Multiple veteran NFT projects launch MEME coins: collectively ride rollercoaster price swings, with limited uplift to NFT prices
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Multiple veteran NFT projects launch MEME coins: collectively ride rollercoaster price swings, with limited uplift to NFT prices
Can NFTs leverage MEME to unlock a new value narrative in the current bull market?
Navigating Web3 tides with focused insightsBy Nancy, PANews
Whether viewed through the lens of multi-million-dollar presales or consistently record-breaking on-chain data, MEMEs have firmly established themselves as the ultimate "traffic magnet." Recently, veteran NFT projects such as mfers, Doodles, and Goblin Town have regained market attention by launching MEME tokens, achieving some astonishing price surges. As the hottest theme in the current bull market, can NFTs leverage MEMEs to kickstart a new value narrative?
In the early hours of March 30, Sartoshi, founder of mfers, announced the launch of his MEME token $MFER on Base chain, with airdrops available to both NFT holders and artists. Following its listing, $MFER surged amid intense hype. According to Dex Screener, $MFER rose from an initial price of $0.0000149 to a high of $0.3213—over 21,000 times its starting value. Smart money reaped massive profits: Lookonchain reported that one trader bought $MFER for 0.1 ETH ($351) and sold part of their holdings for 499 ETH ($1.77 million), earning approximately $1.9 million—a 5,598x return. Additionally, blockchain analyst @ai_9684xtpa noted that a smart-money address starting with 0x708 purchased 90.12 million $MFER at the bottom for 0.79 ETH, averaging just $0.00003139 per token, reaching a peak value of $28.955 million. At the time of writing, $MFER has fallen over 43.9% from its all-time high, with market cap settling around $180 million.
Poopie, founder of Doodles, also joined this social experiment by launching the MEME token $poop on Base, clarifying it is unrelated to the official Doodles project. Dex Screener data shows $poop surged from $0.00002275 to $0.0843 within about an hour of launch—an increase of roughly 3,705.5x—before falling to $0.006677, down 92.1% from its peak, with market cap now at $7.4 million.
The sustained decline of $poop is attributed to excessive allocation to bots. Blockchain analytics platform Bubblemaps found that, after analyzing 18,800 wallets, while Poopie distributed $3 million worth of $poop to NFT holders, bots received $8 million in airdropped tokens. However, large holders have begun burning millions of dollars worth of $poop.
In contrast to the above two projects, Truth Labs—the team behind Goblin Town—publicly supported CABBAGEcoin, a Solana-based project that had already rug-pulled—and confirmed they had made purchases. The token was effectively "acquired" by a KOL and adopted as Goblin Town’s community token, with plans to airdrop to NFT holders. Birdeye data shows $CABBAG surged from $857.7 at launch to a high of $42.363 million—over 53,000x—before dropping more than 92% to $3.337 million.
Additionally, another co-founder of Truth Labs tweeted today: "If you still want to play, go ahead and play $Fools. No team, no Telegram, nothing. But don't believe everything you hear today—it's April Fools’ Day." Despite the warning, market data shows $Fools spiked from $0.00007749 to $0.004531 in under fifteen minutes—a gain of over 57x—before falling 91.6% from its peak.
Although these MEMEs created instant wealth upon launch, their prices quickly retraced in rollercoaster fashion. Meanwhile, the MEME-driven rally has had varying impacts on the associated NFT projects.
OpenSea data shows that since the MEME announcement on March 30, mfers NFTs saw their highest prices and trading volumes in months, with floor price rising over 97.8% to 0.75 ETH and daily volume exceeding 254 ETH. However, as $MFER declined, by April 1, mfers' price had dropped about 24% from its recent peak, with daily volume less than one-tenth of its high.
Unlike mfers, Doodles and Goblin Town have shown little movement. As of April 1, Doodles' floor price rose only 3.2% compared to the day $poop launched, while trading volume fell 66.5%. Goblin Town’s floor price remained virtually unchanged, with zero trading volume since March 26.
From a market performance standpoint, mfers—the early mover—has fared relatively well. Some community members argue that mfers’ success isn’t simply because it’s an NFT project issuing a token, but due to its inherent MEME culture and virality, which others lack.
In summary, as MEMEs become central hubs for traffic, it's no surprise that NFT projects in decline are jumping into the MEME space—especially those with existing user bases and brand recognition, which naturally enjoy greater reach. However, it's too early to declare this a turning point. Without building stronger community consensus and support, such efforts may accelerate the erosion of their original value.
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