LianGuai Observation | MEME, TOKEN, GAS and other token names are becoming popular, project teams are eyeing exclusive terms in the cryptocurrency industry.

Exploring the LianGuai Phenomenon Rising Popularity of Token Names like MEME, TOKEN, GAS, and More Sparks Interest Among Cryptocurrency Project Teams

Author: Climber, LianGuai

“I heard that Binance launched a MEME coin.”

“Which MEME?”

There have been some conversations like this among users in the cryptocurrency industry recently.

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Recently, a batch of token projects named after industry concept terms have emerged in the cryptocurrency industry, and they have been listed on some top centralized exchanges, such as MEME, TOKEN, GAS, etc. These “well-known” tokens have caused heated discussions in the community, and their prices have skyrocketed, some even increasing by hundreds of times after being listed on exchanges.

Perhaps in the eyes of the project teams, using these proprietary terms that have already captured the minds of users as token names can make them “famous overnight”, increase the project’s “legitimacy”, and also fuel investors’ FOMO sentiment. Therefore, the project teams are increasingly using cryptocurrency industry jargon.

1. Multiple cryptocurrency industry jargon names becoming token names and being listed on centralized exchanges

In the token trading markets of centralized exchanges, there are multiple categories for investors to choose from. Generally, there is an innovative zone among these categories, which includes popular coins in the market.

Meme coins have always been driven by community sentiment, with PEPE being the most popular this year. Due to the speculative nature of pursuing high returns, many investors have trading demands.

Recently, tokens named after blockchain industry terminology have gradually begun to be listed on centralized exchanges for sale.

1. MEME

On November 3rd, Binance will launch Memecoin (MEME). Other centralized exchanges that have announced the listing of this token include Bitget, Bybit, BitMEX, etc.

Unlike the pevious MEME coins that were classified as Memecoins but had different token names, the newly listed token is called Memecoin, with the token code MEME, and the official website is called Meme.com. It combines three elements: memecoin, MEME, meme.com.

However, before this token is officially listed on an exchange, there have already been Rug Pull incidents involving a token with the same name on the Ethereum network, which undoubtedly reminds investors of the risks associated with Meme tokens.

2. TOKEN

On October 26th, the Meme project Floki announced the launch of its cryptocurrency and asset tokenization platform TokenFi (token: TOKEN). TOKEN has a total supply of 10 billion, with 5 billion issued on the BNB Chain and 5 billion issued on the Ethereum network. DWF Labs is the main institutional partner and market maker for TokenFi.

Once the news was announced, platforms such as Bitget, Gate.io, and Bybit immediately announced that they would list TokenFi (TOKEN). And on the day of listing on a certain platform, the price surged to a high of 17,407% at one point.

Since then, the token has continued to rise, especially influenced by the news that Floki’s multisig address transferred 60 million TokenFi (TOKEN) worth about $2.1 million to DWF Labs.

The Floki community also intends to push up the token price and has initiated a vote to propose reducing the current 5% transaction tax of the token to 0.3%.

Before that, there have been exchanges increasing trading volume by adding leveraged or contract trading pairs for cryptocurrency terms.

3. GAS

On October 24th, OKX announced the official launch of GAS/USDT leveraged trading, simple coin earning, and GASUSDT perpetual contracts on the web, app, and API. At the same time, Binance announced the launch of GAS 1-50x U-based perpetual contracts, followed by the addition of isolated margin trading pair GAS/USDT.

GAS, also known as NEO GAS, was first issued in 2014 and its main function is to control the NEO blockchain network. NEO has two different currencies, one is its main digital currency NEO, and the other is NeoGas, also known as GAS.

Exchanges like Binance and OKX seem to embrace these cryptocurrency terms, after all, familiar terms greatly increase exposure for both the project and the exchange, and exposure brings popularity, which brings trading volume.

2. What other exclusive terms are there in the cryptocurrency industry?

Overnight, project teams seem to have set their sights on exclusive terms in the cryptocurrency industry. LianGuai reporters found that exclusive term coins are growing in popularity, such as DeFi, RWA, BASE, ZKP, BIT, etc., all of which have been claimed by project teams.

DeFi: The well-known overseas crypto media, The Defiant, recently announced that DeFi has become their native project token name;

RWA: A token issued by the project Real World Assets on the BNB chain, and a Rug Pull has already occurred;

BASE:

1. The platform token of the Base Protocol trading aggregator, currently listed on Gate.io with a price of $0.66;

2. Coinbase’s L2 project is also called Base, and if they issue a token in the future, it will probably be called BASE.

ZKP: The token for the DeFi privacy protection protocol, LianGuainther Protocol, currently priced at $0.019.

BIT: There are multiple projects named BIT, such as BitDAO, First Bitcoin, BitRewards, and more.

3. The reality behind “exclusive term coins”: a choice born out of insufficient liquidity

Currently, the cryptocurrency market is generally facing a lack of liquidity, and both exchanges and project teams urgently need to find or create popular projects to attract new investors and traders.

According to a K33 Research report in September, Binance’s seven-day average Bitcoin spot trading volume has dropped by 57% since early September, leading to an overall industry trading volume decline of 48%.

According to CCData analysis, Coinbase’s spot trading volume in the third quarter of this year was approximately $76 billion, a 52% decrease compared to the same period last year. This quarter’s spot trading volume is the lowest level since Coinbase went public on the Nasdaq stock market in 2021.

The Bitfinex report also shows that the bitcoin spot trading volume on centralized cryptocurrency trading platforms reached its lowest monthly level since October 2020.

It can be seen that investors’ enthusiasm for spot trading in the cryptocurrency market has greatly decreased. For Floki as the project party, its officials also stated that reducing transaction fees aims to increase token market liquidity and attract more holders.

As for the exchange side, the leading CEX Binance announced as early as July that it will introduce seed tags and watch tags to help users identify high volatility and high-risk tokens.

The announcement mentioned that setting tags is to help users distinguish tokens in the innovation zone from those in the main trading zone. Users need to take the corresponding test on Binance spot or Binance margin trading platform every 90 days, and accept the terms of use, in order to obtain trading privileges for tokens with seed tags or watch tags.

At the same time, seed tags will replace the innovation zone and apply to all tokens currently listed in the innovation zone, as well as innovative project tokens to be listed in the future. Compared to other listed tokens, these tokens may have higher volatility and risk.

In addition, Binance has launched watch tags, which indicate that tokens in this category have higher volatility and risk compared to other listed tokens.

In these two categories, most are meme coins, newly listed tokens, and tokens with significant price fluctuations. In other words, exchanges have long had ideas and prepared psychological building and risk guidelines for investors of these listed meme coin projects.

However, before the announcement of the listing of Memecoin (MEME) on Binance, there were already rumors of the token being listed in the market. Previously, Binance had stated that if a project leaked listing information in advance, it would not list it in the future. But this time, Binance still chose to list it, which can be described as thoughtful.

At its core, the lack of market liquidity is the biggest challenge faced by exchanges. Secondly, there have been few high-quality projects listed in the recent cryptocurrency market, and it is even more difficult to attract attention from insiders and outsiders in a bear market without popular projects. The only recent well-known project with a significant price increase is CyberConnect (CYBER), but it was also influenced by the hype of DWF Labs and South Korean exchange Upbit.

Summary

The current cryptocurrency market is in a deep crisis of liquidity shortage, and all parties, including project parties, exchanges, and investors, hope that popular projects will appear to enliven the market. However, high-quality projects require multiple factors to come together, while blockchain jargon is abundant and well-known, readily available for use.

As for whether these jargon-like projects in the crypto circle will be successful or end up in chaos, it is up to cryptocurrency investors to witness.

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