Black Myth: Wukong took the gaming world by storm, topping Steam’s concurrent player count on its first day and setting a new record for single-player games.

DOGS, meanwhile, a meme coin on the TON blockchain, made history by being listed on Binance Launchpad’s 57th session and is set to be listed on major exchanges like Binance, OKX, and Gate.io in the next two days.

At first glance, these two events seem unrelated. One is a AAA game developed over seven years with a massive budget of 400 million RMB, where “every hour of gameplay costs them 20 million RMB.” The other is a low-cost meme coin that went viral through airdrops and has a market cap of $1 billion “with nothing but air behind it.”

When you compare the two, the monkey king’s willow staff seems to have boomeranged, hitting many Web3 enthusiasts right in the chest. It begs the question: How far is Web3 from the Black Wukong? When will we see a return to sanity?

01 DOGS, A $1 Billion Meme Coin, What is the Value?

DOGS is a Telegram-based meme coin designed to embody the spirit and culture of the Telegram community.

Inspired by Pavel Durov’s creation, Spotty, the black-n-white dog has become more than just a mascot; it represents the vitality and innovation of the Telegram community.

Through airdrops, the DOGS project has attracted a large following on Telegram. The team hopes to expand Spotty’s influence and cultural value beyond the Telegram community.

Thanks to viral social media campaigns, the black-n-white dog has sparked a massive FOMO frenzy. DOGS, with its combination of “meme” and “TON” ecosystem, has secured a listing on Binance. Its impressive pre-trading volume of $2.15 million on Bitget showcases the market’s intense interest and enthusiasm.

With low development costs and widespread airdrops, it’s difficult to pinpoint any intrinsic “value” in DOGS. If there’s a “secret to success,” it’s likely a combination of meme culture, community consensus, and the rising popularity of the TON ecosystem.

However, projects with similar origins to DOGS have often skyrocketed in value, becoming overnight sensations. Short-term hype seems to be the norm, and it’s unclear how much of these sky-high valuations is actually backed by real value.

02 Thousandfold Surge of The Monkey King (Wukong) Memes and Its Impact

The meme coin phenomenon has shown incredible staying power in the crypto world, and the launch of Black Myth: Wukong is no exception. The Web2 hype has injected a massive amount of liquidity into meme coin pools.

MEME coins have experienced astonishing growth. According to Dexscreener, $Wukong, a Tron-based token, has seen a 3980% increase in 24 hours. Numerous other similarly named MEME coins have emerged on different blockchains (i.e. $WuKong on ETH), with varying degrees of success.

Such rapid price action has once again exposed the vulnerabilities of Web3. Many projects lack a sense of purpose, and the market seems to rely on hype and speculation to stay afloat. This has led some KOLs to lament the lack of “real” projects in the space.

In recent months, there has been much debate about meme coins versus VC-backed coins. Some KOLs have compared meme coins to “opium,” arguing that they distort the entrepreneurial direction of the Eastern crypto community. IOSG founder Jocy believes that the obsession with meme coins and short-term gains could lead to a market bubble.

Others argue that the current trend of “high FDV, low circulation” tokens has raised concerns about the sustainability of the crypto market. Many believe these tokens are to blame for market downturns, forcing retail investors to resort to meme coins. The heated discussions surrounding high FDV (fully diluted valuation) VC-backed coins seem to be never-ending.

Regardless of the perspective, one thing is clear: fundamental analysis seems to have taken a backseat.

03 Crypto Investing Is A Game of Attention

In the crypto market, value investing often seems to backfire, as fundamental analysis often results in little to no profit.

The traditional financial market logic of “high performance supports high stock prices” rarely holds true in the crypto world. Many investors find themselves waiting in vain for their altcoins to be rediscovered, only to see their assets dwindle to nothing.

When a market crash occurs, we often see mainstream coins falling like altcoins, altcoins falling like shitcoins, and shitcoins disappearing altogether. In an era where long-term thinking is constantly praised, it seems to be constantly undermined in the crypto world.

Are the fluctuating candlestick charts, and the greed and fear of human nature, any different now? What has changed?

The answer is simple: in the crypto market, “fundamentals” have been redefined.

While Web2 projects prioritize technical capabilities, user data, and funding, crypto projects also value these factors. However, regardless of how much emphasis is placed on these metrics, they often pale in comparison to factors like hype, celebrity endorsements, or even negative news.

This has led to some bizarre phenomena. When a particular sector like MEME coins or AI becomes hot, even a project with mediocre technology can attract a lot of capital simply by riding the wave.

Moreover, if a project is endorsed by a KOL, it can quickly gain a large following, regardless of its actual strength.

In some cases, projects that have been hacked or received negative press can actually attract more attention, as many investors believe these projects are more “exciting” and worth a gamble.

In short, in this imaginative crypto world, traditional “fundamentals” no longer apply. Attention is the new fundamental, the most understated value.

This explains why a low-cost project like DOGS can be worth $1 billion and why the incredible growth of monkey king meme coins has sparked controversy and reflection.

04 Conclusion

While the crypto market remains controversial, we should not be overly anxious. Just as the law of survival of the fittest dictates, if the market no longer accepts the rules of high FDV games, VCs will inevitably adjust their strategies.

Similarly, the rise of meme coins is also a natural result of market selection. They can attract a large number of new users, and good projects will eventually survive the bubble, while those that masquerade as valuable coins will be eliminated.

Whether or not a “dark monkey king” appears to purify Web3, the evolution of the market will always follow the natural law of survival of the fittest, eventually reaching new heights.

We should maintain an open mind and focus on truly valuable projects. As market participants re-evaluate value and market mechanisms continue to improve, we believe that in the future competition, excellent projects and teams will stand out and lead the industry into a more prosperous era.

Risk Warning: Crypto assets carry significant risk, and the above is for informational purposes only and not investment advice.

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