The "Bull Run," a phenomenon that gained momentum in the real world over the past weekend, also became the most eye-catching meme event in the meme coin market.

So, in this article, let's start with the "Bull Run." We will review the past weekend, discuss the latest developments across various chains, and look ahead to this week to identify potential opportunities.

BSC, Here Comes the Bull

BSC is undoubtedly the most popular chain at the moment. Although CZ's weekend tweet was seen as "diverting" attention to MarsCoin, causing controversy and a sharp price fluctuation, overall, I think good things have indeed happened on BSC this time.

Let's first talk about the "Bull Run." The price of this coin has now dropped from a peak market cap of around $47.0 million to around $33.0 million. From a risk-reward perspective, it may not be as attractive anymore. The English equivalent of this coin, which ran to a peak market cap of around $47.0 million on Solana about a month ago, is perhaps the raccoon $Jimothy.

Is there a "conspiracy" behind a target that can reach close to a $50.0 million market cap? Definitely, but this conspiracy at least has some logic and can be seen as a "benign conspiracy." Compared to coins like $CATE, $TOAD, or $ANSEM, which have relied on heavy promotion and whale support recently, the Bull Run coin indeed had some natural market forces at play when the market cap was below $1.0-3.0 million.

When the movie of the Bull Run just came out, having sharp meme sensibility about this movie, or even the meme level of this event, determined whether one could benefit from this Bull Run trend. Although, before this coin really took off, we might still worry about diversion, the extent of the event's aftermath, and whether there would be enough supportive liquidity environment.

But if you didn't buy a bit at $100, you might need to enhance your meme sensibility a bit. What we couldn't anticipate was that the event could ferment into a public art performance, and with financial intervention, push the market cap to near $50.0 million. However, at the million-dollar market cap level, it can be considered an expected and dreamable hit zone.

What makes this coin special? From a narrative sensibility perspective, it is fair to every meme player. We have all seen this abstract movie, can find targets based on our own sensibility, and there hasn't been continuous diversion that everyone argues about. If we must be critical, $Jimothy only ran to $50.0 million when the White House used it for promotion. The Bull Run does not have such a high-profile dissemination chain. However, this logic of capping is often not the logic of us as individual players but merely the will of the funds.

Compared to relying solely on the "Double Saints" meme for hype, BullRun has actually performed quite well. In fact, it has an objective, quantifiable metric—the WeChat search index:

On August 15, BullRun's WeChat search index had already surpassed 200 million, and on August 16, it broke through 300 million. To put it in perspective, the peak search index for the earlier hot meme, Lobster, was only around 220 million. From a data perspective, this is undoubtedly a top-tier Chinese meme theme.

Another good point is that BullRun has reached this market height without any catalyzing effect from Binance Alpha. This is an organically grown bull, not one artificially ripened. Once foreigners understand the ins and outs of this situation, the vast majority have a positive view, seeing it as a good narrative. Just by looking at the holders, BullRun has a total of about 24,150 holder addresses, and according to FOMO, the number of BullRun holders has exceeded 9,200. The proportion of foreigners among BullRun holders is not low, showing that a good narrative transcends language barriers and is understood by all.

If BSC can continue this momentum in the future, with less diversion and more natural growth to attract funding, then BullRun should be deeply marked as a success story. However, since there is funding involved, it will eventually lead to redistribution. From stocks with actual support to emotion-driven meme coins, it's all the same.

As for CZ's destruction of MarsCoin, and then claiming he didn't actually know about the existence of two MarsCoins, I think the issue lies not in whether he knew about the two MarsCoins, but rather that Flap's MarsCoin was already on Binance Alpha, and the market still viewed this destruction as some form of statement, which is unhealthy.

Questioning his intentional behavior is understandable emotional venting. It is human nature to want to profit from unexpected events, showing a sharp ability. However, the reaction may have been somewhat excessive—comparing the destruction to the history of uppercase and lowercase Neiro, when there was already a MarsCoin on Binance Alpha, seems inappropriate.

Fortunately, the MarsCoin that was listed on Binance Alpha was not heavily drained and the one that was suddenly destroyed also quickly fell back after briefly reaching nearly $37 million in market value. This time, the market has shown enough firmness and rationality.

Do not listen to what they say, but watch what they do. CZ, this time the market has passed the ball back to you. If there are no further twists, I think this episode should come to a close like this.

It's been a while since we felt this kind of lag behind in Solana's version

It's not that Solana has lagged behind in a new narrative or gameplay this time, because since the meme stock, there hasn't been any new gameplay for meme coins. Everyone is still looking at which narrative is more interesting, which side's strong project will succeed, or which side's conspiracy has set the stage. There are so many people on-chain now, cross-chain transactions are already very convenient and mature. The remaining active retail investors and funds are just about the same, and it's almost no longer about which chain is draining liquidity from which chain. Where it's lively, that's where everyone is buying.

The reason why it's said that Solana is lagging behind in version is still because "Bull Run" was too successful, which led to a similar attention target on Solana, $Layooo, appearing a bit "follower."

This gorilla dancing to a bewitching BGM with "Layoo" became popular on TikTok, and then many crypto players on Discord used it to create many bewitching memes. Of course, there are also many Web2 users who don't play meme coins, just fooling around, imitating this gorilla's dance, feeling a bit like when everyone danced when "Gangnam Style" went viral.

But unlike Bull Run, this coin that emerged yesterday is a "rug pull," and the highest it reached was about $4.4 million in market cap. The original $Layoo supported coin also followed suit a bit, reaching a high of around $400,000 in market cap. These two coins each have their own story; the one that emerged is called a "rug pull" because it didn't have the original creator's support, although its deployment time was indeed earlier.

There is a foreign version of "Bull Run," and also a foreign version of "Binance Coin." $App, this coin comes from people officially associated with alon, json, and other pump.fun projects. They started adding the phrase "Sent from my Pumpfun App" at the end of their tweets, giving the sense that they want to use this watermark-style phrase as a slogan to boost pump.fun's social layer.

How does this remind us of "Why run around everywhere, when Binance has it all"...

This coin reached a market capitalization of $2 million last week before dropping, falling below a $100,000 market capitalization at one point. However, Alon has been consistently adding this phrase to his tweets. As a result, there was a noticeable price surge yesterday, with the market capitalization briefly exceeding $600,000 before plummeting again. If the people at pump.fun continue to play this joke and even integrate this slogan into the app's sharing feature, perhaps it can experience a pump again.

Of course, Solana also had its highlights. $ANSEM bounced back from below a $200 million market capitalization, reaching $350 million at one point, giving a sense that the bottom is in and a new all-time high is imminent. The reason behind this is that Ansem set up a new platform, ANSEM.IO.

This is not a truly new launchpad; it is actually a "shill attribute" for $ANSEM, along with running a paid promotion business like Dexscreener. Although you can launch a coin through ANSEM.IO, in reality, it still follows the pump.fun model, just with some packaging, and does not compete with the launchpad business of pump.fun. However, when launching a token through this front-end launch, you must at least dig into your own pocket to buy 3% for an airdrop to $ANSEM holders.

Additionally, there is a meme coin billboard called Z500, where any meme coin can spend $99 to $3,999 for exposure.

The Counterattack of Base, Coming Fashionably Late

Yesterday, Base also introduced a cat named $Basecat with a peak market capitalization of $20 million, which really felt like $CASHCAT because the main catalyst was Cobie giving a shoutout to this coin's X account, and the Base App's official Twitter account also started openly promoting this coin:

So, if Cobie follows in Vlad's footsteps, continuing with likes and follows, Base might experience another small uptrend. The reason Basecat is currently not seeing much of a surge is probably mainly because Base previously hurt everyone too deeply, and people are cautious not to overly expect Cobie to consistently promote projects rather than act on a whim.

In addition to Basecat, Base also seems to be copying the meme stock trend from other chains, but there doesn't seem to be any improvement yet. Yesterday, there was a meme stock that briefly surged to a $1 million market capitalization, called $MEME, paired with Coinbase's stock, creating a $MEME/$COIN meme coin. Just as people found it somewhat interesting, it quickly plummeted to near-zero...

Really hard to play.

Robinhood at Low Tide

The Robinhood Chain has nothing noteworthy. In our recent article, we have been repeating this core point:

The price performance of $CASHCAT determines the overall trend of the Robinhood Chain.

After this coin was listed on the main Robinhood site, there couldn't have been a bigger bullish catalyst. No stimulus worked, only this coin continuing to surge upwards worked.

The current situation is that on the day this coin was listed on the Robinhood main site, after a day with a trading volume exceeding a billion U.S. dollars and a large candlestick pattern, it slowly rose to a peak market cap of about $170 million, and then dropped back to the current market cap of about $100 million. This coin was able to withstand massive sell-offs, making it hard for everyone to believe there is no funding or market maker behind it.

Retail investors can no longer determine the coin's trajectory. It is expected to reach a $1 billion market cap or even higher, and the market currently has little doubt about this. However, the process may be challenging, especially given the recent overly consistent expectations. Whether the $100 million market cap level will hold or be breached can only be seen based on how the backers perceive it.

Conclusion

To sum up, at the beginning of this week, we provide the following ranking: BSC>Solana>Base>Robinhood

- BSC: When the bull comes, the situation is good. If there is another stimulus, the trend can continue.

- Solana: Its user inertia allows it to naturally stand out when no one else is doing particularly well. But now that everyone has some opinion, it may not be as attractive.

- Base: If Cobie continues to promote projects, there will definitely be more short-term opportunities than with Robinhood, and perhaps even more than with Solana. However, this chain has always been really hard to play. While the potential for big gains may be significant, there are countless pitfalls, falling into which results in swift and certain death.

- Robinhood: If $CASHCAT doesn't show strength, it will just continue to lie flat.

Overall, the current difficulty level of operating on these chains is still hellish. It may seem like everyone is making money, but in reality, if you slightly misjudge the situation, you might end up permanently trapped. In a situation like with the bull coming, if you manage to buy in below a $1 million market cap and then hold all the way to a multi-million dollar market cap, either you are incredibly wealthy and don't mind, or you've really made the right bet...

Still need to remain cautious, refrain from acting impulsively, observe more, not be overly optimistic, or be swayed by get-rich-quick stories.

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