Meme Token 'New Gameplay': Opportunity or Crisis?

Author: Cookie, BlockBeats

"Meme season" is gradually returning to calm. Over the past month, meme Token has been praised by players who have earned a lot of it, but has also been controversial in the market. Now, the most FOMO period has passed, just like the climax of a song has been played and it is entering the end. However, at the tail of the "meme season", there are still many "ingenious" new plates. Are they opportunities or crises?

ben.eth's $BEN and $PSYOP

$PSYOP may become the craziest "gamble" in this year's "meme season".

Send some ETH to the address ben.eth and bet on whether ben.eth will send $PSYOP Token to your address. Yes, you read that right. You're not even betting on how much $PSYOP will increase, but rather on whether you will receive the $PSYOP Token!

Ben.eth raised about 3800 ETH (approximately $7 million) in just a few days through a "direct money" presale (Note: the presale has ended, please do not send any assets to the ben.eth address!). Prior to the launch of $PSYOP, ben.eth also launched another meme token, $BEN, on May 5th. Through $BEN, ben.eth obtained about 55 ETH, and the market performance of $BEN was initially average. However, on May 8th, the million-dollar influencer Ben "Bitboy" Armstrong (@Bitboy_Crypto) suddenly promoted $BEN, and $BEN began to soar.

The next day, ben.eth tweeted calling $BEN the "attention economy" token, the result of him and Ben "Bitboy" Armstrong injecting traffic into the crypto world year after year. He passionately shouted out for $BEN once again.

ben.eth is crazily shouting " $BEN , $BEN , $BEN" on his Twitter. According to socialblade's data, the number of ben.eth's tweets increased by 1965 during the week from May 5th to May 11th. He is a crazy promoter and the price of $BEN has also skyrocketed, with a maximum increase of 200 times. But don't cry yet, because ben.eth turned around and sold the $BEN project.

Ben "Bitboy" Armstrong announced on May 12th that he has reached an agreement with ben.eth to fully take over $BEN, while ben.eth will step back as an advisor.

$BEN 15-minute chart. The exit of ben.eth seems to have a feeling of "bottoming out", and the price of $BEN stabilizes and rebounds again.

One day later, ben.eth will bring the traffic accumulated from $BEN to his new project - $PSYOP. As of today, the contract for $PSYOP Token has not yet been deployed, and there have been two small incidents of "dev running away" and "misappropriation of public funds for consumption" in between.

On May 13th, ben.eth announced that "dev ran away", and players continued to maintain humor in anxiety: "dev ran away" or "dev died", a standard "Rug"!

On May 14th, someone discovered that ben.eth used the assets under its address to buy a "Milady" with the name "Chongtugou". Ben.eth explained that there were not only funds raised by $PSYOP under its address, but also its personal assets.

Players are willing to participate in this "gamble" because they believe that ben.eth is a master of the "attention economy". He accurately captured the "meme season" that was completely ignited by $PEPE, and used exaggerated calls to increase his fans. From January to March this year, he only gained 849 fans. However, in April, his number of fans skyrocketed to nearly 2500, laying the foundation for him to launch $BEN and $PSYOP.

ben.eth call case, "abandoning dogs and switching to frogs"

And the fundraising method of "directly giving money" like $PSYOP may seem absurd, but this method itself is a great story that attracts "attention". This is the madness of $PSYOP - to pursue profits brought by "attention" and use real money to support the improvement of "attention". Profit and risk both come from "attention". Will bold players win?

$PEPE and $LADYS' "Blacklist"

$PEPE and $LADYS are both stars of this year's "meme season". In addition to both experiencing significant price increases, they also share a "blacklist" function in their contracts. Once an address is "blacklisted", all $PEPE/$LADYS tokens under that address will be unable to be transferred.

The ownership of the $PEPE contract has been abandoned, which means that the "blacklist" of $PEPE cannot be changed anymore, neither added nor removed. This also means that the address 0xAf2358e98683265cBd3a48509123d390dDf54534 will forever remain on the "blacklist" of $PEPE. This address spent 0.013 ETH to purchase about 25 trillion $PEPE within a few hours after the trading pair was launched on UniSwap, and was "blacklisted" 8 minutes after the purchase. At the peak of $PEPE's value, these $PEPE tokens were worth over 9 million USD.

Compared to $PEPE, the situation with $LADYS is even more extreme. The ownership of the contract has not been abandoned, and LP is not locked. Moreover, $LADYS is not even a "legitimate" community project of Milady, as it is unknown who deployed $LADYS. Compared to $mememe initiated by @mememe69696969, the "Milady lineage" of $LADYS is impure.

The "blacklist" of $LADYS can still be modified by the contract owner. This time, 0xAf2358e98683265cBd3a48509123d390dDf54534 was added to the blacklist, but the address managed to escape with most of its positions liquidated for a profit of 52 ETH. However, the other two blacklisted addresses were not so lucky, as they spent 9.6 ETH and 7.2 ETH respectively to purchase a large amount of $LADYS, which were all locked up.

Players have a lot of controversy over the "blacklist". Some players believe that the "blacklist" itself is very centralized and should be condemned. Some players believe that although they do not know the insider information of the "blacklisting" of $PEPE and $LADYS, they believe that this is a "justified blow" to the "rat warehouse". Some players also believe that, combined with the subsequent actions of DWF Labs continuously buying $LADYS, the "blacklisting" is just a "self-directed and self-acted" by the project party.

Ephemeral "White Lotus Flower"

"White Lotus" $LOTUS attracted a lot of market attention on May 9th, not only because its team had previously developed the NFT fractionalization platform NFT20 under Muse DAO, but also because of its "only rise, not fall" flywheel mechanism combined with Trader Joe's "liquidity box".

Within the price range of 0.2-4.2 USD, a certain amount of $LOTUS is stored every 5 "liquidity boxes". Whenever a player buys $LOTUS with ETH, the ETH reserve in the pool increases accordingly and is locked as liquidity in the pool. When a player sells $LOTUS, a 10% tax will be charged. 8% of this tax will be burned and 2% will be used for staking rewards.

When the price of $LOTUS fluctuates by more than 5 "liquidity boxes", the bottom price protection mechanism will be rebalanced. During the rebalancing process, 10% of the ETH in the pool will be provided as direct liquidity in the "liquidity boxes" adjacent to the current dense trading price, while the remaining 90% will be placed in positions based on the latest bottom price derived from the total circulation of ETH/$LOTUS. As ETH becomes more and more abundant and $LOTUS becomes scarcer, $LOTUS theoretically achieves a "flywheel effect" of only rising and not falling.

The team has a good background, combined with Trader Joe's innovative mechanism, even Trader Joe's official account has noticed $LOTUS, and the "White Lotus" is blooming rapidly.

And then it "withered"... Due to the fact that only the seller's tax plus the tax on the LOTUS/USDC pool on Trader Joe and the pool tax on UniSwap did not work, the price protection did not rise as expected. At the same time, the 10% ETH direct liquidity as a "sell-off buffer" was not enough to withstand the first big bearish candle. After the 10% ETH direct liquidity was eroded by huge selling pressure, there was a liquidity vacuum between the floor price and the current price, and what finally appeared in front of the players was a big bearish candle.

Meanwhile, the "Suicide Squad" completely locked up the $LOTUS pledged in the contract (dev deployed the contract on the mainnet for testing), causing a certain degree of division in the community. Dev's high-intensity work led to a low-level mistake of missing braces in the code of the pledge contract, which resulted in the $LOTUS pledged in the contract cannot be withdrawn, causing a loss of over one million dollars. Dev stated that "there will be no refund", and the community went from unity to a confrontation between pledge runners and holders on the day of its inception...

FOMO has risks, be cautious when chasing.

Conclusion

"Meme season" is attractive because of the high potential returns with short cycle multiples, but the corresponding danger is also present. Hotspots change quickly, project parties may act maliciously, unpredictable contract bugs... and even the "meme season" may quietly pass by, leaving us crying in the wind on the mountaintop.

Opportunities and crises often happen in a moment of transition. For example, entering $LOTUS at the beginning and exiting after gaining several times of increase, or leaving when the situation changes and the price falls back, or even losing blood and returning to zero after chasing and gambling. These are three completely different outcomes. It is very important to develop a risk strategy based on your own capital.

Do not let yourself be consumed by unknown anxiety due to the imagined high returns, as this is extremely dangerous. First, secure your costs when the market rises, and do not interact with any contracts that have not been confirmed by the project team to avoid "rushing" in. Do not think that "xx Token is the only chance in my life." Increase the probability of seizing opportunities and reduce the probability of entering a crisis, steadily and gradually becoming a "fat man" one step at a time.

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