In 2022, a meme coin named “SLEEPYCAT” suddenly became popular on social media. The project claimed that “the longer you hold the coin, the better the cat sleeps.” The community shared various lazy cat memes every day, attracting a large number of newcomers to participate. Due to the relaxed atmosphere and low entry barriers, the price skyrocketed dozens of times in just two weeks, earning it the nickname “the gentlest myth of getting rich.”
Newbie A-Zhe was attracted by this pressure-free culture and bought in with a “it’s okay to just play around” mindset. Unexpectedly, in the third week, the core developers suddenly withdrew all the liquidity pool, causing the token price to drop to zero in an instant. The community immediately transformed from joy to cries, while the project team left behind a cold tweet: “The cat is awake, it’s time to go.”
A-Zhe then realized that what seemed to be a fun meme coin actually carries risks more concentrated than serious projects, as everything relies on the authority controlled by a few individuals.
Warning: The history of meme coins teaches us: the more relaxed and humorous the packaging, the easier it is to numb vigilance. Meme coins without lock-up, transparent teams, or community governance rise faster but crash harder. It’s fine to play, but be sure to use chips you can afford to lose.