According to BlockBeats, on August 9th, Santiment Intelligence reported that Bitcoin just experienced a week of surging on-chain transaction volume. The number of new wallets on the network reached 2.27 million, the highest level in the past year, while the number of active wallets reached 751,000, a 10-month high. The biggest catalyst was the chaos caused by the Coldcard wallet incident. The security crisis forced users to transfer funds, create new wallets, rotate custody settings, and re-examine risk exposure, which naturally led to a significant increase in wallet creation and activity.

Polarizing events tend to elicit the strongest on-chain reactions for Bitcoin and altcoins. Fear spreads rapidly, followed by greed, both of which prompt more people to trade, adjust positions, and closely monitor market dynamics, thus reigniting demand after a market downturn. When retail investors are impacted and trading volume surges, large Bitcoin holders often take advantage of the chaos to more aggressively increase their holdings. This combination of increased usage and large holder accumulation has historically had a positive impact on prices in the following weeks or even months.

According to BlockBeats, several crypto KOLs recently revealed that the meme launch platform pump.fun offered its competitor FOMO users a large sum of money (a $20,000 signing bonus + $30,000 per month) to migrate to its app. The agreement also included strict migration terms and payment conditions, including requiring users to transfer funds and positions, use a dedicated wallet, publicly declare it as the only wallet, permanently delete FOMO accounts, prohibit the use of the wallet on competing platforms, and include non-defamation clauses .

This controversial poaching comes against the backdrop of pump.fun's continued sluggish revenue and FOMO's ever-increasing revenue . According to DefiLlama data, pump.fun's revenue over the past 7 days was $6.49 million, undisputedly ranking first, but the pressure from its pursuers has never lessened. FOMO's revenue over the past 7 days was $2.64 million, showing rapid growth since July and continuously reaching new highs. Furthermore, leveraging the popularity of meme, Flap, which has recently performed well on both the BSC and Robinhood chains, earned $1.39 million.

Therefore, considering the social trading feature launched by pump.fun this week , it's conceivable that pump.fun's offer of a hefty talent poaching deal is aimed at nipping a rapidly growing competitor in the bud. It should be noted that while this action is controversial, crypto lawyer Ariel Givner argues that pump.fun's move does not violate any laws or regulations and is a classic business transaction.

Finally, stepping outside of platform competition, from the perspective of meme coin issuance, the above phenomenon may indicate that the meme market has entered its second phase: from competition for launch infrastructure (Pumpfun won by simplifying token creation) to competition for attention distribution networks, with the focus shifting to KOLs, order placement channels, and community dissemination .