Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
How does $BAN ignite the MEME market, from the auction hall to the on-chain craze?

How does $BAN ignite the MEME market, from the auction hall to the on-chain craze?

远山洞见2024/10/31 09:49
By:远山洞见

I. Project introduction

$BAN is currently the leading meme coin in the art concept, inspired by the well-known work "Comedian" by Italian artist Cattelan. This banana fixed to the wall with tape sold for a high price of $120,000 at Sotheby's auction in 2019. The initial controversy over whether the work was "satire" or "parody" was caused by its extremely simple form but received a high auction price, becoming a social media hot topic that year. After many years, Sotheby's announced that it would auction a version of this work again, with an estimated price soaring to the million-dollar level, instantly arousing the public's memory and controversy over the "tape banana".
 
It was after the news of the auction spread that $BAN suddenly appeared on social media, initiated by Sotheby's Vice President Michael Bouhanna's Solana wallet address. The news spread, and the community and speculators were moved. The token market value soared from $100,000 to $7 million within an hour, instantly pushing this concept coin to the center of market attention. Michael Bouhanna not only attended Binance Blockchain Week, but also claimed on social media that "this is the most important work of the 21st century". With the spread of his wallet holdings and these remarks, the craze caused by $BAN further spread, forming a cross-border MEME trend.

II.Narrative Description

Initially, people scoffed at whether a banana with tape was worth hundreds of thousands of dollars, but after the launch of $BAN, this once mocked artistic concept turned into a token carnival. After Michael Bouhanna's position information was exposed, the market seemed to have staged a large-scale interactive game about "funny bananas": the coin price rose sharply, a huge amount of funds poured in, and the tweet once again aroused community curiosity. Finally, this "digital banana" became a "hot item" in the MEME world.
 
In the discussion of millions of people, $BAN is not only an imitation of this banana, but also a mocking attempt to combine contemporary art with hype. From Michael Bouhanna's claim of "the most important work", to his sudden deletion of posts, to Sotheby's changing its profile picture, the birth, rise and fall, and hype of the entire $BAN are all mixed with humor and ridicule. Just like this banana sitting quietly on the wall, $BAN seems to be interpreting its unique style with this round of ups and downs.
 

III. Market value expectations

$BAN, a leading art meme with Sotheby's concept, has attracted a large number of market participants with its unique narrative and social attention. According to the current total circulation of $BAN tokens 1 billion and a unit price of 0.029 dollars, the circulation market value of $BAN is 30 million dollars.
 
To estimate the market value of the $BAN token, which is consistent with the circulation market value of similar Meme projects on the Solana chain, the unit price and increase of the token can be calculated as follows:
 
Benchmark project type and market value expectations:
 
Moo Deng ($MOODENG) - Solana Meme Coin, Internet Celebrity Hippo
Token price: 0.23 dollars
Market capitalization: $239,000,000
If the circulating market value of $BAN is the same as $MOODENG, the token unit price is about 0.239 dollars
Increase: about 724.14%
 
SLERF ($SLERF) - Solana Meme coin, also known as the sloth
Token price: 0.166 dollars
Market capitalization: $83,800,000
If the circulating market value of $BAN is the same as $SLERF, the token unit price is about 0.0838 dollars
Increase: about 189.66%
 

IV. Economic models and on-chain chip analysis

Token economy model:
Token Distribution: $BAN was launched through the PumpFun platform, with sufficient internal trading. As of now, within 24 hours, the trading volume is 28 million USD, and the buying and selling volumes are close, indicating market activity. The current total market value is 25.10 million USD, and the total number of holders is 11,510, indicating that $BAN has a certain market breadth.
 
Liquidity Pool: Currently, the locked amount of $BAN in the liquidity pool is 25M, accounting for 20.69% of the total supply, corresponding to a locked value of 625,800 USD. In addition, 96.4% of the liquidity pool has been locked, providing a certain stability for token circulation and reducing the risk of rapid liquidity loss.
 
Destruction and blocklist mechanism: The destruction rate of $BAN reaches 100%, which means all destruction operations have been completed, further reducing the circulation of tokens and helping to control supply. The project has not introduced blocklist function, and the top 10 addresses with the highest holdings account for 9.73%, with a relatively even distribution.
 
Chip analysis:
1. Whether the project party has a high degree of control over the market: The project party has realized the decentralization of tokens through multiple internal transactions. In the early stage of the internal transaction, several large holding addresses completed more profit exits, so there are no concentrated huge profit orders in the current market. For example, some initial buying addresses now only hold 0.2% -0.98% of the circulating amount, and the chips are relatively scattered.
 
24-Hour market dynamics: Within 24 hours, the net buying volume was $420,000, reflecting strong buying power. Despite the market's ups and downs, it still maintained active trading volume. Market participants showed strong attention and investment enthusiasm for $BAN.
 
Conclusion: The internal market of the $BAN project has undergone multiple rounds of sufficient turnover, and the current chips are relatively scattered, with a small proportion of large holdings. The liquidity pool has a high lock-up ratio, and the destruction mechanism is effectively implemented, which controls the supply of circulating shares. Overall, $BAN currently has good market stability and investment active level.
 

V. Risk Warning

1. High market sensitivity: The market value of $BAN is greatly affected by Michael Bouhanna's public remarks and actions, which means that a tweet or a dynamic update may cause sharp fluctuations in the coin price. The overall connection between the project and public figures is too close, which increases the market sensitivity.
2. Hidden dangers caused by concentrated chip distribution: Although the project has achieved a certain degree of chip dispersion through internal trading, some early large position addresses still exist. If these positions are concentrated and exited, it will bring considerable impact to the market. Investors need to be vigilant against the selling pressure brought by concentrated chips.
3. Sustainability risk driven by hype: $BAN is a typical emotion-driven project, driven by social media and public topics. Over time, the hype may gradually fade away, and projects that lack substantial support are often more likely to experience value corrections.
 

VI. Official links

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Start, second half of the bull market

CryptoChan2024/10/31 07:06

In the game of crypto, how do you become a winner?

After graduation, you will have a brief period to indulge in gambling, after which you may become elite, or you may spend your life living on a salary.

Chaincatcher2024/10/31 00:44

Another wave of traditional giants Layer2 new chain narrative: Catfish effect or fleeting phenomenon?

Parasitism and symbiosis are not contradictory; they are essentially a dilemma of development.

Chaincatcher2024/10/31 00:44