NFT issuance of Meme coins: roller coaster market has emerged, which has limited boost to NFT prices

Original title: "Multiple old NFTs issue MEME coins: collectively interpreting the roller coaster market, with limited boost to NFT prices"

Original author: Nancy, PANews

Whether it is from the pre-sale frenzy of hundreds of millions of dollars or the continuous highs of on-chain data, MEME is already a "traffic password". Recently, old NFT projects such as mfers, Doodles and Goblin Town are also regaining market attention by issuing MEME coins, and have shown some amazing gains. As the hottest topic in this round of bull market, can NFT use MEME to open a new narrative of value?

In the early morning of March 30, Sartoshi, the founder of mfers, announced the issuance of his own MEME coin Mfercoin on the Base chain, and both NFT holders and artists can get airdrops. After $MFER was launched, its price continued to rise as the popularity soared. According to Dex Screener data, $MFER rose from $0.0000149 at the beginning of its launch to $0.3213, an increase of more than 21,000 times. With such a huge increase, smart money made a lot of money. For example, Lookonchain monitored that a trader spent 0.1 ETH (351 US dollars) to buy $MFER and sold part of it at 499 ETH (1.77 million US dollars), earning about 1.9 million US dollars, a profit of 5598 times; on-chain analyst @ai_9684xtpa monitored that the smart money address starting with 0x708 spent 0.79 ETH to buy 90.12 million $MFER at the bottom, with an average cost of only $0.00003139 and a maximum value of $28.955 million. As of the time of writing, the price of $MFER has fallen by more than 43.9% from its peak, and its market value has fallen back to $180 million.

Doodles founder poopie also participated in the social experiment of MEME and issued the MEME token $poop on Base, but said it had nothing to do with the Doodles project itself. Dex Screener data showed that $poop rose from the initial $0.00002275 to $0.0843 in about an hour after it went online, which was a 3705.5-fold increase. However, the token then fell all the way to the current $0.006677, a drop of 92.1%, with a market value of only $7.4 million.

$poop’s continued downward trend is believed to be related to the robot’s excessive stakes. According to blockchain analysis platform Bubblemaps, it analyzed 18,800 wallets and found that in addition to poopie airdropping $3 million worth of $poop to NFT holders, the bot received $8 million in token airdrops. However, large players have already begun destroying $poop worth millions of dollars.

Different from the above two projects, Truth Labs, the team behind Goblin Town Then he tweeted in support of the Rug Solana project CABBAGEcoin and said he had purchased it. The token was "acquired" by KOL and used as Goblin Town's community currency, which will be airdropped to NFT holders. Birdeye data shows that $CABBAG has risen from a peak of $857.7 to $42.363 million, an increase of more than 53,000 times, but has now fallen by more than 92% to $3.337 million.

In addition, another Lianchuang company of Truth Labs also tweeted today, "If you still want to play games, then go play $Fools. There is no team. No telegram, nothing. But don’t believe everything you hear today, today is April Fools’ Day.” Nonetheless, the market showed that $Fools increased from $0.00007749 to $0.004531 in just over ten minutes. It has now fallen 91.6% from its high point.

Although these MEMEs had a strong beneficial effect at the beginning of their launch, they still A roller coaster ride was performed in a short period of time. At the same time, the stimulation of the MEME currency market has also brought varying degrees of impact on related NFT projects.

OpenSea data shows that since the MEME news on March 30, the price and trading volume of mfers NFT have reached their peak in recent months, with the floor price rising by more than 97.8% to 0.75 ETH, and the single-day trading volume exceeded 254 ETH. However, as $MFER prices have fallen, mfers prices are down about 24% from recent highs as of April 1, with less than a tenth of the daily trading volume.

Unlike mfers, Doodles and Goblin Town do not show significant changes. As of April 1, the floor price of Doodles has only increased by 3.2% compared with the day $poop was launched, and the trading volume has dropped by 66.5%; the floor price of Goblin Town has basically not increased, and there has been no trading volume since March 26.

From the perspective of market performance, mfers, which was the first to try it out, performed relatively well. In this regard, many community members explained that mfer’s good effect is not because they are NFT projects that issue coins, but because of their own MEME effect, and other projects do not have the gene for reconstruction.

In short, at a time when MEME has become a traffic carrier, it is not surprising that NFT projects in a trough period "end up" to do MEME, especially for projects with a certain user base and brand influence, which naturally have more communication power. However, it is still too early to use this to sound the horn of counterattack, and once a better community consensus and support cannot be formed, the original value will be consumed faster.

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