DINO surges 3500% in a month—have the old dinosaurs woken up?
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DINO surges 3500% in a month—have the old dinosaurs woken up?
The second spring for old coins, do we still believe?
Navigating Web3 tides with focused insightsAuthor: Bright, Foresight News
Recently, DINO on Base chain has consistently ranked among the top gainers, reaching a new high on May 19 and strongly breaking through a market cap of $40 million. However, the first half of this journey since its April 2024 launch reflects the reality for the vast majority of crypto projects.
If you had bought DINO at its peak in April 2024, you would only need to endure 15 weeks of decline and 36 weeks of sideways movement, resist the urge to exit during 5 weeks of minor gains, then ride 6 consecutive strong weekly bullish candles to achieve over 70% profit.
And if you were exceptionally lucky, you could have entered with a market cap under $1 million and enjoyed an over 40x "neck-snapping" surge.
The Rebel Dinosaur
DINO (CODING DINO) conducted its presale in March 2024 and had its TGE in April. DINO is an ERC50 asset issuance protocol. During the issuance phase, users can send ETH to the contract to receive DINO tokens. Before reaching the hard cap, users can return their DINO to reclaim their ETH at any time. Once the hard cap is reached, the smart contract automatically adds liquidity and trading begins.
According to an article retweeted by DINO's official account, people bought DINO because in April 2024, many large players (VT, Machi) exploited the Bome- and Slerf-style presale model to scam investors. People lost significant amounts due to blind trust in these big names. Therefore, DINO’s concept promotes not trusting centralized entities (project teams/KOLs), but trusting decentralized code. It championed the narrative that aligns DINO with Ethereum:
don’t trust, just verify
don’t trust people, trust code
At the time, DINO officials even asked: "Could this narrative expand further? For example, could future token issuances abandon sending funds to private addresses and instead use DINO’s smart contracts? In the short term, this may be challenging, as most project issuers aren't technical experts. But if retail investors unite and demand that project teams adopt smart contract-based issuance, teams might eventually have no choice but to comply."
Little did they know, this was already the雏形 of a Bonding Curve.
DINO’s logo is also meaningful. Reflecting DINO’s core narrative—trusting only code and resisting project teams/KOLs who rug-pull—it adopted the iconic dinosaur game that appears when Chrome loses internet connection. This classic dino形象is tied to the early spirit of coding developers: independent, open-source, and technically driven.
Silent Price and Empty Community
Like all unsuccessful Meme projects, DINO quickly lost momentum, and its price plummeted one month later, continuing its descent toward zero.
Meanwhile, DINO’s social media and community also fell silent as the price dropped. The last official tweet referenced Binance, dated September 7, 2024.
The last Telegram update introduced the Safeguard bot, dated September 6, 2024.
In other words, DINO’s original team has likely (>99% probability) abandoned the project, leaving only token holders behind.
The Force Behind the Pump
The first half of DINO’s lifecycle—a "soft rug"—is all too familiar to crypto veterans. But the explosive rally in the second half is truly rare news.
From May 12 to 18, DINO’s weekly trading volume exceeded $15.6 million, with both price and volume surging. According to rumors, major market players and grassroots promoters have entered DINO.
However, despite the aggressive rise, DINO’s on-chain data isn’t “healthy.” Most of the top ten holder addresses have seen continuous inflows, with the top address alone accumulating 53.4% of the total circulating supply. On-chain data shows persistent accumulation into the top ten wallets, clearly indicating extremely high concentration. Thus, entering DINO at current prices requires careful risk assessment.
In short, DINO—born from narratives of decentralization, code autonomy, and retail resistance—has long lost its true believers. What remains are premeditated whales and degens chasing momentum. A dinosaur woken artificially may have an even shorter life.
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