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The Most Heated Industry Discussion: Why Did the Bull Market Return to Hype?
One of the most heated questions in this round of industry discussions is why the last bull market, which seemed to open up the imagination for application diversity, has returned to hype in this bull market. But what if the question itself is flawed? What if the ideas brought by the last bull market were just illusions created under the premise of unlimited quantitative easing, and DeFi, NFTs, and other so-called native applications are not the answers for Web3 to move forward?
The First President to Launch a Coin After Trump
The "presidential coin launch" that the market has been eagerly awaiting since Trump has finally seen its first participant. Around 7 a.m. Hong Kong time today, President Faustin Touadera of the Central African Republic tweeted:
Today, we are launching CAR, an experiment to show how something as simple as a meme can unite people, support national development, and uniquely bring the Central African Republic onto the world stage. Contract: 7oBYdEhV4GkXC19ZfgAvXpJWp2Rn9pm1Bx2cVNxFpump.
Subsequently, the president added that "as the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of cryptocurrencies and their benefits globally," and included the website for the meme token. According to Lookonchain monitoring, a certain address bought a large amount of CAR tokens within one second after the president's tweet.
CAR Token: A Meme Experiment
The CAR token is positioned as an "experimental" meme coin. According to tradingeconomics data, the Central African Republic's GDP in 2023 was estimated at $2.5 billion, while CAR's market value has reached $500 million, equivalent to one-fifth of the GDP. The liquidity is relatively low, at only $3.5 million, making the investment risk relatively high. This phenomenon reflects a new trend in PoliMeme (political meme coins), and it is the second time such an event has occurred after another president launched a meme coin.
CAR's Potential Impact on the Economy and Culture
The launch of CAR is not only an economic experiment but also an extension of a cultural phenomenon. Meme coins, with their unique appeal and ability to transcend language barriers, have the potential to unite people globally. This characteristic may position the Central African Republic as a significant player in the meme economy, attracting international attention and potentially securing aid and cooperation in innovative ways.
Risks and Uncertainties
Despite the excitement, there are risks and uncertainties. Slow Mist founder Yu Xian has pointed out that the official website announced by the president of South Africa could not be opened, and the domain name was registered just four days ago on Namecheap. Additionally, the token creator's funds originated from Binance, and nearly 80% of the tokens are primarily distributed across six addresses related to the creator. Yu Xian also warned that the official website marked by GMGN for CAR is virus-carrying, and users might inadvertently infect their computers with viruses.
CAR's Market Performance
According to GMGN data, the token was quoted around $0.34 at the time of writing, with a high of nearly $1 earlier in the day. The time marked as DB (Dev Buy) by GMGN was around five minutes after the tweet was posted. However, Jupiter co-founder Meow, who has been in contact with the team deploying CAR, still cannot confirm that the token was officially launched.
Is Web3 Heading in the Wrong Direction?
The heated industry discussion also raises the question of whether Web3 was on the wrong track from the beginning. When all projects point to high returns, the premise of continuing the music and dance can only be the continuous influx of new funds. However, the reality is that the industry is now rife with "scythes," and there are not enough "leeks" left. The myth of wealth creation has not attracted enough users but has indeed attracted many service providers selling "shovels" and "smart people" using convenient tools to set up the game.
When many people think Web3 is different, the disasters caused by amplified greed in the internet and financial fields seem to be replaying in Web3. The unlimited issuance of "useless" assets is not the original intention of the blockchain's creation, but PvP will continue. The bursting of the bubble will always be later than expected, but it seems the time to think about what the next version answer is has come.
