The current development status of MEME coin in the virtual space.

The virtual ecosystem explores innovative mechanisms through meme coins like VIRGEN and NOTHING, combining community airdrops and buyback models, initially forming a healthy market ecology, but it is necessary to be wary of the risk of low-quality projects impacting it.

Written by: Dao Says Blockchain

Since the launch of the Genesis Launches platform by Virtual, while there have been some projects that seem unreliable at first glance, there are not many projects that directly declare themselves as meme coins, and even if there are, they also seem to be low-tier projects at first glance.

Until a few days ago, this phenomenon was broken --- a well-known AI Agent Vader, which had been collaborating with the launch platform, directly issued its created meme coin VIRGEN on it.

The special thing about this meme coin is that it is a well-known team that publicly issues a clear meme coin.

Although it is a meme coin, it has particularly shown friendliness towards the community in terms of its issuance mechanism: among all the issued tokens, aside from a portion allocated for pre-sale and a portion for liquidity, a considerable part has been set aside for staking users in the Virtual ecosystem and for some holders of classic meme coins to receive an Airdrop.

Aside from a slightly unique issuance mechanism, this token has one aspect that distinguishes it from other pre-sale tokens: there is no lock-up period. This means that if the sale is successful, there will be a high premium at the moment the token goes live, allowing users who participated in the sale to sell immediately for profit without any restrictions --- this is an operation that many participants have long dreamed of.

This has led many users to speculate whether the token will immediately plummet after the sale.

Despite various speculations and concerns, a considerable number of users participated in the sale, and it was successful.

Surprisingly, after the token was launched, the drastic drop that everyone was worried about did not happen; instead, it continued to rise steadily.

In terms of the team, in addition to the Airdrop announced during the presale, they also distributed Airdrops to users who participated in the token presale and did not sell. Subsequently, they continued to use the profits obtained in the market for token repurchases.

After this operation, this token immediately established its unique image and became the well-deserved first meme coin in the Virtual ecosystem.

After the success of the meme coin, a new meme coin called NOTHING has emerged in the ecosystem. However, this meme coin is not just a meme; its team has also given it a very direct purpose: to lock the tokens "permanently," allowing participants who stake it to continuously earn points from the platform's sales "permanently."

NOTHING has also been successfully launched, and two additional Airdrops have been conducted, exceeding previous expectations for this token.

The reason these two meme coins were able to launch successfully against the backdrop of the current meme frenzy is, in my opinion, partly due to some generous operations in their mechanisms; on the other hand, it is also because the actions of the team behind them are clearly different from most meme coins that purely focus on profit.

However, such operations are difficult to replicate, and teams like this are hard to come by.

Therefore, after these two successful cases, I was thinking: Genesis Launches is after all a permissionless launch platform where anyone can launch projects. These two successful cases are bound to attract a mix of good and bad projects, disrupting the ecosystem and creating a situation where "one bad apple spoils the bunch."

If that's the case, then doesn't this platform become a pump.fun?

If Virtual becomes the second pump.fun, it is likely that it won't go far.

To change this situation, the easiest way is for the team to directly intervene and modify the rules by implementing additional constraints to limit such projects. However, if not handled properly, this could lead the team to overreach, trying to control everything, ultimately stifling all aspects and causing the platform to lose its vitality.

The best approach is still to allow projects (including those of varying quality) to issue without permission, but let the market mechanism itself eliminate subpar projects. If the Virtual ecosystem can establish such a positive market mechanism, it can create its unique culture and atmosphere, and further turn this mechanism and atmosphere into a strong moat.

To establish such a mechanism and atmosphere, the key ultimately lies in the need for a group of high-quality participants who can consciously reject bad projects through their actions.

Therefore, I have been closely monitoring the upcoming projects that will be launched.

Sure enough, several uninspired and purely shell meme coins were issued on the platform next. The first one was successfully sold, but its price plummeted after the token was listed. The next few were directly sent to the cold storage by the market.

Seeing this situation, I feel a little relieved.

I hope this atmosphere and mechanism can continue, allowing Virtual to form a platform that is completely different from pump.fun.