The trend of sending Ethereum to random wallets on Twitter has taken a bizarre turn, capturing the attention of cryptocurrency enthusiasts and observers alike. What began as fervor for PepeCoin, a frog-themed meme coin that experienced significant growth in early May, has now evolved into a practice of trading tokens based on common names such as Ben or Jeff. However, the latest development in this trend has surpassed all expectations, as degens (short for “degenerates”) are willingly sending their hard-earned Ethereum to random Twitter users, even when no returns or tokens are promised.
The catalyst for this peculiar phenomenon can be attributed to an influencer and founder of Notlarvalabs, Pauly, who decided to conduct what can only be described as a “mass psychological experiment.” Pauly posted a tweet on Tuesday, listing a wallet address and boldly proclaiming, “Send ETH here.” Accompanying the statement was a gif captioned, “You Get Nothing.” This tweet played on a fundraising trend that has gripped Crypto Twitter since early May.
There is no presale how is this person so delusional?— PAULY (@Pauly0x) May 31, 2023
Literally nothing is being sold.
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To the surprise of many, the wallet associated with the tweet, registered as yougetnothing.eth via the Ethereum Name Service (ENS), received an astonishing amount of Ethereum. In just one day, the wallet received over 626 Ethereum, equivalent to over $1.1 million, according to data from Etherscan. As an avalanche of nothing-related memes flooded the platform, Pauly reiterated that the wallet was not connected to the launch of any new token.
In response to a Twitter user accusing him of toying with people’s emotions for financial speculation, Pauly bluntly stated, “There is no presale. Literally nothing is being sold.” Despite this clarification, funds continued to pour into Pauly’s wallet, and he even hosted a talk on Twitter Spaces where, unsurprisingly, he said nothing.
This development occurs amidst a wave of meme coin mania that has engulfed Crypto Twitter. Traders, driven by little more than vibes and hopes of lucrative gains, have been diving headfirst into tokens based on memes, often with little to no utility. Many of these meme coins turn out to be outright scams. For instance, a Twitter account named “Milady Coin” managed to raise $116,000 in Ethereum by offering a token presale for a non-existent project. A similar token called “JARED,” claiming affiliation with the famed MEV bot “jaredfromsubway,” followed the same playbook, only to be revealed as a sham.
Prior to this, meme coins like BEN and PSYOP were created by a Twitter user named ben.eth. As these coins gained recognition, established digital artists like Beeple captured the phenomenon, even as figures like YouTuber Ben “Bitboy” Armstrong became associated with the coins.
Beeple himself clarified that he had no affiliation with these coins or the individuals behind them, despite showcasing some of his recent work related to the trend. BEN, for instance, has achieved a market capitalization of $46 million since its launch but has experienced a decline of over 47% in the past week, according to CoinGecko. Another meme coin called JEFF has gained popularity but witnessed a drop of over 52% in value within 24 hours.
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While Pauly’s wallet has garnered attention for the attention and funds it has received, the influencer views “You Get Nothing” as a form of performance art. He describes it as a case study and an exercise in futility, further fueling the intrigue surrounding the phenomenon. Ethereum represents the majority of the funds sent to Pauly’s wallet, but it has also received a variety of other tokens, including PepeCoin and the stablecoin Tether.
Additionally, people have been sending obscure meme tokens to the wallet, such as BEN tokens worth just over $21 and JEFF tokens worth $0.73. Pauly acknowledged the presence of these peculiar assets in his wallet and advised his followers to ignore them, emphasizing that he had not purchased any of these tokens.
The influx of tokens received by Pauly’s wallet is reminiscent of Budweiser’s experience with NFTs in 2021. After registering the domain beer.eth via the Ethereum Name Service (ENS), the beer brand’s wallet was inundated with a wave of eccentric NFTs, including a “Minimalistic Cock” drawing and an NFT from PeePeeBoy.
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In conclusion, the trend of sending millions in Ethereum to random wallets on Twitter has taken the crypto community by storm. What started with PepeCoin’s rise to prominence has now evolved into an unusual practice of trading tokens based on common names. Influencers like Pauly have further fueled the trend by conducting their own experiments, such as the “You Get Nothing” wallet. While the phenomenon may seem perplexing, it serves as a stark reminder of the speculative nature of meme coins and the risks associated with blindly investing in them.