Editors Note: This article comes fromOrange Book (ID: chengpishu), reprinted by Odaily with authorization.
Editors Note: This article comes from
Orange Book (ID: chengpishu)
Orange Book (ID: chengpishu)
, reprinted by Odaily with authorization.
When spoof projects like MEME began to appear on the Internet, it was hard not to think of another little story that happened in the bull market in 2013.
At that time, an Australian marketer and an American programmer jointly developed a spoof project - Doge Coin. Later, this joke became a reality, and the market value of Doge Coin once jumped to the seventh largest electronic currency in the world. It’s still at No. 38 by market capitalization and has found a place in the tipping scene.
MEME Coin is a DeFi spoof project called The Degenerator recently launched by Jordan Lyall, head of decentralized financial products at ConsenSys, on a tweet. The original intention is to mock those DeFi meme projects that start in 5 minutes. Immediately, this tweet went viral on the Internet, and soon someone developed a token called MEME based on this joke. In less than 24 hours, the daily trading volume reached 1 million U.S. dollars, and the price once reached as high as 40 U.S. dollars.
There is no doubt that MEME reflects the enthusiasm for speculation in the circle today. The hot development of DeFi during this period has completely raised the fomo sentiment in the circle. Even though the tokens of many DeFi projects have no actual value, people still flock to them. Going back to a year ago, not many people may remember that one of the most discussed issues in the DeFi circle at that time was: how should DeFi be designed to capture value. A year later we know the answer, and issue coins to solve all problems. And the design of this coin is not important.
Many rational people cannot understand why, in the campaign of liquidity mining, there are still retail investors who are willing to go to the secondary market to buy worthless DeFi governance coins. In fact, there is nothing surprising about this. The threshold for using DeFi is too high for ordinary people, and speculating on exchanges is the most important scenario for speculation.
