I was approached by a "team" recently and asked if they could give me fees from their solana memetoken because I was the last standing member, or the only one who replied from the original coin back in the day, over 12 years ago.
Naturally this sounded too good to be true, but I figured I'd check out what they're talking about.
I don't know much about solana but I know it's infested with tens of thousands of daily tokens being created, if not more. People basically rugging others over $2, etc.
The idea here was, that my "presence" would legitimize their token and that the trading fees it generates would go to me and this would for some reason create volume and legitimacy of the token. Obviously nothing was discussed about how the token was launched (I've heard a lot of bad stories there), for instance if the team was going to buy up the token at dirt cheap prices at launch or the usual snipers that bribe validators to allow their transactions to go through first to get tokens cheaply, etc.
So I had my fair share of criticism about it from the get-go.
The team did a few AI banners/symbols for the token and some AI video clips related to it and they were busy "onboarding" people to an x community.
In the end I decided to not go forward with it, even if me as the fee receiver wouldn't be to blame as to what happens with the coin, it still didn't feel right. The "team" also didn't strike me as professional or that they really had much weight to make anything last longer than a few hours, nor did it seem like there was a real community out there interested in it.
Either way, it got me thinking.
Most of these coins that get launched on there end up dead within minutes.
Communities are only generated if the coins go somewhere, like we saw with the recent memecoin for Punch, the sad little monkey, or that other animal last year from a zoo in Thailand, I forget what it was called.
If the goal is to not rugh people, but create a legit memecoin, how would one go about it? Like, is there a way to prevent snipers that buy your token the second it is launched? (I don't know the question to this, legitimately asking)
Furthermore, if the goal is to not rug and scam people for a quick buck, would a real community as we have here be able to make some noise out there and potentially bring in some real users to our community?
Like, if anything, maybe the trading fees could be put to good use, like throwing @holozing some much needed funding.
What if we also had more things to offer? Like say a bridge of that token to Hive where people could use it to curate memes or anime or fanart, etc, something related to the token, whatever it ends up being? Bridge your memecoin to hive to give it utility. Maybe through VSC.
If it was created and ran by a reputable person and had some actual utility all the while people could also earn some hive on the backend rather than just the token. Maybe we could be that needle in the haystack out there and bridge the sol community to hive since clearly other than X/telegram and pump.fun social they don't seem to have anywhere else to be.
Now I know there's a lot of bad apples out there, but if they found out they could earn that memetoken that's legit for once and isn't rugpulling anyone anytime soon, maybe they'd be more interested in checking it out? Rather than having to throw your sol/money at it and hoping some other sucker is going to buy it from you for a higher price. Cause that seems to be the norm there these days.
And maybe, if we as already a large community, at least in these markets/prices that's stood the test of time, were to support such a memecoin with some of our own value, we could at the very least bring some traffic and longterm users to our platform. Maybe even use the trading fees of the coin to burn some hive/fund some other activities if even to curate the community we end up creating for the memecoin.
I talked to @mrtats recently that a bridge would probably be required even for VSC currently, but that shouldn't be hard to do/fund once things get going. It really seems like it's not going to be that difficult to stand out in a sea of rugpulls and slowbleeds.
Even if for some reason we can't control the outcome of the token or utility and whatever else we've promised doesn't pan out/isn't enough. It'd still be unique enough and potentially bring some value to our ecosystem/dapps.
Anyway, would appreciate your thoughts. Been checking sol a bit more lately due to the part I initially wrote about and just thought "why not just do this ourselves?" rather than smear my name/reputation on an unknown team wanting to make a quick buck.
From what I've seen for any coin to keep it's value it needs a purpose. That's why the tokenomics of games is so tricky. Folks earn the token by playing, but if they just want to suck it out of the game for profit then it can harm the games tokenomics long term. So games need to have enough sinks that reward people for not doing so. And also account for people doing it anyway cause that's just how crypto gaming works.
I've never really understood meme coins and the few I interacted with on WAXP they were the meme cause like 1million of one of them was worth less then penny so folks would be like I'm sending you a million, aren't I generous? as a joke. Cause it's nothing.
I do think something that could bridge sol/hive could be interesting but I got no idea how any of that works.
Yeah, and the more i'm reasearching about memecoins the more I think eth is a better place to launch one, especially now with fees being next to nothing which makes sol just a shitcoin sold to VC's cheaply early.
I think the ability to build a real community around a new token, particularly one that connects Hive and Solana, could truly transform the situation.
Not a fan of meme coins since the beginning. I think it's best not to associate with those people which may damage your reputation long term. You are building a solid game afterall :)
Seems like this could be a good way to market Hive. There is a lot of money and people in Solana ecosystem...
I don't really do too much with SOL. I had always stayed away from it due to the reputation, but I just recently created an account over there for something else.
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i agree with your choice with the offer, even if they rugged people and no one could accuse you, it would still be a bad advertise, or association with you
honestly i'm not really interested in meme coins, they are for its own sake, without any utility how can they hold value? beside trump artificially pump it...
Solana’s memetoken chaos makes this scam tactic even more obvious.
I do think, that the decision you made not to align yourself with them to ruin your reputation was the best.
Since you already know their standards in the eyes of the public. That's a good resistance, choosing your personality and reputation above and against all the gains and rewards they would have given to you.
This goes a long way to prove that you are disciplined and value integrity more than quick fame.
Thank you, it has related to me!
I don't understand about memecoins but about generating traffic to Hive through a memecoin would be an ideal bridge to give it a utility and make Hive known
saludos @acido, Todos quizás huyen menos tú, el fiel guerrero Hive. ¿Aceptaste o los mandaste a memear su propio token
You can create your own meme on the Solana network. It's not that expensive. You can use PUMP.FUN. You can even link it to one of your projects. With the number of people who appreciate you on the Hive network, the token should grow quickly.
yes but those are quite simplistic and lame memetokens where snipers and unknown entities will buy into to slowbleed them later as far as I understand it.
I'd want some more rules towards distribution, unlocks, inflation potentially etc, pumpfun doesn't even let you set a supply
You can create your own token by researching online and keep the entire supply if you want. If you watch the right YouTube videos, it's not difficult. You can do it for fun if you're keen on having your own token. I don't think they charge much on the Hive network. They created ZING for your game, so you already have the right contacts. You can copy the base contract from another cryptocurrency.