Crazy ETHMeme week, who will be the winner in the end?

In the past week, the on-chain market of ETH Mainnet can no longer be described simply as “lively”. A remark by Lao Bao about interest rate cut has revived the already active on-chain market: one golden dog at the bottom every day, and two or three waves of market fluctuations on weekends. Mainnet Gas also soared to around 70 Gwei, which is very expensive even for a breath on-chain.

From the concept of finding to the perspective of rolling, the emotion of ‘dumb buying’ spreads to MEME

To be specific, the recent on-chain market itself can be accurately described as a ‘factional melee’. While the weekend may seem fleeting to the average worker, it is undoubtedly saturated and fulfilling for on-chain players.

The founder of Doge, Musk’s ‘Mars City’ plan, Trump silver coin, and various other concepts, together with its full range of tokens, seem to take turns to join the battle. It seems like it would be a waste of the emotions and Liquidity on the chain without introducing some new concepts.

However, as the market has evolved, it is clear that new concepts are not enough to satisfy the enthusiasm for PVP. The Meme market has upgraded from ‘finding concepts’ to ‘rolling angles’: as soon as a new speculative concept emerges, various tokens with the same name pop up like mushrooms. New, old, big, small, all kinds of self-justified angles take turns to come forward.

Not to mention the distant ones, just the concept of Musk’s ‘Mars City’ that erupted over the weekend has several large Market Cap targets: $TERMINUS (Mars City Name 1), $BAR (Mars City Name 2), various spacecraft, interstellar hotels, astronaut dogs… not to mention that each coin has to be divided into upper and lower case.

Obviously, the phenomenon of ‘mutual dumb buying’ has been subdivided into the Meme market. If you buy uppercase, I will buy lowercase. If you chase after a 3-point D.O.G.E, I will chase after a 4-point D.O.G.E. Everyone is playing their own game. The behavior of various experts searching for angles seems to be competing for the ‘ultimate interpretation right’ of this narrative, until more and more people recognize this perspective and ultimately win in the upgraded version of PVP. In order not to give others an opportunity, everyone is indeed going all out.

Various narrative rotations bring one after another multimillion-dollar market capitalization, and various myths of sudden wealth also emerge one after another. However, in the on-chain market, where there are stories of sudden wealth, there are naturally stories of sudden losses as well.

Manipulating human weaknesses, do conspiracy groups also play psychological warfare?

Fragile ‘Narrative’

Even after winning in numerous concepts and perspectives, meme token players still face many ‘force majeure’ threats. Just like the concept of ‘$MISHA, Vitalik Buterin’s dog’, which went from 0 to $20 million in Market Cap in one day, but then Market CapSlump by 50% and then another 50% the next day due to Vitalik Buterin’s statement ‘I don’t have a dog’, causing holders to go crazy and flee in a short period of time. Gas skyrocketed during the stampede, and along with the price, countless people’s dreams of getting rich quickly plummeted.

Yes, some instant so-called ‘narratives’ often cannot stand up. The fragile popularity triggered by a celebrity’s words can also be extinguished immediately by a single sentence.

However, this “narrative fragility” is also accurately exploited by conspiracy groups, setting one after another trap for players to manipulate human nature on this passionate weekend.

Hardcore narrative?

Compared to centralized exchange, on-chain transactions are more transparent and versatile in terms of information, so individuals’ operations are almost completely transparent to those who are attentive. Therefore, in the on-chain world, the ‘battle’ in transactions is more upfront and direct.

On Saturday, a Token called $DOGGO emerged, with a straightforward trend, reaching nearly $20 million in Market Cap within four hours of its launch. While many were still enjoying their weekend sleep, $DOGGO had already ended the pump.

After further understanding, it turns out that the $DOGGO concept is still following an OG narrative:

Shibetoshi Nakamoto, the founder of DOGE $Doge, sold out all of his $Doge early on, and veteran players should be familiar with it. This time, the $DOGGO project party also sent 6.56% of the $DOGGO Token to Shibetoshi Nakamoto at the beginning, and Shibetoshi Nakamoto did sell all the $DOGGO in his hand. There have been many projects that have played this “selling” narrative before, but this time Shibetoshi Nakamoto not only “sells flying”, but also interacts wildly on $DOGGO-related topics.

The interaction between Shibetoshi Nakamoto is ambiguous to the mindful, which is seen as an endorsement, and $DOGGO’s rough OG narrative adds a touch of conspiracy. The Degens, who are tired of fragile narratives and PVP, couldn’t resist the momentum and smart wallets bought in. So while many were still catching up, the price of $DOGGO skyrocketed.

Some people are holding the line, some are placing orders, and the price is pumping. The market capitalization is soaring, and it seems that $DOGGO’s ultimate goal of “going public” is not too far away. However, the next plot of $DOGGO once again makes people realize that the on-chain world is not a gentle fantasy land, but has always been a bloody dark forest.

market maker control the market trend becomes community takeover, but behind the nirvana is the conspiracy group’s design and struggle?

Reversal and reversal again

$DOGGO exploded in popularity in less than a day, and DOGE founder Shibetoshi Nakamoto has once again explicitly stated that he is not responsible for any Meme coin, thus denying his previous endorsement of $DOGGO.

As soon as these words came out, players who were just taught a lesson by the fragile narrative of $MISHA may immediately become alert and wonder what to do next? Run! In addition, with the continuous FUD discussions within the community and the large-scale sell-off of Wallets, the trend of $DOGGO has changed from pullback to dumping.

But this time, $DOGGO did not fall again and again, and finally dropped to zero. Instead, it immediately V-shaped back after many people panicked and dumped, and the price directly rebounded to the level before the fall, even announcing the CTO (community takeover) the next day, and the violent Fud big dump seemed to have never happened at night. Even after the announcement of CTO, $DOGGO price still experienced a second fall, as if this CTO was also a lie by the conspiracy group to deceive people, and the retail investors panicked again, and $DOGGO Market Cap fell to about $6 million, similar to the big dump that night.

However, just when many people thought that $DOGGO was really done this time, yes, the price of $DOGGO has turned around again, and this time the Market Cap has been pulled from $6 million all the way to a new high of $20-30 million.

It seems that $DOGGO has undergone one flip after another in two days, from the cabal to the “nirvana” of community takeover, community trust has been built step by step, and the current price continues to pump is also the result of “community power”.

But is it really that simple?

Not Nirvana, more like Whipsaw?

After the incident with $DOGGO, someone pointed out that this event is not as simple as it seems. The so-called ‘rebirth’ of $DOGGO is more like a series of ‘Whipsaws’ with multiple reversals. The community takeover is just an excuse for the DepthWhipsaw conspiracy group.

on-chain player @Mirro 7777 said he was one of the targets of this $DOGGO Whipsaw, and during the dumping process coordinated with the negative news in the late night DEV, dumped about 1% of the total $DOGGO chips, and the Address also changed from profit to loss.

Users who are also well-versed in conspiracy theories, such as @CryptoRugMunch, have openly stated that this elaborate operation by $DOGGO is a textbook example of psychological warfare played by conspiracy groups.

First dump+FUD to make retail investors panic and dump → Announce CTO to temporarily fix the price → Another deep drop to completely destroy retail investor confidence → Retail investors dumped and left, then directly pumped to break the previous high

At the same time, @CryptoRugMunch also mentioned that the conspiracy group of $DOGGO has never left, and every time they take action, it is to make retail investor firm Capitulation. Unless you like to be a victim of psychological warfare, there are better projects in the market for you to choose from.

Summary

It is not new to start the concept of volume and find an angle to “separate” because of the difference in benefit distribution or consensus, and the original hard fork of BTC and ETH is similar in nature. It’s just that unlike Hard Fork, which generally has a “decent” reason, now Memecoin’s “separation” reason is more straightforward: it is purely for profit, and the same concept is fried, why should I give you dumb buying?

In the collision of Consensus and Consensus, different opportunities are generated. The confrontation between conspiracy groups and community takeovers is obviously the recognized mode of confrontation in the current Meme market.

The confrontation of the uppercase and lowercase Neiro also has the potential to make a fortune, igniting a wave of community takeover narrative in the market.

Just not afraid of a big cut, just afraid that the big cut works harder than you. From the story of $DOGGO, it can be seen that the current conspiracy group has already known how to wear the skin of a CTO.

On-chain Liquidity is gradually becoming abundant, which may be targeted by experienced Degens, let alone most inexperienced on-chain players. For most people, the world of encryption is still an absolute dark forest. At the moment when you Fomo, countless Addresses are already prepared to attack you.

The market environment has always been changing, but the fact that the market is a zero-sum game has always remained unchanged. According to the situation, be flexible and don’t be blinded by survivorship bias, let alone blindly go all-in. Always remember that the majority of people lose money. Wish you well.