When mentions of LOWB first appeared in your correspondent’s crypto WeChat, I casually dismissed it as one more yield-farm coin on Binance Sensible Chain into which DeFi degens ape for a number of days earlier than shifting on to the subsequent one. It solely took a number of hours—and a 400% price jump—for me and the remainder of crypto WeChat to do a double-take and shift our eyes to the coin and LoserCoin, the mission behind it.
The coin is value solely $0.0009 and its market cap is a paltry $880,000. That quantity may appear minuscule however the mission simply began on Might 7, and its Chinese Telegram Group already has a staggering 10,000 members. That’s numerous followers on condition that Chinese language folks have to climb over the firewall to make use of Telegram.
LoserCoin is surpassing $DOGE and $SHIBU in buzz and is the most well liked meme coin made in China. This week’s da bing appears to be like into the cultural phenomena behind LoserCoin and makes an attempt to elucidate who the actual winners are right here—and the actual losers.
Based on the founding story, LoserCoin (to not be confused with this from 2014) was created by two broke Chinese language crypto retail merchants from a 4th-tier metropolis. They entered the crypto market in 2017 however obtained repeatedly wrecked, “thanks to the Bitcoin speculation.” Bored with dropping cash from buying and selling and being harvested as “leeks,” the 2 highschool mates determined to launch their very own mission, and discover out if two “losers” might flip the desk and begin harvesting different leeks.
Their honesty immediately resonated with China’s crypto group.
In an AMA that went viral, one founder painted himself and his co-founder as losers who dreamt of being immediately wealthy however one way or the other managed to lose cash in all capital markets together with China’s fairness market, Hong Kong’s fairness market, derivatives, and naturally crypto. That heartfelt expertise was one which one too many Chinese language retail crypto traders have gone via as nicely.
When requested concerning the product roadmap, the enterprise co-founder admitted that the technical co-founder solely picked up blockchain coding a month in the past, and subsequently, they may face some delay because it goes. Once more, this ingenuity, and the power to mock his enterprise companion, was unusually endearing, particularly in contrast with many mission founders who solely wish to over-promise and solely speak in advanced technical phrases.
LoserCoin is all about embracing the so-called diaosi, or underdog tradition, of China.
The time period diaosi started as an insult to the poor, unattractive man who lives along with his mom and performs video video games all day. Because the time period turned viral, Chinese language netizens, together with these gaofushuai (tall, wealthy and good-looking), began to embrace it and use it as a self-deprecating time period to be a part of the group.
In crypto, diaosi tradition is analogous to “leek tradition,” a time period initially used to explain retail traders getting wrecked by shitcoin initiatives or scamming crypto VCs who shortly pump and dump their cash.
These days, everybody proudly describes themselves as a leek. Even in case you’re an skilled crypto investor, you label your self “previous leek.” When you simply made a fortune buying and selling DOGE, then you’re a “new leek.” Everyone seems to be a leek.
LoserCoin is doubling down on Leekism and encourages each retail dealer to embrace their inside loser. They even hosted a Reddit dialogue the place folks shared their best loser-story. Winners had been airdropped $20,000 value of $LOWB tokens.
“Once I noticed LOWB, I lastly discovered kindred spirits, and it gave me hope!” wrote one redditor. “I will really feel like a loser my complete life, however figuring out that I am not alone offers me energy! The POWER of LOWB!”
On Sunday, two giant Chinese language crypto exchanges, Gate and MXC, determined to listing LOWB. The information despatched the coin to its all-time-high, and lots of within the Telegram group at the moment are nervous that the founders would dump tokens on them. It’s ironic that after constructing a robust group round being losers, the founders at the moment are lastly successful the token recreation.
Posters just like the one above have been flooding Chinese language crypto WeChat and the assorted iconography popping out of LoserCoin is spawning a raft of memes, a la DogeCoin.
It’s clear that the founders’ ingenuity has paid off, and maybe, quickly they will afford to purchase one thing in a tier-1 metropolis.
Nonetheless, like all meme token that has no intrinsic worth, LOWB will finally come down and people who maintain massive baggage on the high will stand to lose. In different phrases, the individuals who actually purchased into the meme will finally see their bag turning to mud.
After all, the identical factor has constantly been mentioned about DOGE. However to date, an Elon Musk like celeb with a large following has but to shill LoserCoin. Who is aware of, possibly Jack Ma will take an curiosity in adopting the coin.
Barring that, the query isn’t actually who’re the losers, however whether or not folks will really feel bitter after dropping. A wierd phenomenon on LoserCoin’s Telegram has been retailer traders who purchased the coin and predicted that it could go to zero. However in a bizarre means, that makes excellent sense. LoserCoin really dropping is the one consequence that matches the meme itself.
Now, in different China crypto information…
Chia, the proof-of-space blockchain project, is gaining ground in China. It uses a novel “proof of space” consensus mechanism, which uses storage capacity instead of the energy-consuming proof-of-work consensus mechanism shared by Bitcoin and Ethereum. Dubbed “ green bitcoin,” Chia mining had caused manufacturing shortages in hard drive prior to its launch.
The frenzy is hotter in China, where mining is already an established industry. But another catalyst to the rise of Chia is that Filecoin miners could use their existing rigs to mine Chia. As the network gains momentum, it remains to be seen whether Filecoin miners will switch to the brand new community.
DeBank, a DeFi portfolio tracker, simply introduced its Open API program. Considerably, becoming a member of this system had been Chinese language bluechip DeFi initiatives corresponding to dFroce, MCDEX, Looping, DODO, and a variety of in style Chinese language wallets together with iMtoken, Math and OneKey.
“We wish to work with main crypto wallets so clients can see all their property throughout the board,” Bo Hong, founding father of DeBank, instructed me.
What’s attention-grabbing from the announcement isn’t the API itself, however this system companions. The listing reveals us that the Chinese language crypto group makes use of a special set of instruments in comparison with the west. They like iMtoken and Math wallets that are localized, not simply when it comes to languages however consumer interface. They farm on DODO which is dwell on BSC at a a lot decrease gasoline worth than Ether.
This has large implications for western initiatives that wish to enter Chinese language markets. They should be on native platforms with the intention to be seen.
SHIB, the self-claimed DOGE killer, known as “屎币” which accurately means “shit coin” in Chinese language due to its pronunciation in Chinese language. The title, fairly than sending the coin to shit, makes it much more in style amongst retail merchants.
It takes years to roll out any infrastructure, and the digital yuan isn’t any exception. However one good factor about software program infrastructure is it permits for testing and iteration with beta customers, earlier than nation-wide rollout. And that is precisely what China’s central bankers have been doing.
The Industrial and Industrial Financial institution of China (ICBC), one of many largest nationwide banks, seems to have allowed public users to activate China’s central financial institution digital foreign money pockets inside its cell app. The in-app pockets permits customers to deposit, withdraw, pay via QR codes and launch peer-to-peer transactions.
None of those capabilities is totally different from what shoppers can already do on any banking or cost app. Nonetheless, its true energy will floor as soon as the entire infrastructure is accomplished and the central financial institution has full management over the circulate of cash.
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