Crypto life is characterized by three things.
Every mildly entertaining aspect of popular culture is accompanied by hacks, memecoins and taxes.
It’s not surprising that a memecoin has already been created, as social media users in the US prepare for life without TikTok.
The Supreme Court is currently mulling a bipartisan bill passed last year that would force TikTok’s owner — the Chinese tech giant ByteDance — to sell the app to a US company by Jan. 19, citing national security concerns around influence and spying.
In the beginning, Meta and Google were thought to be the main beneficiaries of a ban. But in the interim, there are still so-called “TikTok refugees” Xiaohongshu (RedNote), a Chinese social media app that is similar to Instagram but backed both by Tencent and Alibaba, has been inundated with users.
RedNote, and many other local applications where content is moderated or censored strictly, has a username that’s been set as the default. “momo.”
The moniker was adopted by younger Chinese internet users, who found that posting online without their names allowed them to be more open. They also used a pink dinosaur as a mascot.
No surprise then that Solana memecoin MOMO — initially launched via pump.fun way back in October — has gone 160x in the past three days.
MOMO’s market cap is under $5m, but it only took $40m in volumes to get it up to the new valuation.
MOMO’s return is still about half the value of AI16Z, which is a leading AI coin. AI16Z’s performance has been 295x, or about two weeks behind MOMO.
RedNote is a good place to start. I looked around and found that there wasn’t much content on cryptos other than bitcoins and the major memecoins, like Shiba Inu (and a lot of Pepe).
Onchain degeneracy is the US’ fastest-growing export. They simply won’t know what hit ‘em.
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