If you don’t live under a mountain, then you heard yesterday about the Kaito Token Drop.
Vibes were pretty positive, it turns out people like to be paid to yap (and some of us — ahem, myself — are left with FOMO after not yapping to earn). Sadly, two of my colleagues did receive KAITO in exchange for their posting.
Lightspeed’s Jack Kubinec earned approximately $200 KAITO, as did The Drop’s Kate Irwin. Kubinec praised the project for understanding that folks didn’t want another social media site to post on to earn their yaps, and instead kept it on X — where parts of the crypto community are the strongest.
Kubinec’s thread went viral after he claimed his Kaito account, allowing him to briefly become one of the most popular yappers. He admitted, however, that his brief CT fame did not prompt him to make any additional posts.
Irwin’s main concern is longevity. CT has been through several hype cycles. When it is good, CT feels great. But when it is bad, CT can feel desolate. Irwin said that in six months, it would be hard for people to still care about the yapping.
The token has held on to the moment. Some of this may be due to the shaming on X.
SocialFi could be finally the breakthrough project to break the cycle. Time will tell, I suppose.
David Sacks might be right. The memecoins can be collected.
If that’s true, then crime season suddenly gets an element of Pokémon GO.
As you would wander the park catching Wigglytuffs or Psyducks. You could also frolic in Raydium buying dead rugpulls to collect all the memecoins as they come and go.
The fact that memecoins are sucking so much of the air from the market has led to a lot of subjective opinions. The alleged Yeezy token launch doesn’t help either.
So, here’s some eyebleach: Of the major coin launches in the past few months, HYPE — tied to a project of substance in Hyperliquid — is outperforming the pack with steady price action.
Around 60% of the perps volume on DEXs is currently flowing through Hyperliquid, a statistic that has been appreciated by the market.
MORPHO (the lending app based on Ethereum and Base) is currently ahead 135% of its rival HYPE since its launch, a little over a week before the latter.
It’s a lot better than BERA PENGU MOVE who lost 24% to 38% of their value since starting trading. (BERA has just started a new comeback). Morpho’s deposits are currently $6.8 Billion, an increase of 160% over the last three months.
It’s all well and good, but real projects may have some chance at the end.
Even after the 84% retracement, FARTCOIN still dominates this chart.
Some ignorance can be bliss.
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