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FrescO👁🗨
@FrescoHide
Ludomaniac, playboy, and just a good guy | https://t.co/NQ78uEveOc
Solana Katılım Temmuz 2022
912 Takip Edilen369 Takipçiler
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'PuRrCy cOiN iS nOt A gOoD mEmE'
we literally have larps whose every so-called 'good meme' barely touched 8 figures in market cap and then slow rugged to zero for the better part of a year
now trying to tell us what qualifies as a 'good meme' and what doesn’t
meanwhile, the market keeps sending a very clear message:
i.e. $PURRCY coin is the anointed PvE play of this year, just like $PEPE, $WIF, and #FARTCOIN before it... and it’s on a trajectory to multi-billions, GOD WILLING
CT is the only place where 'experts' with zero successful trades to their name larp as the arbiters of truth, pretending to know what makes a meme 'good' even if contrary to what the market decides:
'hey, look at me... all of you are fools and do not know what a good meme is. i'm smarter than the market and will solely determine what's a good meme!!!'
these are the same people who hated $SHIB last cycle and faded it all the way to $40 billion+
they’ll do the exact same with $PURRCY —fade it, mock it, then submit at the pico top
just as it is destined!
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My honest take on the $pump token launch:
1. It is utterly moronic to separate @pumpdotfun from other competitors. It is even more moronic to assume that competitors will do well, if $PUMP were to fail. In other words, if $PUMP fails, so do all the others. If you're in launchcoin or bonk or whatever, you should WANT $PUMP to succeed.
2. Pump.fun is a for-profit business. Shocking, I know. It identified a problem, positioned itself to solve it, showcased a unique ability to both deliver and grow, and that made them a lot of money. I'm confused as to how that's a bad thing? Are we not in the business of wanting to own the best assets? I, for one, would love to own a remarkably profitable company with historic revenue and growth figures. What's preferable, another overvalued L1 with no real users? Another lending & borrowing copycat? DEX copycat?
3. 'Pumpfun is extractive. They made $750m, sold $SOL to stables, they're greedy bastards that want to max extract even more from the ecosystem'. What is this childish outlook? Would you operate a unicorn business by holding the revenue generated in such a volatile asset? Would you not periodically sell it to a currency you can use to pay salaries and providers? If they held $SOL and drewdown 50% you would call them names. Being financially logical is not a dig.
4. 'But if they made so much money, why even raise more? Is that not extraction? Again with these asinine takes.
Do profitable companies never raise more money? Do they not have growing capex, aspirations to grow even bigger, expand vertically and horizontally? Why would you not raise more money if you're able to, and allocate that money towards growing even bigger and more rapidly? Did OpenAI not close a $40 billion raise despite their revenue numbers growing at an insane pace? The same goes for every other company. You raise money because you want to leverage the capital to GROW EVEN MORE. It's not such a bizarre notion.
Well, maybe for CT it is.
5. 'This is a liquidity blackhole type event, it's bad for memes, bad for Solana, bad for the ecosystem'. So the argument here is that it's such a desirable asset, that just its imminent launch is enough to cause people to sell the assets they're less convicted to hold for now, that *it's a bad thing*? Are you people fucking mental?
6. 'Memes are dead. This will be the last hurrah. Pump's revenue numbers and KPIs are all in decline, and this is their last chance to extract before they become irrelevant'. I'm dying to see how quickly the timeline will do a 180 once they get airdropped heaps of free money, or when pump announces their new product suite, vertical and horizontal expansions, and revenue accrual to token holders. Memes are dead until everybody gets a fat stimmy, the underlying token pumps and creates a wealth-generation effect, people get % of the revenue just for holding the token, and new users come through new products like mobile integrations, live streaming and partnerships with the largest names in the world. (Which, you guess it, is made possible by RAISING A FUCKING LARGE AMOUNT OF MONEY)
At the end of the day, it's very simple. Ask yourself, 'what tokens would I, in theory, like to own?'.
For me, the answer is simple: not many. I don't hold many tokens at all. What I do decide to hold, I hold based on two things:
1. Does it have a strong narrative, and will others buy into that narrative? (more short-term, momentum-driven. Think fartcoin)
2. Is it an actual growing business, with real revenue numbers, that might sustain and grow over time, with proper value accrual mechanisms to token holders?
The tokens that fit #2 are few and far between. The likes of $HYPE, $AAVE, $JUP, etc. Even $RAY and $CAKE can be considered. Tokens that represent the next real stage of this not-so-nascent-anymore industry: the growth stage.
Not the early stage, 'let's all do super low-float-high-FDV venture deals in hopes of 1000x and selling promises'. The growth stage, where you assess which tokens will be crypto's SP500, or the 'Magnificent 7'. Which you might want to own for a year, two, perhaps more.
To me, $PUMP fits the bill way more than 99.999% of tokens out there. And I think it's fairly priced, if not cheap, at $4 billion fully-diluted.
Unipcs (aka 'Bonk Guy') 🎒@theunipcs
many have been asking why i've gotten so loud and vocal about Pumpfun and the $PUMP token recently, especially leading up to their TGE an event i will be referring to as 'the great extraction' going forward so i figured i should put something out especially since some have dismissed my actions as petty tribal sentiments in favor of BonkFun, a platform i'm clearly very aligned with i’ll start by making a few things clear: 1. i like BonkFun and i'm undoubtedly the biggest voice advocating for it on X 2. i respect @a1lon9 and what he has achieved with Pumpfun, more so than most on this app i know many might struggle to reconcile #2 with my recent comments and actions, so let me clarify: i think Alon is a genius, especially when you consider what he has accomplished with Pumpfun like him or hate him, the man basically singlehandedly disrupted the entire memecoin space nah, actually... he disrupted the entire crypto space — because Pumpfun is the only reason we have 17 million-plus tokens today! and i think he deserves every penny he’s earned from that innovation i know many don’t like him because of the massive $SOL sells, and they often try to diminish everything he’s done because of that — i’m personally neutral on this but i find the racist 'jewish' attacks against him that are becoming more common in this industry absolutely appalling. you can publicly disagree with someone, passionately even, without attacking their race or identity. that’s just pure evil behavior! ‘so then, why have you been crying a lot lately???’ it’s simple: i’ve been doing a lot of thinking, and i’ve come to the conclusion that Pumpfun’s continued dominance is a potential existential threat to the memecoin ecosystem and i don’t think i’m alone in this sentiment i’ve seen people i highly respect, people who have a strong pulse on the memecoin space, call the $PUMP TGE a massive liquidity drain event that could mark the top for memecoins for a long time... at least before BonkFun came into the picture and flipped Pumpfun! and the fact that the market seems to agree couldn’t be more obvious when you look at how memecoins have reacted to major $PUMP TGE news the first time news broke about the Pumpfun TGE was on June 3, when The Block reported it and several top memecoins dumped aggressively afterward: - FARTCOIN dropped 30% - WIF dumped 24% - POPCAT dumped 28% ...all within 48 hours of that news breaking! (don't take my word for it btw; check their charts and timestamp it to the news!) it’s been over a month now and not a single one of these tokens have reclaimed their levels before the news broke, and i believe this is because that TGE overhang remains then the same thing happened AGAIN yesterday when news came out that the TGE is imminent and will happen on July 12 every major memecoin nuked hard on the news: - FARTCOIN instantly dumped 12% and hasn't recovered - WIF dumped 9% - POPCAT dropped 13% - even SPX, which has been incredibly strong lately, dropped 12% instantly $SOL, the native token of the blockchain Pumpfun will TGE on, also nuked — despite the fact that the TGE is happening on Solana even top Pumpfun eco memecoins weren’t spared! now contrast that with what happened when news broke that BonkFun flipped Pumpfun on Sunday: literally everything in the memecoin eco pumped, INCLUDING Pumpfun eco projects! i’m arguably the fiercest advocate for memecoins on this app and i think being silent in the face of an event that could pose an existential crisis (even if only in the short term) to an asset class i hold and have aggressively pushed to others... would be cowardice i think many of my recent critics are taking for granted just how negatively impactful the Pumpfun TGE could have been for the trenches and memecoins as a whole if BonkFun didn’t come to the fore when it did i mean, yes, a lot of big VCs who shoved in 7 to 8 figures into the PUMP private sale at a $4b valuation will make bank and get out with a quick 2x, 3x, or 4x on size but what happens to the trenches after? many will liquidate their positions in several high-conviction memecoins trying to chase the PUMP presale (apparently $600m to $700m is being raised from retail here) and they’ll likely sell even more positions later on to provide exit liquidity for those same VC investors as they rotate out and try to buy the 'PUMP dip' whenever it comes meanwhile, the prices of these memecoins will keep trending down and dampen sentiment in the trenches for the foreseeable future, causing even more pain unless there’s some major stimulative event that flushes the system with cash again it’s genuinely hard to see how retail and the trenches win in this scenario ngl and i honestly believe the best way out is for BonkFun to win and continue leading with very clear dominance especially since BonkFun is aligned with the trenches and the Solana eco inside out: 58% of fees go towards buying and burning BONK, 15% goes to SOL that gets staked to secure the network, creators get rewarded for building on the platform, etc yes, Pumpfun innovated this entire category and were clearly the first mover... but they’ve also earned nearly a billion dollars in just 1.5 years — way more than several more innovative protocols have made in a decade i mean, that’s great for Pumpfun and power to them! but i definitely won’t be rooting for another event, ‘the great extraction’, that is about to extract billions of dollars from an already-strained memecoin market in such a short timeframe
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