Does ICP even need a billion $ meme coin?

[00:00:00]Welcome back to Blockchain Bull. My name is Alex and welcome back to a new episode. In this video, we're going to have a look at some posts that I made this week and we're going to also have a look at some of the hottest news and things happening inside the Internet Computer Protocol. So, without further ado, let's jump straight into this post that I made about meme coins and how every successful chain needs a meme coin that goes into the hundreds of millions of dollars to attract more liquidity from the other ecosystems. And I've got a few interesting takes in the replies here, but first let's check out the tweet. For a chain to explode, it needs a viral meme coin. Look at Solana, Robinhood, or Base. ICP needs a meme coin to reach hundreds of millions of dollars in market cap to attract liquidity. My biggest bet inside the ICP ecosystem is Window.exe. This is the largest ICP meme coin by market cap.

[00:00:50]It's also one of the OG memes. I think it's been around for the past years, like ever since the beginning of the ICP meme coin era, basically. All right, I received, you know, many comments here.

[00:01:01]Some were, you know, positive, some were against this. But this one in particular from a fellow ICP community member is nasty.icp. Like, this really stood out to me. A lot of people agree with what he said. As you can see, he has 36 likes. Let me like this as well. Nasty usually leaves very thoughtful comments to everyone. Like, he appears in my on my timeline. So, I took the time to read this and to reply to him. Although, I don't like to go into too deep of a conversation on X comments. That's just not my thing. And, you know, many of the things that I post, I don't post them to be like to debate them. Some of the posts that I do on X are just, you know, for engagement or just for the sake of a post. I'm not a meme coin maxi by any stretch of the imagination. But this was his response. Disagree, ICP is not built in a way that fits meme coins. No shadow over EXC or other meme coins. They obviously work fine. What doesn't work is that ICP DEXes have no MEV. While I see this as a clear advantage in general, Nebula, which is another fellow ICP community member, has done a good work explaining what that means for your traditional crypto market makers. It means that they cannot max extract on ICP like on other blockchains. So, they're not interested, especially since Dfinity isn't trying to attract them with the normal bribes. I don't think meme pumps and dumps are organic affairs where degens managed to pull a GME by aping in together. I think it's nearly always fully manipulated max extraction machines, and I don't think they bring much positive attention anymore because the retail suckers this game was designed to fleece have seen through it by now. Sure, some chains have seen actions by subsidizing the meme market makers, even by outright pumping memes, but is it sticky? Is it worth it to anyone except those trying to exit the chain in a pump? What happens to a chain when the meme casino moves to the next chain with better subsidies? I'm honestly happy that the circus hasn't moved to ICP because I think it's a death sentence for a reason long-term project. So, at face value, you know, a post like this, you know, sounds smart and sounds like the correct thing to say, especially for a chain like the Internet Computer Protocol that has really established itself as a non-mainstream blockchain. Like, when everybody's chasing meme coins and everybody's trying to become the next Solana, ICP is really going the other way around and instead of onboarding new meme coins, they're onboarding governments and countries and so on and so forth. And I agree, listen, I agree 100% with, you know, what Nansen says here. I'm not telling people to go all in on meme coins just to try to catch the next 100x. However, this is what I have seen in the past four years, five years since, you know, meme coins have been a thing, and I think that it's an egg and the chicken problem here. Are some of the blockchains successful because of meme coins or do meme coins pump on some chains because the blockchain itself is successful and there is enough money to go around there. And I think it may be the latter. I think that meme coins are pumping on Solana, Robinhood, BNB chain, base, and Ethereum. Those are the five chains where we actually see activity in the meme coin sector because those blockchains actually attracted people and attracted builders and there is enough money to go around so that when a meme coin launches and a cabal forms around the meme coin, there is enough money to go around so that it pumps. So, it could be the case as well. And I think it's a double-edged sword, you know, if you try to promote your blockchain through meme coins and then, you know, people come from the liquidity but but then there is nothing else on that blockchain besides the meme coins, the hype on those meme coins is going to disappear at some point. And then if there is nothing of substance there, you know, the chain is going to just pump and dump with the hype. And we've basically seen this happen with all of the other blockchains here like Polygon has nothing going on for itself besides Polymarket, but not even an app like Polymarket has really put Polygon on the map there.

[00:05:04]Um you know, Avalanche is basically dead, Sui is dead, Cronos is dead, like everything besides those, you know, five here on the top, Solana, Robinhood, BNB chain, base, and Ethereum, everything else is basically a ghost town and it's really really difficult to build in there because there is not enough volumes for people and builders and meme coin makers and stuff like that to be making money. So, I don't think it's just a thing with ICP. I don't think that meme coins on ICP are not pumping because ICP was not built for memes.

[00:05:32]Because the other blockchains like Arbitrum, Monad, uh Hedera, NEAR, like all of the others were built similarly to how, you know, Solana, Ethereum, and the others were built and they still don't have the volumes. So, definitely a different problem here. It's not a problem with ICP not having been built for memes. I wouldn't want people to come to ICP just because a meme coin pumped. We see some pumps happening and then, you know, the hype fades and ICP goes back to square one, to just before uh when the hype happened. And Nasty, if you want to come on the podcast and discuss this, I mostly agree with like 90% of what you're saying anyway, but I would love to have you on the show.

[00:06:10]You're a very thoughtful ICP community member and I would love to have your perspective on the show. We don't have to just talk about memes. We can talk about anything in general. But I've had the this realization. Maybe it's not the memes that actually bring people onto the blockchain. It's the fact that there is enough liquidity on the blockchain that meme coins actually have room to breathe and we see those those massive massive pumps. And uh let me know, Nasty, if you're watching this video, let me know if you agree with that. Meme coins pumping is a sign of a healthy ecosystem and uh this is the proof right here with Solana, Robinhood, BNB Chain, Base, and Ethereum. However, there is another way to get people inside the ecosystem and actually make them stick.

[00:06:50]And I I think that Dfinity has the chance to do it and just to revitalize the ICP ecosystem. And I'll show it to you in just a second. It is this one right here. So, Multidex is the hyperliquid competitor that Dfinity has developed over the past month and it's now out in demo mode. People are able to trade on a DEX similar to hyperliquid and everybody has been given a hundred dollars as play money to do whatever they want with it. And those are the stats. This is left here like one week of uh people trading like that. 24-hour volume is 303 million dollars in one day, just in the past 24 hours. And this is the revenue that it has generated. And actually uh Chrisios, who's a fellow ICP content creator, he uh made this post just a few days ago saying that Multidex just hit over 1 billion in volume in game mode.

[00:07:45]No office, no server room, no employees, one canister on ICP deployed by Dfinity.

[00:07:50]Name another DEX that can say that. And there are a few DEXes like some of the big ones like Hyperliquid, Lighter, Aster, I think can say the same thing.

[00:07:58]Mine is the no team part and no office and stuff like that. So maybe there is not a lot of projects that can say the same thing. However, this is the important thing. I think this is what Dfinity could do to bring people inside the ICP ecosystem and have them remain inside the echo system just to revitalize the entire echo. Like this definitely should be thought out, you know, thoroughly and I think that Dfinity has the right minds in there to be able to play this out perfectly and just to put ICP out there on the map just to be one of the best performance in the coming cycle. There is no way, I made this post, there is no way Dfinity is looking at those stats and isn't at least thinking about giving out an airdrop to early users. Because this is the thing in crypto, if you make users rich, they'll stay and keep using your platform and we're seeing this happen with projects like Hyperliquid, Lighter, Aster. If you made people money, people are going to stick and use your platforms, use your protocol, use everything that you have for them because you made them rich. Listen, if somebody, if a friend helped you make money, would you not continue being friends with that person? Of course you would. Played out with Hyperliquid, Aster, Lit, which is Lighter, etc. Time to make ICP great again. And uh somehow the likes on this post is just 74 likes. So I thought when I posted this, this would have been a banger.

[00:09:25]This was not a banger that I thought it would have been, but in my opinion, this is the truth. Some of the comments here, someone's desperate to become rich, not naming anyone. I don't know if he's referring at me or not. Why does it need a coin?

[00:09:40]It kind of needs a coin to be able to give an airdrop to the early users. Like this is the whole point of why Hyperliquid has a coin. And listen, the coin can be used as the governance token for ICP. But if Dfinity decides not to launch a coin with this, it's also understandable. They don't want to move people's attention away from ICP. And if Multidex goes under the control of the NNS, it will be controlled by the ICP holders. So it would make sense not to launch a token for it. But on the other hand, if the token is launched, right, if everything goes perfect, this could, in my opinion, be the thing that really lifts up the ICP ecosystem like nothing else we've had before. Make users rich, people are going to stay, and more people are going to come there hoping to become rich as well. So instead of trying to get people into the ecosystem using meme coins, which are just based on hype, build something as incredible as Multidex, which Dominic Williams has said multiple times that this is the most sophisticated DeFi out there in the world. This is going to be DeFi 3.0.

[00:10:47]And if delivered properly, this could be an amazing idea. However, yeah, I'm surprised to see that some of the people that left comments here did it like sarcastic. This is what I don't understand about people being negative about something that has been proven to be the way to go, at least for perp decks. Like there is no perp decks that hasn't done an airdrop to its users. The airdrop went up multiples, people made a bunch of money, early users to the protocol made a bunch of money.

[00:11:14]Everybody's happy, and now those protocols are sitting in the billions, if not tens of billions of FDV. So this is proven. Like this is not me, you know, just talking about meme coins or anything else of the sorts. And we have one more piece of news. Caffeine AI released these tweets. Don't let anything interrupt your flow state. Now on Caffeine AI, we have auto top-ups.

[00:11:34]You can keep building without the interruption. So, if you keep typing and typing and typing and talking to Caffeine AI, sometimes you're going to run out of credits, it's going to pull you out of your flow state. You don't want that. So, now you can automatically make sure that you have enough credits on Caffeine AI. This is a quality of life improvement for Caffeine AI. I love those little updates and I'm really loving to see what people are building using Caffeine AI. And finally, if you're looking for a place where you can talk to other fellow ICP community members and you want a group that is specifically just for the people inside the ICP ecosystem to discuss everything that is happening inside the ICP ecosystem, I invite all of you in the Telegram group. We're now already 315 members in here. The link is going to be in the description below. With that, we're done. Let me know in the comment section below what you feel about my stance on meme coins and what you think about MultiDex, the most sophisticated DEX in the world, DeFi 3.0, actually having a token to airdrop to its users when it actually goes live. I think it could be a good idea, but I'm interested to find out what you think. Let me know in the comment section below. Thanks for watching and I'll see you guys in the next video.