Hello SPIers, over the past few days, I have been looking at meme tokens on the SOL blockchain. Dont worry, I have no plans to invest but the whole process for me as someone who creates tokens is exciting.
The lifespan of 99.9% of meme tokens on SOL
Because the bar of entry is so low to create a meme token, $2-3 and a jpeg. Thousands are created each hour.
I cherry-picked and watched in real-time over a few hours 40-50 meme tokens from the minute they launched. All but 2 of them lasted under 2 minutes. The dev would buy in, 3-4 investors would buy-in, and then the dev would sell it to lock in $1 in profit. 1 lasted for around 8 mins and 1 more is still going currently sitting at around 8x at the time of writing.
Launch > Dev buys in > Investors buy in > Dev Sells out > Meme token drops to $0
The life of an average meme token on SOL is probally under 2 minutes.
The other 0.1%
- Build social media before launch. Twitter, Telegram, Discord
- Have a 1 page site website before launch
- Build up a min of 500-1000 followers before launch
- Launch meme token on a set date so everyone can FOMO in together and moon it
- Dev burns LP keys
- Dev does not sell out
- Will pay £300-400 for validation when listed on the P2P exchange
90% of the top 0.1% are people using smart contracts to rug people. They will release the same token over and over using the same social media to promote them. They will use contracts to make lots of buys from different wallets pumping the price and when the marketcap hits $100k, $500k, and $1M, they dump the lot from all the wallets in 1 transaction. There are many ways to appear to be legit and still rug people.
If you do the above and dont rug, you have a chance to create a $1 million marketcap token on SOL because you'd basically be a unicorn. The bar to be better than 99.9% is so low and a few hours of work is all it takes to be in the top 0.1%. By the way, hitting $1M means little because it can tank 90% in a few minutes.
(Degen investors)
You would not believe how degen some people are and when they have something go 2x, 3x on them, they will shill it like their life is on it. Maybe they put their last $500 into a meme token and it mooned to $2500 after 12 hours, that person thinks they hit the jackpot, found the unicorn and their shit is going to moon to $100k by Christmas. They will feel invincible
Anyways, when people can see a meme token has a pre-build community of degens, a website, active social media and lots of early diamond hand buyers, others jump in hard because 99.9% of tokens only last a few minutes.
I've been thinking!
Yeah, I know. Here comes another bullshit meme token idea from SSUK but hear me out, the risk is very small and it could be fun.
I always like to try out new things and I'd like to release a meme token on SOL as an experiment. The reason why I've never done it is because it's not something I can do alone and would need some support to do it properly. Not financial support, more community support or at least a team of 2-3 more people.
We'd basically need to build a small community of degens before launch which might take a few weeks then launch with a few hundred waiting buyers, buy a large % for ourselves and dont sell. When the degens see we are "real ones" and not going to the rug, they will shill it to the moon.
We sit back and see what it does For a meme token to really pop, it needs to come from its community. We'd need to set it up, shill it hard pre-launch and if it gains traction, let it go and see what its community does with it.
I could go into great detail with the numbers but im not going to because im lazy to explain about liquidity, fees and things.
- Would cost $400-600 (SPI will pay)
- Need people that can run Twitter accounts to shill and build telegram & discord user numbers. (Posting 1 liner bullish things about the token with invite links)
- People who help would get % ownership share of the dev wallet
- The exit plan would be either
1/ If the community grows, we sell out a few per cent here and there as milestones are hit. Degens dont mind a dev selling a few percent of their holdings if the token is up 10x
2/ The community does not grow and we dump our position (maybe at a loss)
Our plan is to exit within the first 2-3 months. Whether thats into a growing community of active buyers are into a dead community of HODLers over others have taken profit. There always needs to be new buyers.
Why plan to exit?
If a community grows they will want control of the token, they will view the dev holding a large amount as a threat and it is good practice for the dev to exit or massively reduce their stake. When this is the case, the token will normally moon after the dev sells out. If the community does not grow, we dont wanna be operating social media for a dead project so we dump it.
Either way, it would be a 2-3 month experiment for those interested.
If you think you could add value to this and would enjoy the experience, comment below and we might make it happen.
Getting Rich Slowly from June 2019
| Token Name | Main Account | Link to hive-engine |
|---|---|---|
| SPI token | @spinvest | SPI |
| LBI token | @lbi-token | LBI |
| Top XV token | @spinvest | XV |
| Eddie Earners | @eddie-earner | EDS |
| EDS miners | @eddie-earner | EDSM |
| EDS mini miners | @eddie-earner | EDSMM |
| EDS-vote | @eds-vote | n/a |
| EDS DOLLAR | @eds-d | EDSD |
| DAB token | @dailydab | DAB |
| DBOND token | @dailydab | DBOND |
| RUG token | @rugem | RUG |
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