Black Wukong hurts Web3 people

Black Myth: Wukong became a top-tier game overnight, topping the Steam online player rankings on the first day of its launch, setting a record for the number of online players in a single-player game.

TON ecosystem Meme coin DOGS was launched on Binance’s 57th new coin mining, and will be opened on Binance, OKX, Gate.io and other top exchanges in two days.

These two things should have nothing to do with each other, but one is a 3A masterpiece that took 7 years to develop and cost 400 million RMB, "You play for 1 hour, and they spend 20 million RMB."; the other is a low-cost token that was spread by FOMO airdrops across the entire network, "Nothing, the current market value is 1 billion US dollars."

In this comparison, the willow stick in Wukong's hand is like a boomerang, hitting the chests and backs of many Web3 people. One has to ask, how far is Web3 from Black Wukong? When can we get back to the original source?

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

DOGS is a Meme token based on the Telegram platform, designed to embody the spirit and culture of the Telegram community.

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 the vitality and innovation of the Telegram community.

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.

With the viral spread of social media, this black and white puppy quickly triggered FOMO across the entire network. DOGS opened the door to Binance online trading with its characteristics of combining "Meme" and "TON" ecology. So far, DOGS has performed well in the pre-market trading market of Bitget Exchange, with a turnover of US$2.15 million, showing the market's high attention and enthusiasm for it.

With low development costs and widespread airdrops, DOGS does not seem to have the so-called "value". 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 the same origin but have become popular are not uncommon in the crypto industry. Short-term speculation seems to have become the norm, and I don't know how much of this high valuation is real value.

02 The Wukong concept Meme coin has increased by a thousand times, causing controversy

The myth of Meme coin has been enduring in the currency circle, and the launch of "Black Wukong" 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 seen an astonishing increase. According to Dexscreener data, $Wukong issued on Tron increased by 3980% in 24 hours. Multiple MEME coins with the same name appeared on different blockchains with different increases. $WuKong on ETH also performed well.

Such a rapid market has once again hurt the hearts of Web3 people. A number of projects lack a sense of value, and the lifeless market still needs to be driven by this monkey. Without the presence of value investment, Meme coins have become one of the few liquidity. No wonder there are KOLs who lament that "the currency circle is also in urgent need of a clear stream of Black Wukong."

In the past six months, there have been many debates in the market about Meme coins and VC coins. KOLs have said that MEME is like opium, which has affected the entrepreneurial direction of the Eastern encryption community. For example, Jocy, the founder of IOSG, believes that the craze for MEME is obsessed with short-term speculation, which may lead to the bursting of the market bubble.

Another voice believes that the current trend of "high FDV, low circulation" in the market has caused public concerns about the sustainable investment potential of the crypto market. Many people believe that these tokens are the "culprits" of the market decline, causing retail investors to choose to participate in MEME coins. The hot discussions around high FDV (full circulation market value) VC coins can be described as one wave after another.

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

03 Crypto investment is a game about attention

In the crypto market, value investing always seems to fall twice, and fundamental investment means basically no 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 are waiting for the long wait for the market to rediscover the value of their altcoins, but in the end they find that their assets are only dust that blows away with the wind.

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

They are all ups and downs of the K-line. What has become different about the greedy and fearful human nature?

The answer is simple. In the crypto market, "fundamentals" are gradually redefined.

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

This has led to many incredible scenes: when a track such as MEME coin or AI is hot, even if the technology of a project is not outstanding, as long as it can catch the hot spot, 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 to 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 crypto world, the traditional "fundamentals" are no longer applicable. Attention is the fundamental, the most inconspicuous value.

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

04 Conclusion

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 rules of the game with high FDV, 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 in the bubble, and those "air coins" disguised as valuable coins will also be eliminated.

Whether there is a Black Wukong to rectify the source of Web3 or not, the evolution of the market will always follow the law of natural selection of survival of the fittest and eventually reach higher heights.

We should keep an open mind and pay attention to truly valuable projects. As market participants re-examine the value and the market mechanism continues to improve, I believe that in the future competition, excellent projects and teams will surely stand out and lead the industry into a more prosperous period.