Since I entered the cryptocurrency field, I have experienced countless setbacks, including ICO projects running away, contract liquidations, and buying valuable coins at high prices. The early losses once made me doubt life. However, since I focused on mining on-chain meme projects at the beginning of the last bull market, my investment experience has changed dramatically. In the last bull market, I mined my first coin that increased by 1000 times, and in this bull market, I have also experienced high multiples of meme projects. Based on my personal experience, I believe the only way for retail investors is to participate in early meme projects. However, meme projects are a game for the brave; without a mature investment system, strong psychological endurance, and relatively abundant funds, it is very difficult to achieve the expected results.
Because this bull market has not presented any other new narratives, memes have received full attention from the mainstream market. There has even been talk of a meme supercycle overseas. Based on a very strong identification with memes and a certain level of understanding, I would like to discuss the theoretical basis of the meme cycle.
First, let's look at the situation of the participants in the entire crypto market. Most existing participants joined this circle because they could make money from the soaring XX coin, and there are very few real builders. These builders also engage in construction because they can make money, so the vast majority of participants in the crypto space are motivated by profit. The primary demand of participants is to make money. As for the ideals of decentralization and thoughts of changing the world, most of these are backed by a strong demand for wealth creation. Deep Tide conducted a survey on 'Chinese-speaking users' crypto investment habits' from May 22, 2024, to June 30, 2024. From the detailed statistical results on the trading styles of the exchanges preferred by respondents, everyone's purpose in trading is to make money and appreciate assets. The demand for profit is the core hard demand. While making money, many people find emotional value and community recognition in projects. Functional application needs, such as value storage, cross-border transfers and payments, social needs, etc., are also somewhat satisfied in the crypto space.
Currently, the memes in the market can be broadly categorized into: 1. Dog-themed memes represented by DOGE; 2. Other animal-themed memes, such as Pepe, Pnut, Hippo, etc.; 3. AI-themed memes, such as ACT, ai16z, etc.; 4. Other types, representing a category of emotional tokens. Among these memes, I am most optimistic about the dog-themed memes. As mentioned above, the core of memes is still the wealth creation effect, and the wealth creation effect of dog-themed memes is unmatched by other types of tokens; at the same time, the concepts of other types of tokens are too complex to spread, many of which have the role of traffic masters greater than the tokens themselves. Those that can survive in the long term must be dog-themed memes. Among the dog-themed tokens, I am most optimistic about the big dog's sister $neiro. The growth process of $neiro itself is also a process of fighting against conspiracy groups and doing charity. The market's choice has always been to hype the new rather than the old. Currently, $neiro has a market value of only 700 million, which still has a lot of room compared to big dogs and other dog-themed tokens. The wealth creation effect and pricing effect of memes will continue to push her to new highs, so let's wait and see. $neiro is the second Dogecoin.