Amid the frenzy around Solana-based Perp Dexes (decentralized perpetual exchanges), a meme token named $nl (niggaliquid) launched on pump.fun surged 10x in just two days, reaching a market cap of over $10 million. Initially perceived as a pure joke, the project—spearheaded by well-known on-chain personality @10piecedawg—gradually captured market attention with the launch of a website and a referral points system.

• Concept: $nl positions itself as a "meme coin Perp Dex on Solana," built using Orderly’s no-code "Orderly One" tool. However, its interface closely mirrors existing projects like ADEN, and its actual functionality is limited to token swaps, lacking full Perp Dex capabilities.

• Market Response: The project’s ambiguous "half-serious, half-joke" style attracted numerous English-speaking KOLs, spawning spin-offs like niggapay and reviving interest in the developer’s earlier token, $niggabonk.

• Nature of the Project: $nl is widely seen as an absurdist meme performance rooted in subcultural humor—similar to tokens like $chillhouse and $fartcoin. It satirizes both the Perp Dex hype and the casual nature of token launches, highlighting the unique community culture on Solana and pump.fun.

While market attention has shifted to Perp Dexes and stablecoin protocols, Solana meme coins have seemingly become a thing of the past. Even though pump.fun continues to generate substantial daily revenue, traders rarely spot "golden dogs"—meme tokens with market caps exceeding tens of millions—as frequently as before.

In this context, $nl, which briefly surpassed a $10 million market cap, stands out as a true "golden dog." Launched on pump.fun under the theme of a "meme coin Perp Dex on Solana," it blurs the line between jest and seriousness. While it presents itself as a meme, it also claims to offer a "product." Yet, its product is far from professionally viable—a fact hinted at by its full name, niggaliquid.

The developer, @10piecedawg, is a renowned on-chain trader famous for turning $4 into $10,000 in 48 hours.

When $nl first launched, no one took it seriously. Its early meme-style promotional tweets and its origin on pump.fn—a platform not typically associated with "serious" projects— reinforced the perception of it being a pure joke.

However, the narrative began to shift as the developer rolled out a website and a referral rewards system, giving the project a veneer of legitimacy.

The official Twitter account further fueled speculation by frequently announcing Moonshot-style token listings, leading many to wonder: Is this more than just a meme? Could there be substance here?

In reality, niggaliquid leverages Orderly’s no-code "Orderly One" feature to create its Perp Dex. A comparison with ADEN, another project built using the same tool, reveals nearly identical interfaces.

Moreover, the so-called "listed" meme coins featured in niggaliquid’s tweets only support token swaps within the platform’s interface—not the leveraged perpetual contracts implied by the Perp Dex label.

Thus, niggaliquid is essentially engaged in a cosplay of legitimacy—a performance reminiscent of the token inspired by the bankrupt Enron, which claimed to develop micro nuclear reactors but was, in fact, a meta-meme breaking the fourth wall.

The blend of Perp Dex hype and Solana’s "trench" subculture humor made $nl an instant hit among English-speaking KOLs, who eagerly joined the joke:

• Some joked about the platform’s outrageously high fee revenue.

• Others created memes comparing niggaliquid to established exchanges:

  • "ETH has Hyperliquid, Binance has Aster, Solana has niggaliquid."

The token also inspired spin-offs like niggapay, while @10piecedawg’s earlier token, $niggabonk (launched on bonk.fun), showed signs of revival amid $nl’s success.

$nl stands out as a brilliantly absurd meme joke—comparable to $chillhouse in tone, with a satirical edge reminiscent of $fartcoin. It mocks the hype around Perp Dexes and the ease of launching tokens, embodying a unique form of humor that thrives only within the Solana and pump.fun ecosystems.

Author: Cookie, Foresight News
Translated by: BlockBeats

Amid the frenzy around Solana-based Perp Dexes (decentralized perpetual exchanges), a meme token named $nl (niggaliquid) launched on pump.fun surged 10x in just two days, reaching a market cap of over $10 million. Initially perceived as a pure joke, the project—spearheaded by well-known on-chain personality @10piecedawg—gradually captured market attention with the launch of a website and a referral points system.

• Concept: $nl positions itself as a "meme coin Perp Dex on Solana," built using Orderly’s no-code "Orderly One" tool. However, its interface closely mirrors existing projects like ADEN, and its actual functionality is limited to token swaps, lacking full Perp Dex capabilities.

• Market Response: The project’s ambiguous "half-serious, half-joke" style attracted numerous English-speaking KOLs, spawning spin-offs like niggapay and reviving interest in the developer’s earlier token, $niggabonk.

• Nature of the Project: $nl is widely seen as an absurdist meme performance rooted in subcultural humor—similar to tokens like $chillhouse and $fartcoin. It satirizes both the Perp Dex hype and the casual nature of token launches, highlighting the unique community culture on Solana and pump.fun.

While market attention has shifted to Perp Dexes and stablecoin protocols, Solana meme coins have seemingly become a thing of the past. Even though pump.fun continues to generate substantial daily revenue, traders rarely spot "golden dogs"—meme tokens with market caps exceeding tens of millions—as frequently as before.

In this context, $nl, which briefly surpassed a $10 million market cap, stands out as a true "golden dog." Launched on pump.fun under the theme of a "meme coin Perp Dex on Solana," it blurs the line between jest and seriousness. While it presents itself as a meme, it also claims to offer a "product." Yet, its product is far from professionally viable—a fact hinted at by its full name, niggaliquid.

The developer, @10piecedawg, is a renowned on-chain trader famous for turning $4 into $10,000 in 48 hours.

When $nl first launched, no one took it seriously. Its early meme-style promotional tweets and its origin on pump.fn—a platform not typically associated with "serious" projects— reinforced the perception of it being a pure joke.

However, the narrative began to shift as the developer rolled out a website and a referral rewards system, giving the project a veneer of legitimacy.

The official Twitter account further fueled speculation by frequently announcing Moonshot-style token listings, leading many to wonder: Is this more than just a meme? Could there be substance here?

In reality, niggaliquid leverages Orderly’s no-code "Orderly One" feature to create its Perp Dex. A comparison with ADEN, another project built using the same tool, reveals nearly identical interfaces.

Moreover, the so-called "listed" meme coins featured in niggaliquid’s tweets only support token swaps within the platform’s interface—not the leveraged perpetual contracts implied by the Perp Dex label.

Thus, niggaliquid is essentially engaged in a cosplay of legitimacy—a performance reminiscent of the token inspired by the bankrupt Enron, which claimed to develop micro nuclear reactors but was, in fact, a meta-meme breaking the fourth wall.

The blend of Perp Dex hype and Solana’s "trench" subculture humor made $nl an instant hit among English-speaking KOLs, who eagerly joined the joke:

• Some joked about the platform’s outrageously high fee revenue.

• Others created memes comparing niggaliquid to established exchanges:

  • "ETH has Hyperliquid, Binance has Aster, Solana has niggaliquid."

The token also inspired spin-offs like niggapay, while @10piecedawg’s earlier token, $niggabonk (launched on bonk.fun), showed signs of revival amid $nl’s success.

$nl stands out as a brilliantly absurd meme joke—comparable to $chillhouse in tone, with a satirical edge reminiscent of $fartcoin. It mocks the hype around Perp Dexes and the ease of launching tokens, embodying a unique form of humor that thrives only within the Solana and pump.fun ecosystems.

Author: Cookie, Foresight News
Translated by: BlockBeats