近期链上回顾：没有主线，只有拉扯

As the ETH mainnet market gradually quieted down, degens have returned to activity on Solana. Nevertheless, it's hard to pinpoint a clear narrative on Solana; if one had to summarize, perhaps 'torn between returning to community and the PvP of attention' is a fitting description.

Attention PvP

Ever since Trump launched a coin, the meme coin market has long been accustomed to relying on celebrity endorsements, hot events, and racing for speed.

Everyone is used to it, so even if liquidity is poor, people still follow this playbook to seek opportunities, creating an inertia around this style of play.

$JOTCHUA, a dog meme that gained traction in Spanish and English-speaking circles in 2021. On January 24, 2021, Instagram user @_kingorange uploaded a motivational poster featuring a rough-looking dog image with the text 'JOTCHUA,' which garnered over 29,000 likes within three months.

The coin's market cap briefly peaked at nearly $9 million. There's significant debate within the community about whether the coin is 'organic,' as its launch did not occur after the meme's creator, @_kingorange, claimed it, making it hard to say that 'claiming' was the direct cause of the price increase.

Many players believe this coin is another 'setup,' or because KOL Ansem claimed on June 9 that he was buying Solana meme coins for the first time in over a year, sparking market speculation that his purchase was related to this coin.

The same concept, even the same ticker, but your coin just won't pump. $JOTCHUA on the ETH mainnet was deployed as early as December 2023 and had ongoing content and community, but it couldn't compare to getting the creator to click a button to claim it.

A similar thing happened with the World Cup concept. $WORLDCUP on Solana surged from a market cap of around $5 million to over $12 million thanks to bonkguy's purchase and detailed analysis. Meanwhile, on Base, the World Cup concept project $PITCH has dropped from its peak of around $7 million to nearly $700,000.

While $PITCH does have its own issues, mainly in communication – the project isn't idle, there are constant updates, but the dev is often silent, and the X account has been repeatedly banned without securing a new one – it's undeniable that without someone shilling, similar concepts and gameplay lose in the battle for attention.

pump.fun's recently updated new feature, pump fun GO, allows anyone to post paid bounty tasks on pump.fun.

This has indeed attracted attention from mainstream media, but regrettably, it has reached the public in a negative light.

$Bountywork, which briefly peaked at a market cap of nearly $2.5 million. The dev behind it, @ayushquantt, focused on consistently posting new tasks on pump.fun to generate hype for the coin.

He certainly succeeded – by offering a bounty of 40 SOL for someone to tattoo $bountywork on their forehead.

An Indian man actually did it, strictly following the dev's typo in the description – missing an 'n,' incorrectly inscribing the ticker as $boutywork.

Initially, his bounty application was rejected because the tattoo missed the letter 'n,' and the dev demanded he correct it. Then, someone launched a new coin with the incorrect ticker $boutywork.

In the end, he still received the 40 SOL bounty reward, along with the earnings from the new coin's creator, totaling about $48,000.

Then, as the event's hype faded, $boutywork essentially went to zero, and the dev of $Bountywork kept posting new bounties trying to replicate this 'success,' such as having someone wear a $Bountywork shirt and eat three bugs on camera.

There are many similar tattoo tasks on pump.fun, with some people receiving up to 200 SOL for inking their faces.

To be honest, this isn't much different from the old days on Kuaishou where top donors asked people to eat raw eggs or chug liquor in exchange for gifts...

The Return of Community

Sticking with pump.fun's new feature for a bit. Almost all bounty tasks are about creating attention hotspots for specific tokens. The only one not treated as mere entertainment might be the bounty for $neet – organizing a rally for people averse to work in New York.

The reward for this bounty is paid in $neet, valued at over $15,000. The $neet community had already spontaneously organized two 'No-Work Rallies' in the US offline; completing this bounty would be the third.

While it's unclear what pump.fun's ultimate intention is in supporting community-style meme coins, their official Twitter account often promotes such tokens. Although the performance of these coins varies – for instance, $chillhouse's price has been sluggish for a while – those selected by pump.fun official generally do seem quite community-oriented and organic.

Currently, in terms of volume and price stability, besides $neet, there are also $troll, $buttcoin, and $triplet. Here's a brief intro to their survival and themes:

- $neet: Deployed 410 days ago, peak market cap ~$51 million, current ~$27 million. Mission: making more people realize that dedicating most of one's life to work means losing one's own life.

- $troll: Deployed 416 days ago, owns the copyright to the classic Troll meme, listed on Coinbase. Peak market cap ~$290 million, current ~$65 million.

- $triplet: Deployed 107 days ago, an abbreviation for 'Tung Tung Tung Sahur,' the most viral character from last year's popular 'Italian Shanhaijing.' Peak market cap ~$13.6 million, current ~$6.6 million.

- $buttcoin: Deployed 153 days ago, originated from a joke on a Bitcoin forum in 2011, a pun on Bitcoin as 'Buttcoin.' Peak market cap ~$68.6 million, current ~$27 million.

Mentioning these coins and the return of community tokens brings us back to Ansem. After he said he was back to buying Solana memes, someone told him to just drop the CA, promising to buy 1% instantly.

Ansem's response sparked a lot of discussion:

'Let me explain why I don't drop CA. If I buy some Solana meme coins that already have solid holders, the market tells you which are good via social media performance, volume, holder count, etc. You shouldn't listen to me; listen to the market. Meme coins relying on speed-rushers and callers waiting to dump won't thrive. Only coins with a massive community willing to endure losses and tirelessly promote their belief day after day will succeed. Coins relying on a single celebrity won't.'

Besides these older coins with long survival and relatively stable prices, there is indeed a new coin that emerged following Ansem's viewpoint: $KINS.

$KINS is the token for Kintara, a chain game. Interestingly, Kintara did not boost Solana's gaming sector, as its rise wasn't due to sophisticated gameplay but a standard process of building community trust through action.

Let's briefly introduce $KINS's mechanics. It's an MMORPG playable in a browser. To play, you need 1000 $KINS in your wallet, then you can chop wood, mine, fish, buy houses, fight monsters and bosses, and engage in PvP.

There are no additional fees in the game except for a reward wheel. If players don't want to spin only once daily, they can spend $3 worth of $KINS for extra spins. 50% of this revenue goes to token buybacks and burns, 50% to project maintenance and development.

The core gameplay loop involves collecting resources -> crafting items -> challenging tougher monsters. If players lack resources, they use the in-game currency 'Gold' to buy from other players. Players can sell 'Gold' priced in $KINS, with 5% going to the treasury and 95% to the seller.

Sounds pretty ordinary, and the data isn't spectacular (only 0.5% of $KINS has been bought back so far), but the project's consistent delivery has built strong trust. Perhaps because the market is so depressing, many players have genuinely gotten into it, with the number of daily fishermen in the game growing daily. The team has added up to 5 servers, but there's still a queue...

One player successfully sold a rare fishing mount and earned $1800:

The project team behind this game barely promotes 'play-to-earn,' instead heavily focusing on 'how to build network effects and player loyalty.' For example, they integrate various community meme coins or hot new tokens from Solana into game elements, or auction off luxury in-game houses.

Another example is promoting World Cup-themed football competitions in players' houses:

When it was still insignificant, with a market cap under $40,000 and only 243 holders, this early 'unknown and unnoticed' state was displayed on the main map's statistics board. Watching Kintara persistently and rapidly update game content slowly reassured more people, eventually attracting KOLs like Gake and Ansem to become part of the player base.

Kintara on May 23rd, like a newly born, silent and empty new world

So, no one would call this kind of project a 'setup.'

'What are we constantly chasing? A game of mutual trust, or a game of mutual deception?'

This is the recent self-reflection from the trenches.

Hopefully, such reflection can persist, ultimately guiding us toward a healthier market.