10x in two days—perhaps the most abstract Perp Dex on Solana
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10x in two days—perhaps the most abstract Perp Dex on Solana
Is it true or false that the token of Perp Dex is launched from pump.fun?
Navigating Web3 tides with focused insightsWritten by: Cookie,BlockBeats
While market attention has been focused on Perp Dex or stablecoin protocols, Solana meme coins have almost overnight become a thing of the past. Although pump.fun's daily revenue remains substantial, players now struggle to catch "golden dogs" worth tens of millions of dollars as they once did.
In this context, $nl, which briefly surpassed a $10 million market cap today, fully qualifies as a "golden dog." Launched via pump.fun, this token is a meme coin themed around being a "Perp Dex for meme coins on Solana." What makes it interesting is that while it could be seen as purely a meme coin, it actually has a "product." Yet if considered a serious product-driven project, its offering is certainly not something conventionally "serious"—a tone captured perfectly in its full name, niggaliquid.
The dev behind $nl is @10piecedawg, a well-known on-chain player famous for turning $4 into $10,000 in 48 hours.
Thus, when $nl first launched, no one took it seriously. Whether because of its early meme-style promotional tweets:
Or simply because it was a token launched from pump.fun—how could a "serious" project launch so casually on pump.fun?
But gradually, things started getting confusing... The dev unveiled a website and a referral points system, making everything appear increasingly legitimate.
Then, the official Twitter began frequently posting Moonshot-style listing announcements, leading more and more users to believe this might not be pure meme—it might actually have substance.
In reality, niggaliquid uses Orderly’s no-code “Orderly One” feature to launch its Perp Dex. Comparing niggaliquid with ADEN, another project built using “Orderly One,” reveals they are nearly identical.
ADEN
niggaliquid
Meanwhile, the meme coins mentioned as being listed on niggaliquid only show a Swap function on its Twitter profile page.
So niggaliquid is playing an ambiguous game of "cosplay," reminiscent of the bankrupt Enron Corporation launching a token earlier this year—claiming to revive Enron and build the world’s first residential micro nuclear reactor, but ultimately staging a meta meme performance. (Related reading: A 28-year-old American guy minted a token for the former $70 billion Enron?)
When the market’s Perp Dex craze meets Solana’s trench culture humor, $nl proves highly popular, drawing many English-speaking KOLs into the joke:
Users keep making absurd jokes about niggaliquid, such as its astronomically high fee revenue:
For example: ETH has Hyperliquid, Binance has Aster, Solana has niggaliquid:
Even inspired by niggaliquid, niggapay emerged:
With $nl’s success, @10piecedawg’s earlier $niggabonk launched on bonk.fun also shows signs of revival.
In summary, $nl is a standout absurdist meme joke recently, similar to $chillhouse, yet carrying some of the satirical edge of $fartcoin. This kind of humor can currently only emerge from Solana and pump.fun.
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