Black Wukong hurts Web3 people

Author: Biteye core contributor Viee

Editor: Crush, core contributor of Biteye

"Black Myth: Wukong" became a top-tier game overnight, topping the Steam online rankings on the first day of its release, setting a record for the number of online users for a stand-alone game.

TON Ecosystem Meme Coin DOGS Launched for the First TimeBinanceThe 57th new coin mining will be launched in two days.Binance, OKX, Gate.io and other leadingexchangeopening.

Logically, these two things have nothing to do with each other, but one is a AAA masterpiece that took 7 years to develop and cost 400 million RMB."You play for one hour and they spend 20 million RMB."The other is low cost and network-wide FOMO airdropToken,"Nothing. The current market value is 1 billion US dollars."

In comparison, the willow stick in Wukong's hand was like a boomerang, hitting many Web3 people in the chest and back.One has to ask, how far is Web3 from Black Wukong? When will it be able to get back to the original source?

01DOGS market value is 1 billion US dollars, what is its value

DOGS is a Meme based on Telegram platformToken, aims to reflect TelegramCommunityspirit and culture.

The project was inspired by Spotty, the mascot created by Telegram founder Pavel Durov. This black and white dog is not only the iconic image of the project, but also represents Telegram.Communityvitality and innovation.

The DOGS project attracts Telegram users to participate through airdrops. The project team hopes to further spread Spotty's image and spirit to a wider range of fields through DOGS, giving it unique cultural value.

随着社交媒体的病毒式传播，这只黑白小狗迅速引发全网FOMO，DOGS凭借其结合“Meme”和“TON”生态的特性，打开了币安上线交易的大门。截止目前，DOGS在BitgetexchangeThe pre-market trading market performed well, with a turnover of 2.15 million US dollars, showing the market's high attention and enthusiasm for it.

With low development costs and widespread airdrops, there seems to be no so-called "value" in DOGS. If there must be a "secret to success", it cannot escape the rise of Meme, consensus, and TON ecology...

However, projects like DOGS that have similar origins but have become popular are not uncommon in the crypto industry.Short-term speculation seems to have become the norm, and it is unclear how much of such high valuations are actually valuable.

02Wukong concept Meme coin increased by 1,000 times, attractingXiaobai NavigationDispute

The myth of Meme coin has been enduring in the currency circle, and the launch of "Black Goku" is no exception. This wave of Web2 traffic has been forcibly poured into the Meme coin liquidity pool in the crypto market.

MEME coins have experienced an astonishing increase. According to Dexscreener data, $Wukong issued on Tron increased by 3980% in 24 hours.Blockchain$WuKong on ETH also performed well.

Such a rapid market has once again hurt the hearts of Web3 people. Many projects lack a sense of value, and the lifeless market still needs this monkey to drive it. Without the presence of value investment, Meme coins have become a rare liquidity. No wonder some KOLs lamented that "the cryptocurrency circle is in urgent need of a clean stream, Black Wukong."

最近这半年，市场也存在了不少关于Meme币与VC币的争论，曾经有KOL直言MEME如同鸦片，影响了东方加密Community的创业方向。比如IOSG创始人Jocy就认为，MEME的狂热沉迷于短期炒作，可能导致市场泡沫破裂。

另一种声音认为，当前市场中「高FDV、低流通」的趋势，引发了大众对加密市场可持续投资潜力的忧虑。许多人认为这些代币是市场下跌的“罪魁祸首”，导致散户无奈选择参与MEME币，围绕高FDV（全流通市值）VC币的热议可谓是一波接着一波。

No matter which voice it is, you will find that value investing is rarely mentioned and seems to be invisible.

03Crypto investing is a game of attention

In the crypto market, value investing always seems to fail, and fundamental investing is basically useless.make money.

The logic of "high performance supports high stock prices" in the traditional financial market rarely holds a foothold in the crypto market. Many people wait for their altcoins to be rediscovered by the market, but in the end they find that their assets are nothing but dust blown away by the wind.

When a crash hits, we have to face the situation where the mainstream falls like a copycat, the copycat falls like a local dog, and the local dog falls like air. In this era when long-termism is constantly praised, it is repeatedly criticized in the cryptocurrency circle.

The K-lines are all ups and downs, but what has changed is the human nature of greed and fear?

The answer is simple: in the crypto market, “fundamentals” are gradually being redefined.

Web2 projects place more emphasis on technical strength, user data and financing background, and the crypto industry also places importance on these indicators. However, no matter how much space is spent emphasizing these indicators, they may often not be as good as hot gossip, celebrity endorsements, or even negative news.

This has led to a lot of incredible scenes: when a track such as MEME coin orAIWhen a craze arises, even if a project's technology is not outstanding, as long as it can catch up with the hot spots, it can easily attract a lot of funds.

Furthermore, if a project is recommended by a KOL, even if its strength is mediocre, it can quickly attract fans with the help of the celebrity effect.

What’s more, after being hacked or exposed in negative news, it can attract more attention because many people think that such projects are “full of drama” and more worth a try.

In short, in this imaginative world of encryption, "fundamentals" in the traditional sense are no longer applicable.Attention is the fundamental and the most inconspicuous value.

This can explain why the low-cost investment DOGS can be worth 1 billion US dollars, and the seemingly beautiful capital power of Wukong concept Meme coin has increased by a thousand times, but it has caused controversy and reflection.

04Summarize

Even if there are still controversies in the current crypto market, we don’t have to be too anxious. Just as the law of survival of the fittest and elimination of the unfit, if the market no longer accepts the high FDV game rules, VCs will inevitably adjust their strategies.

Similarly, the rise of MEME coins is also the result of natural selection in the market. They can attract a large number of new users. Good projects will eventually survive the bubble, and those "air coins" disguised as value coins will also be eliminated.

Regardless of whether there is a Black Wukong to rectify the situation for Web3 or not, the evolution of the market will always follow the law of natural selection and eventually reach higher heights.

We should keep an open mind and focus on truly valuable projects. As market participants re-examine value and market mechanisms continue to improve, I believe that in future competition, outstanding projects and teams will stand out and lead the industry into a more prosperous period.

Risk warning: Crypto assets have higher risks. The above is only for information sharing, not investment advice.

The article comes from the Internet:Black Wukong hurts Web3 people

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