Trump concept MEME went into production overnight, when will the "hype chaos" no longer be crazy?

Author: BitPush Asher Zhang

With the fallout from the Trump assassination attempt, the related MEME concepts have been rapidly produced overnight, and various Rug phenomena have also become rampant. What are the reasons behind the craziness of this round of MEME speculation in the bull market? This chaotic speculation has already raised concerns and criticisms from some well-known figures. When will this speculation no longer be so frenzied?

Trump Assassination Attempt, Related MEME Concepts Produced Overnight

The recent global sensation is undoubtedly the assassination attempt on Trump during his speech. After facing life and death, Trump's fighting spirit has become even stronger, and he has a particular fondness for the blockchain industry. Shortly after the assassination attempt, Trump confirmed his participation in the Bitcoin conference scheduled for late July. The crypto market is also quite supportive of Trump. In addition to several well-known crypto figures announcing their support for Trump, retail investors are particularly enthusiastic.

On July 16, U.S. presidential candidate Trump posted a new social media update at 11:51 PM Beijing time, captioned "FEAR NOT, I am Trump, and I will make America great again!" This stirred up a wave of excitement, and the FEARNOT meme token quickly appeared on the Solana and Ethereum networks, gaining a certain level of attention and speculation.

After being embraced by the crypto market, on July 17, during a Bloomberg Businessweek interview with Trump, he revealed plans to launch his fourth NFT series. In the interview, Trump stated that his previous series was "very successful," selling out within a day. "The entire series sold out, 45,000 cards. I did it three times, and I plan to do it again because people want me to do it again. This spirit is incredible. It's beautiful." To some extent, Trump has reignited the somewhat dormant NFT trading market.

What is the reason for Trump's strong support for the crypto industry? Trump's main supporters are lower-middle-class white groups, who are also keen on MEME speculation. Trump's political stance opposes the elite, while retail investors in the crypto industry have long suffered from VCs. MEME and NFT, to some extent, connect the two well. However, it is worth noting that the MEME speculation surrounding Trump has already shown signs of madness, which could backfire if it continues.

Crypto influencer Janet Huang commented: "Like all hot events, after the Trump assassination, the production lines in Yiwu and Shenzhen started up the fastest. Yiwu produces t-shirts and other merchandise, while Shenzhen produces memes. In Shenzhen, a small team can create hundreds of Trump assassination concept coins in one night, with some starting to rug after making profits of dozens or hundreds of U. Tokens like $Survior, fight, ear, fear not, etc., have emerged, along with many similarly named tokens across multiple chains. Currently, fight has the best chance because the market structure is slightly larger, which can protect the price and cover listing fees. However, I think fight is too broad; even Trump's campaign website mentions 'Fear Not,' not fight. Moreover, fight's insiders hold nearly 20% of the tokens. Most importantly, fight has no real connection to the Trump assassination."

A Variety of MEME Concept Tokens Related to Trump Assassination

As mentioned above, the Trump assassination has become a hot topic of discussion, and the related MEME concept tokens have become highly sought after by various issuers. To some extent, a good name or introduction can bring immense wealth to the issuer, which is the speculative logic behind this madness. Below, I will briefly review some noteworthy related MEME concept tokens.

EAR

EAR is another attention-grabbing meme coin following the Trump assassination attempt, as Trump was not shot but was injured when a bullet hit the teleprompter screen beside him, causing glass shards to hit his right ear, hence "EAR STAYS ON." Therefore, EAR is seen as a lucky term for Trump's "miraculous survival," and it may also relate to many people's belief that Trump will be re-elected as President of the United States after the assassination attempt, soon becoming the "leader" again.

FREE

The slogan of this project is "Fight For Freedom," but the token price has already achieved "free fall," plummeting over 133 times from its peak of $0.001. Of course, there is also the possibility of a "grave-digging resurrection" later, but currently, the likelihood of it going to zero seems greater.

MAGA

MAGA is the abbreviation for Trump's well-known campaign slogan "Make America Great Again," making it the "oldest slogan." Additionally, there are relatively many types of its tokens, which previously surged to over $17. Furthermore, based on this slogan, another meme coin project called MAGA Hat (red hat) was created, which is also one of the iconic items for Trump's offline campaign events.

DJT

DJT was originally the stock code for Trump's social media platform Truth Social. However, in mid-June, media reports emerged that Trump's son Barron was promoting DJT (TrumpCoin), but this news was later debunked.

TRUMP

Generally speaking, the same-name tokens of celebrity meme coins perform far better than various memes, but the same-name token for the Trump concept coin has performed relatively weakly. This may be due to the excessive number and variety of same-name tokens, or perhaps for Trump's supporters and crypto players, a project with a conventional name as a token ticker lacks the fun and interesting "meme" that makes it more attractive.

When Will the MEME Chaos Calm Down?

From the current market performance, the level of MEME speculation is far crazier than in previous bull markets. What are the reasons behind this? When will this MEME speculation phenomenon no longer appear so "crazy"?

This round of MEME speculation is significantly different from previous ones, and the reasons are quite complex. From the perspective of blockchain technology development, 2017 was the year of public chains, during which many mainstream public chains were born, marking a major stage in the development of blockchain underlying technology. However, after a period of intense competition, the current public chain landscape has basically stabilized. The most important technological developments in this bull market are mainly concentrated on Layer 2, which largely compensates for the performance shortcomings of underlying public chains. This means that the blockchain industry needs to focus on application development, which involves competing in the Web2 space. The leaders in the Web2 space have already established their positions, making it very challenging for the blockchain industry to quickly break into the mainstream and create phenomenal applications. It is perhaps more realistic to complement Web2 applications. Additionally, apart from technical limitations, the regulatory constraints in various countries are also issues the blockchain industry must face. Without policy unblocking, it is difficult to create decentralized breakthrough applications. At least from the perspective of data security, many countries are unlikely to allow it.

From the perspective of participants in the blockchain industry, the participants have anti-VC, decentralized, and open ideologies, which is well reflected in MEME. When well-known projects have gone through rounds of VC investment, their project valuations have become very high, and due to their limited ability to create value, there are few who are genuinely willing to take over, aside from chasing airdrops.

Finally, the recent explosion of MEME, especially the recent campaign concept MEME tokens, is directly related to the U.S. elections and Trump and related party figures. Trump himself has released NFTs three times and plans to release four times; his adeptness at "tweeting governance" and his goodwill towards Bitcoin have also provided a speculative opportunity for the MEME space.

Conclusion

Overall, the speculation around MEME concepts may gradually cool down after the U.S. elections; however, for it to truly cool down, it is crucial to see whether the crypto market can create genuine breakthrough applications that provide value to society and bring new traffic to the industry. Once a new consensus is formed, a collective force will naturally emerge. However, since the competitors this time are traditional Web2 giants, the road ahead may not be smooth.