2024 and now there are literally thousand thousands of new memes every day with a handful running up to nine figure market caps every month so what happened well the answer is simple pump. fun happened so on the off chance you're not familiar pump. fun is a salana based web app that allows anyone to launch their own token for next to nothing in a matter of minutes it was created in January 2024 by pseudonymous founder Alon and since then it has been responsible for more than 4 million new token Launches on salana to put things into perspective more than 2third of daily token Launches on salana now come from pump.
Fun by some metrics it's the fastest growing crypto app in history generating $100 million in Revenue in record time how did it become so successful well it's probably because this is the first time people with no knowledge of coding or blockchain development or money for that matter have not only been able to launch their own crypto at the drop of a hat but also make it easily available for their fellow Deens to trade this is really something new pump. fun has changed crypto forever the vast majority of all tokens spawned on its platform are utter detritus but that's besides the point the point is that degens have seized the means of production and nationalized shitcoins as a result anyone who wants to create their own own crypto now needs only to fill out a simple form on pump. fun you give it a name a ticker description and a photo Avatar and hit create coin social media links are optional now pump.
fun used to charge 0. 02 Soul a pop to launch tokens but since August it's been completely free you don't have to pay a penny in fact if your coin graduates from pump. fum purgatory and Launches on radium one of the leading dexes you're actually rewarded with 0.
5 Soul now if you're not sure what it means to graduate from pump. fun allow me to explain when you create your token it's launched on the salana blockchain but is not immediately tradable on a decentralized exchange as there's no liquidity instead the token can be bought and sold directly on pump. fun liquidity is formed through what is known as a bonding curve a portion of each Buy on pump.
fun is allocated to the curve and when a token reaches a predefined market cap currently around $100,000 its bonding curve is completed the token then graduates to radium where $117,000 of liquidity is deposited and burned ensuring that the token never becomes completely illiquid on the face of it it's a good model as pump. fun explains quote pump prevents rugs by making sure that all created tokens are safe each coin on pump is a fair launch with no pre-sale and no team allocation now this is true but if you saw our earlier video on Market manipulation which I'll link to in the description you'll know that developers can quite easily use pump. fun to launch meme coins that are in one sense or another a scam usually because their supply is concentrated in a cluster of wallets belonging to the developer in question anyway this is how indices of onchain cryptos like Dex tools and Dex screener became overrun this year with micro cap meme coins that either rug or fizzle out within hours of launching on radium but the crazy part is that this daily Deluge of salana shitcoins is the cream of the crop only 1.
4% of all the tokens ever created on pump. fun graduate to radium the other 98. 6% are just a money-making machine for pump.
fun which takes a 1% fee for each buy and sell as I mentioned this has brought in a heck of a lot of money for pump. fun just last month it was raking in more than 5. 3 million dollar daily which is more than the daily revenue of the entire ethereum blockchain on a bad day speaking of which just days after hitting this new high pump.
fund's weekly Revenue tanked by 66% the cause pump. fun disabled its live streaming feature indefinitely after months of meme coin pedal broadcasting disturbing and outlandish acts in order to draw attention to their tokens of course the debauchery began the moment pump. fun launch said live streaming feature within days one young user broadcast their alleged mother performing lwd acts on camera to attract investors adult content soon became commonplace and pump.
fun added an NSFW toggle to enable users to hide it from view unfortunately there's no such switch that allows users to hi hide the streams of people committing acts of violence against themselves other people and animals and all manner of Other Extreme behaviors that don't happen to involve nudity wherever people are able to broadcast images there will always be some trying to broadcast shocking content for attention or profit it's a tendency as old as photography itself but empowering streamers to instantly issue a financial asset for their live audience to speculate on in real time was always going to produce some hairy outcomes in late November pump. fund founder Alon acknowledged the issue in a post on Twitter where he admitted that the platform's content moderation quote isn't perfect for anyone unsure what Alon was getting at another Twitter user provided helpful context quote this week on pump fun man sitting on a toilet and refusing to move until coin hits 25 million man threatening to shoot his dog if the coin doesn't hit 1 million young couple punching their three-year-old every four minutes until they hit a certain market cap 12-year-old kid threatening to shoot his entire family with a shotgun unless coin hits a certain market cap sooner or later something bad is going to happen and we will get a lot of negative attention one Community member dry observed how poly Market had been raided by the feds for much less quote this year one killer app has already been taken by the FBI and the other will soon be taken by the FBI the straw that broke the camel's back came two days after alon's tweet defending pump. funds content moderation a user reportedly followed through on a threat to take their own life on stream if their token did not reach their desired market cap This was later reported to be a stunt and the person was not harmed but the backlash from the community was strong enough to prompt pump.
fun to disable its live streaming feature indefinitely the following day crypto Elder Statesman Z posted to Twitter quote I'm not against memes but meme coins are getting a little weird now let's build real applications using blockchain that post was viewed 10 million times meanwhile binance continues listing mostly animals but hey that's out of his hands now anyhow the pump. fund controversy and cz's pronouncement at the end of moon November coincided with a rotation of capital into altcoins that are not meme coins first defi cryptos started catching a bid and more recently prehistoric Dino coins have been resuscitated for what is perhaps one last Harrah time will tell anyway xrp ripped 5x in a matter of weeks so you know we are well and truly in the thick of alt season and if you're still asking when alt season it's time to take a good hard look in the mirror and ask yourself if you're going to make it just kidding but when xrp and Ada start flying you must pay attention to which way the wind is blowing and start asking questions like is the top in for memes and are we allowed to leave the zoo now if the answer is yes it may mean that we are on the cusp of an altcoin Renaissance the kind where the tech is good the utilities are useful and the thought of Dow democracy gets your heart racing the kind where you don't need to put on a mask and lock yourself in a cage to get your bags up to a $100,000 market cap Hallelujah now there's no reason to think though that memes won't continue to perform well pump.
