The TikTok ban was proposed by the US government to its parent company ByteDance for alleged national security reasons, requiring it to divest TikTok before January 19 or face a ban.
Last Friday, the U.S. Supreme Court debated an appeal related to TikTok, and the final result has not yet been announced. Some media analysis said that the Supreme Court judges may be inclined to support the government's position, thereby maintaining the ban on TikTok. If the ban eventually takes effect, third-party platforms such as Apple and Google will have to stop supporting TikTok.
“Escape” to Xiaohongshu
Some American TikTok users said that they believed that Xiaohongshu was similar to TikTok, and joined Xiaohongshu in order to express their dissatisfaction with the US government's decision, as the government blocked TikTok on the grounds of so-called "national security threats." Now RedNote (the international version of Xiaohongshu) has quickly become popular in the United States, becoming the most downloaded free app in the Apple App Store.
These users shared photos and videos of their daily lives on Xiaohongshu, calling themselves "TikTok refugees from the United States" and explaining why they chose to "switch" to Xiaohongshu.
For example, one content creator with the username allieusyaps said he and other creators would not return to Instagram or Facebook, but would opt for Xiaohongshu instead. He humorously wrote in a post: “Look, I may not have a job next week, but we’re learning Mandarin, baby!”
Fellow creator Krystan Walmsley shared a video showing how to set up and decorate a Xiaohongshu account. She enthused: "This app is so cute and so much fun so far."
As the market heat soars, concept coins associated with Xiaohongshu begin to appear in the cryptocurrency circle
At 13:00 on January 14, a token called momo revived, and its market value soared from 500,000 to 15 million. At the same time, other tokens appeared, such as Captain Potato, Rednote, etc. There was even an NFT of MOMO.
The most representative Xiaohongshu MEME—MOMO, an anonymous weathervane
As a unique cultural symbol of Xiaohongshu, "momo" has repeatedly set off a wave of heated discussions on the Chinese Internet. Initially, "momo" was the default username generated when WeChat users logged into Xiaohongshu, but it was unexpectedly given more meaning by the majority of netizens and became a synonym for "anonymity and invisibility." Since then, a mighty "momo army" has emerged, active in the popular comment area of Xiaohongshu, omnipresent and talking about everything. When foreign users flocked to Xiaohongshu, "momo" further evolved into a phenomenal meme, and was even jokingly called the perfect symbol of Meme Coin - in this community, everyone is "momo" and everyone is the protagonist.
MOMO was launched on October 2, 2024. At 13:00 today, it was successfully “activated”. The user with the largest profit reached 201k, and made the first purchase at 2:00 this morning.
The distribution of MOMO chips is also relatively healthy, with no obvious trading address, but this also presents a problem: there is no strong market maker driving the growth of the token, and it is almost entirely driven by emotions. This results in latecomers being replaced by advanced investors, and many people are trapped at the top of the mountain, becoming "cave dwellers".
MOMO NFT——Has the super cute MOMO captured you too?
As Xiaohongshu became popular today, MOMO's NFT also came out, and the various types of MOMO images captured the "girly hearts" of a group of people. The total amount of NFT is 3333, 100 of which are occupied by developers, 1000 are whitelist mints, the price is 0.1SOL, and 2233 are public mints. Although public mints cost 0.4SOL, the price cannot resist the popularity of Xiaohongshu, and users have minted their own NFTs.
There are currently 559 NFT holders, with a listing rate of 15.91% and a holding dispersion of 16.77%. The NFT price has soared from the lowest opening price of 30u to 100u, and is currently stable at 30u.
Risks behind the market heat
As a substitute for TikTok, Xiaohongshu has risen rapidly with its unique charm, leading a wave of Meme concept coins. However, the risks and challenges behind this should not be ignored. The following are three main aspects:
- Market speculation : With the popularity of Xiaohong, a large number of Meme concept coins have attracted investors' attention. However, the prices of these tokens are often affected by market sentiment and social media discussions, and are prone to violent fluctuations, which brings uncertainty to users. Therefore, when investing in such tokens, be sure to remain cautious and avoid blindly following the trend.
- Lack of practicality : Although Meme coins may spark market enthusiasm in the short term, they generally lack practical applications and market demand. Investors should fully evaluate their long-term sustainability and value before investing.
- Third-party risks : With the TikTok ban still unclear, policy changes may have an impact on investors. The future development of the situation is still uncertain, and it is necessary to pay close attention to relevant information to deal with potential risks.
Conclusion
Against the backdrop of the TikTok ban, the rapid rise of Xiaohongshu not only provides a new social platform for Internet users, but also creates new opportunities for investors. In this wave of enthusiasm, meme concept coins related to Xiaohongshu, such as MOMO, quickly gained attention and attracted the enthusiasm of a large number of investors. However, before enjoying the benefits brought by this emerging market, we must also be aware of the risks and challenges that come with it. Whether it can continue to develop or is just a temporary craze, it will take time to verify. However, this wave of cultural migration and investment will undoubtedly have a profound impact on the pattern of the Internet economy, which deserves our continued attention and thinking.
