On the evening of January 18th, US time, Trump released his own eponymous token $TRUMP. Solana responded by surging by nearly 50%, breaking through the previous high and approaching the $300 mark. It has fallen back so far, and at the same time, it has once again ignited the on-chain sentiment of the Solana network.
Another dose of emotional stimulant on the chain
From the perspective of on-chain data, the active address data, transaction data and other data of the Solana network have reversed after the release of $TRUMP, and are even close to the highest level ever. In the short term, the Solana network has received a large amount of Web3 stock funds and some Web2 incremental funds introduced by Moonshot. Moonshot officials said that after being recommended as the preferred purchase method on the TRUMP website, the platforms 12-hour trading volume reached US$400 million, and more than 400,000 new users have joined the Solana ecosystem through its application. The addition of a large number of new users reflects the high sentiment on the Solana network chain.
After the release of TRUMP coin, the gas fee of Solana network also experienced dramatic fluctuations. Due to the large amount of transaction demand, there was a serious transaction congestion, which caused the transaction fee to rise sharply in a short period of time, and even caused Binance to suspend the withdrawal of coins in the exchange and the suspension of Solana network transactions.
Infinite PVP loop
Compared with November and December, from the perspective of the issuance of coins by well-known Web figures, the only large-cap projects that have emerged are Trump and Mrs. Trump. The official meme coin released by Wagmi MIAMI, the leading cryptocurrency conference in the United States, which was held from January 21 to January 24, also returned to zero at the speed of light in the intense PVP; the eponymous token ZACHXBT, which was officially recognized by the chain detective ZACHXBT, also returned to zero because of its without pattern withdrawal from the pool; the meme coin AIB with the same name, which was mentioned many times by Trump in his inaugural speech and also forwarded on social media, America Is Back, has a life cycle of only 6 hours. The atmosphere of on-chain PVP has become stronger, and trading on-chain has become a logic of running fast.
But when we look back at September to November when the on-chain sentiment was equally active, “big golden dogs” emerged one after another, including Griffain, ARC, and Swarms, which were constantly iterating and updating in terms of AI Agent; and Drugs, RIF, URO, and MIRA, the related tokens of DeSci with new concepts and new perspectives; in the short term, the only “wealth-making myth” may be $Trump.
After Trump took office as the US President, the only real benefit to Web3 may be the issuance of the meme token with the same name. In his inaugural speech, he kept silent about the cryptocurrency market. After Trump took office, the incremental funds for Web3 may only come from Moonshots purchase of its eponymous token, and its eponymous token has undoubtedly sucked a lot of blood from Web3. When the market value of Trumps token was close to 8 billion US dollars, the total market value of the cryptocurrency market shrank by 20 billion. The smart money of the big funds on the chain was sucked, which was undoubtedly a heavy blow to meme. After all, pulling the market is the real angle, without money, there is no angle without pulling the market.
Back to the concept of AI Agent, it seems that the concept of AI Agent is close to moving out of the audition stage and entering the elimination stage. Many AI Agent-related tokens that can be issued have been issued, like the Hackathon Scraper Market a while ago: the stage of intensive issuance of tokens by winning projects at the hackathon has ended, and now it is transforming from 0 to 1 to from 1 to 100. The AI Agent market that is not listed on the exchange is betting on which AI Agent will be listed on the exchange next, while the AI Agents listed on the exchange continue to compete in ecological technology.
CEX forces DEX, does the meme narrative still have a future?
AI Agent is currently the most important narrative in this cycle. AI Meme is constantly developing. At present, the first-stage meme: GOAT ACT has been basically eliminated, and it is a variety that mainly follows the decline but not the rise; while the second-stage AI Agent has become the most ferocious variety every time the market rebounds. The anti-VC wave in this cycle is still going on. Most of the so-called value coins and VC coins that have been launched recently: SOLV, ME, etc. have fallen as soon as they were launched. No one in the market took over these value coins and no one even discussed value coins.
For retail investors, the miracle of Web3 may only appear on the chain. To a certain extent, the coins that have been listed on the exchange have already been fully benefited. In the increasingly difficult up and down hell market, it is not easy to survive through contracts, let alone create a trading miracle. The extremely low handling fees of the most active Solana network and Base network have also reduced a lot of costs for most retail investors to enter.
The retail investors of CEX exchanges are gradually leaving. On-chain bypasses VC and exchanges, and retail investors can buy good target chips at low prices. Starting from scratch, on-chain has created countless giants with market capitalizations of billions of dollars and tens of thousands of times of growth. On-chain is the future. The trading volume of DEX is gradually increasing. Perhaps one day in the near future, the trading volume of DEX will exceed that of CEX.
From a more macro perspective, the narrative on the chain is far from over. Trump has not yet announced other favorable policies for cryptocurrencies. If the regulation of cryptocurrencies is relaxed, more Web2 funds will flow in and become incremental funds for Web3, and they will not only appear on exchanges, but also appear on the chain in the form of Moonshot or more direct forms. Continue to produce big golden dogs and big events, drive the growth of imagination, and change PVP into PVE. The sustainable sexy narrative will attract Web2 with a continuous wealth-creating effect.
