Unveiling the NFT Power Behind PEPE: How to Find the Next Promising MEME
MEME is also rebellious, representing a form of mockery and a grassroots resistance.Source: 0xmin, TechFlow Deep Tide
"Vinegar catches you off guard," the PEPE myth has once again made people anxious due to the wealth stories of others.
Every time this happens, there are always a large number of articles using very academic theories to argue for the legitimacy of MEME, discussing stories/emotions/triggers, etc. However, in the author's view, the success of MEME coins lies in their simplicity, directness, and honesty. There is not much incomprehensible technical jargon or false advertising, allowing them to quickly attract attention with zero cognitive barriers. One of the most important characteristics of the crypto industry is the financialization of attention and traffic, where the competition is about the ability to capture public attention through narrative and price.
MEME is also rebellious; it represents a kind of mockery and grassroots resistance.
One is a top-tier project, at the forefront of technology, claiming to change the world, with substantial support from top VCs. Naturally, this means that the chips are in the hands of the project team and VCs, and the token economics are very aggressive, with limited circulation and high FDV. As the project team/VCs continue to sell, many retail investors pay the price of liquidity exit.
The other is a pure MEME project, with no practical value and no technical support. The token economics are open and fair, and everyone is competing in the liquidity pool.
As a retail investor, how to choose between the two?
At least from the current perspective, it is difficult for retail investors to rely on high FDV VC projects to "get rich." In contrast, MEME, with its exaggerated wealth stories, has become a lifeline for many underdogs, similar to early Bitcoin, which had no practical value, where everyone could obtain it fairly (through mining), and gained traction through one after another grassroots wealth story, gradually becoming a consensus in the industry.
Another overlooked factor is that every MEME rise is inseparable from the "big brother," another name for the "whale."
Undoubtedly, the whale behind Doge is Musk, the big brother who publicly promotes it; the early whale behind Shib was also Musk, although it may have been unintentional or passive. Subsequently, many whales and market makers like Jump flooded in, supporting its strong market value.
Who is the big brother behind PEPE?
By analyzing a large number of top PEPE holding addresses, it was found that many early buyers held a type of NFT—Milady.
For example, the address Dimethyltryptamine.eth, which purchased 0.125 ETH of PEPE on the first day, holds a large number of Milady and its sister project Remilio. He has already realized over 6 million dollars, and his account still holds PEPE worth over 9.7 million dollars.
Additionally, one of the multi-signature wallets managing 6.9% of the total supply of PEPE had its earliest ETH coming from an on-chain address that held a large amount of Milady's sister project Remilio.
According to a holder of Milady, he discovered and purchased PEPE as early as April 17. Meanwhile, many Milady holders who profited from selling PEPE have reinvested in Milady, causing its floor price to continue to soar despite the recent downturn in the NFT market.
In summary, for MEME to succeed, it needs not only a story but also a big brother. It can currently be confirmed that there is an NFT community and the power of Chinese people in Dubai that banded together to buy PEPE early, becoming a key driving force behind PEPE's early growth.
How to discover a promising MEME?
Execution ability and information channels are both essential, and sometimes a bit of luck is needed.
The core point is early discovery, either off-chain or on-chain.
Off-chain, mainly relying on Twitter or communities, tracking quality Twitter influencers and community dynamics, and maintaining curiosity and attention towards the early Alpha projects mentioned among them.
On-chain, through @lookonchain and other influencers or by searching for early buyers of a certain Token on-chain and marking their addresses to track their on-chain purchasing behavior and holding changes.
Here are some tools I commonly use:
https://dexcheck.io/ @DexCheck_io
Discover which Tokens/NFTs on-chain traders are currently profiting from, track whale movements, and conduct on-chain analysis (code audits, holding distribution) for individual Tokens.
https://dexscreener.com/ethereum @dexscreener
A DEX visualization aggregation platform that shows which coins are currently being traded on DEX.
https://debank.com/ @DeBankDeFi
Track the on-chain holding changes of smart money.
https:// bubblemaps.io @bubblemaps
View the holding distribution of Tokens; if some are particularly centralized, with a few wallets controlling most of the circulation, caution is warranted.
There are many scams among MEME coins; this tool can detect whether a project is a scam.
Finally, I wish everyone wealth through MEME.
