Ape doubles in a day. Can Meme Pump make old trees bloom new flowers?

Jessy Golden Finance

In just one day on October 20, APE created a doubling of the market (although it is still more than 90% away from the highest point of the currency price).

APE is the payment and governance token in the ecosystem of Yuga Labs, the parent company of Boring Ape, and is also the gas token of Apechain, the Layer2 public chain launched by Yuga Labs.

The emergence of this doubling of the market is due to the launch of Ape Express, a Meme distribution platform on the Apechain chain.

With the rise of APE, the floor price of Boring Ape NFT has also risen by about 10%. The dead Yuga Labs ecosystem was stirred up by the catfish Ape Express.

The Meme Coin launch platform brought to the fore by Pump.fun has become a very eye-catching track in this round of bull market. Not only Apechain has entered this track, but recently, the community has also been discussing that DYDX will also launch its own Meme Coin launch platform. DYDX rose 20% in one day. In May of this year, the FTM Foundation launched 4 Meme launch platforms in one go. After Solana, chains such as TRON, BSC, and Sui have all launched their own Meme Pumps.

In the short term, these Meme Pumps have bred some skyrocketing Meme Coins and also boosted the temporary prosperity of the on-chain ecology. Public chains have all started to do Meme Pumps, but it is not easy to succeed.

Under a set of combined punches, there is no escape from a wave of flow

Yuga Labs played a set of combined punches. First, the Layer2 public chain ApeChain was officially launched, and then Pump.fun's Meme coin launch platform Ape Express was launched on the chain. It is reported that the on-chain trading simulation game Top Trad will also be launched next.

In order to attract users to participate in the ApeChain ecosystem, ApeChain launched the cross-chain bridge Ape Portal, which allows tokens on other chains to be transferred to ApeChain, which undoubtedly allows more funds to flow into Apechain. At the same time, an automatic income model is provided for holders of stablecoins on the chain. The stablecoins bridged to ApeChain will be exchanged for DAI and deposited in sDAI, and the income will be accumulated according to the savings rate of MakerDAO.

Under a series of good news, the mood in the BAYC community was high. The transaction volume of Ape Express exceeded one million US dollars in one hour, and reached 25 million US dollars in 12 hours, with a total of 480,000 transactions.

BAYC already has a highly cohesive and recognized community, and the community itself has promoted the success of multiple tokens and NFTs. In the currency circle, the circle behind BAYC already has a high industry influence.

Ape Express has received a lot of attention in the short term, and it has also spawned Meme Coins that have gone beyond the circle. For example, the market value of its leading token CURTIS reached 30 million US dollars at its peak. However, on the 21st, its market value had fallen below 10 million US dollars.

October 20th was the hottest moment for Ape Express. According to the statistics provided by Ape Express itself, both new and active users reached exponential growth on October 20th, and then quickly fell back.

For old projects, launching a Meme launch platform is a relatively effective means to attract attention again. But inevitably, this kind of attention is only temporary and difficult to sustain. Ape Express is a good example. For Yuga Labs, it has also achieved great success by relying on NFT. But NFT has become yesterday's news, and BAYC's floor price has also fallen by more than 90% from its high point.

At present, Yuga Labs is building chains and games, and wants to build its own ecosystem from scratch. Yuga Labs has a brand effect, and the massive attention that Ape Express has received in the short term is a reflection of its brand effect.

And Yuga Labs also wants to use Ape Express to gain traffic and attention. In the short term, such an attempt is successful. But in the long run, it is still difficult to sustain. Some practices of predecessors have given the answer.

Meme Pump is difficult to come out, but the traffic is good

Similar Meme pumps have appeared on various emerging public chains, such as Move Pump on Sui, pump.uptos on Aptos, Four.Meme on BNBChain, etc. However, the most well-known Meme Pump is still Pump.fun on Solana.

Currently, how are these Meme Pumps performing?

From the data, in fact, only Pump.fun and Sunpump on Tron are relatively successful. Take SunPump as an example. It was launched in August this year. According to Dune data, SunPump's revenue reached 190,000 US dollars in the first week of its launch. Sunpump's early popularity was inseparable from Sun Yuchen's personal promotion. First, he forwarded the Memecoin that Sunpump ran out of, and then launched a large-scale gas subsidy event. On the day when Black Wukong was launched, it took advantage of this wave of national popularity, and successfully promoted a group of Wukong concept coins on Sunpump by giving away games and changing Wukong avatars.

It can be seen that the popularity of Meme Pump is inseparable from marketing. And Sunpump was able to succeed because it was backed by Sun Yuchen, a marketing genius. Currently, the token with the highest market value on SunPump is The Real World ($TRW), with a market value of more than 30 million US dollars.

The success of Ape Express is also inseparable from the influx of funds from the BAYC community. The people who hold BAYC are a group of old money in the industry. They have a lot of funds to help the Meme coins on the platform run out, not to mention the official publicity of Yuga Labs.

Other Meme pumps are basically unsuccessful. For example, the Meme Pump on Aptos is Uptos.pump, and the Meme coin with the highest market value on it is Celestitties, with a market value of about 80,000 US dollars as of October 22, while the Meme coin with the highest market value on the move pump on Sui is AAA cat, with a market value of more than 8 million US dollars.

The token with the highest market value on Pump.fun is Goatseus Maximus (Goat), which currently has a market value of nearly $400 million.

Compared with this, it can be seen that the competition between these Meme "casinos" is still fierce, and the chains and Meme pump platforms complement each other. It is difficult for Meme pump to get started, and it also tests the traffic of the chain itself. It is also a result of the right time, right place and right people. Take the Base chain where Meme Coin is rampant. There are many Meme Pumps on it, such as We.rich, Momentum, Rug fun, Ape.Stor, etc., but none of them are well-known.

Now, Meme Pump has become an important means for a public chain to attract traffic. Take Ape Express as an example. It was launched immediately after ApeChain went online, creating most of the transaction and contract deployment data for Apechain.

Perhaps, the era of using airdrops to create data for the chain is over. In the future, Meme Pump may become the standard configuration of the chain, creating good-looking data and traffic for the public chain.