With the market's attention focused on the Perp Dex and stablecoin protocols, the Solana meme coin became a thing of the past almost overnight. While pump.fun's daily revenue remains substantial, it's difficult for players to capture the tens of millions of dollars in "golden dogs" they once did.

In this environment, $nl, whose market capitalization briefly surpassed $10 million today, can truly be called a "golden dog." Launched by pump.fun, this coin is a meme coin with the theme of "Perp Dex, a meme coin on Solana." But what's interesting about it is that while it's a pure meme coin, it does have a product. While it's a serious product development project, its product is definitely not truly "serious," as its full name, niggaliquid, suggests.

The dev of $nl is @10 piecedawg, a well-known on-chain player, whose famous record is to increase the value of $nl from $4 to $10,000 in 48 hours.

Therefore, when $nl was first launched, no one thought it was serious. Whether it was the early memes and tweets promoting it:

Or is this a token launched from pump.fun? Everyone would wonder, how could a "serious" coin launch be so carelessly launched on pump.fun?

But slowly, things started to get confusing... the dev came up with a website and a referral points system, and everything seemed to start to fall into place.

Afterwards, the official Twitter account began to frequently release Moonshot-style announcements about coin listings, and more and more players began to feel that this was not just a meme, but that there was something real to it.

In fact, niggaliquid used Orderly's "Orderly One" codeless feature to launch Perp Dex. Comparing niggaliquid with ADEN, which was also created using "Orderly One," they are almost identical.

ADEN

niggaliquid

The meme currency mentioned in the tweet only has a Swap function on niggaliquid’s Twitter profile page.

So, niggaliquid is engaging in a playful cosplay, akin to the coin issuance by the bankrupt Enron earlier this year. The ostensible goal was to revive Enron and create the world's first residential micro-nuclear reactor, but in reality, it was a dimensional meme show. (Related: 28-Year-Old American Man Issues Coin to Enron, Once Worth $70 Billion?)

When the Perp Dex craze in the market met the Solana "trench" subculture humor, $nl became very popular, and many English-speaking KOLs joined in the joke:

People also made ridiculous jokes about niggaliquid, such as his high transaction fee income:

For example, ETH has Hyperliquid, Binance has Aster, and Solana has niggaliquid:

Even niggapay was born, inspired by niggaliquid:

Following the success of $nl, $niggabonk, previously posted by @10 piecedawg on bonk.fun, has also shown some signs of revival.

In summary, $nl is a recent and quite eye-catching nonsensical meme joke, similar to $chillhouse, but also with some of the satirical undertones of $fartcoin. This kind of humor is currently only available on Solana and pump.fun.