JuCoin Labs Research Report: Understanding the Flow of Degen Capital Through Five Projects

The following content is released by JuCoin Labs Research Institute:

Recently, the highly anticipated Ethereum Pectra upgrade has been completed. This upgrade is the first major update following the Dencun upgrade. Pectra significantly enhances the flexibility, scalability, and execution efficiency of the Ethereum network.

From the market response, likely influenced by the Pectra upgrade, ETH has surged by 31.56% within 7 days. As of this writing, ETH is priced at $2400. Meanwhile, several early-stage innovative projects have also started to attract capital and attention.

This JuCoin Labs research article dives deep into five trending projects: $ZAMM, $JAGER, $DOOD, $BOOP, and $MOG.

1. $ZAMM

Project Overview

$ZAMM is a decentralized finance (DeFi) project based on the Ethereum blockchain. It uses an automated market maker (AMM) protocol built on the ERC-6909 standard and was founded by @z0r0zzz. The token $ZAMM was launched on April 29. Prior to its launch, the project had been operating for around six months. However, its official website is still quite basic, with many features pending development.

ERC-6909 is a multi-token management standard on Ethereum, allowing various token types to be managed within a single smart contract. Compared to the traditional ERC-1155, ERC-6909 offers higher gas efficiency and a more streamlined interface. Its “minimal multi-token interface” supports efficient minting, burning, and transfers—ideal for performance-critical DeFi use cases. Some major protocols, including Uniswap V4, have already adopted this standard.

Of note, DefiLlama has picked up on $ZAMM. According to DefiLlama, the project’s TVL has exceeded $280,000.

Main Highlights

• Simple Architecture: Unified contract design without external modules, reducing development difficulty and security risks.

• Gas Optimization: A swap on ZAMM consumes only about 43 gas, far less than Uniswap V2’s 401 gas.

• User-Friendly: Streamlined logic simplifies token swaps and liquidity provision, minimizing user error.

On-chain Data

As of writing, $ZAMM (CA: 0x00000000000008882D72EfA6cCE4B6a40b24C860) is still in a very early phase. The token is not yet indexed by major token explorers. TVL is over $280,000. The website is basic, and users cannot check their balances directly—only via blockchain explorers. Liquidity is currently limited.

Investment Logic

ZAMM is dubbed the Ethereum version of Pump.fun. Although it had been active for half a year prior to token launch, it remains in its infancy. Community rumors suggest some link to Vitalik Buterin, though progress has been slow. The team listens to community feedback for product refinement.

With a market cap exceeding $10 million, $ZAMM has the potential to become a dark horse on Ethereum if it improves its product and boosts on-chain activity.
X: https://x.com/ZAMM_DEFI

2. $JAGER

Project Overview

JAGER is a meme coin on BNB Chain. Its narrative is rooted in the early Binance community administrator spirit. It draws attention with generous airdrops and high APYs. In its first airdrop phase, JAGER allocated 3% (originally reserved for exchanges) to Four.Meme users.

Over 1.4 million wallets participated in the first phase. The second airdrop phase is ongoing. Four.Meme has stated that, due to the unique smart contract structure, users must manually claim the second airdrop from Jager’s website.

JAGER also features an LP reward APY of 70%. However, most users are short-term-focused—mainly farming and dumping. $JAGER is listed on Binance Alpha.

Main Highlights

• Airdrop Mechanism: Airdrop decreases by 20% for every 5% claimed, creating urgency. Actively targets wallets on BNB, SOL, and ETH chains to engage “old money.”

• Lock-in Incentives: Unclaimed airdrops are redirected to the LP incentive pool with a 14-day lock and linear release, rewarding liquidity providers.

• Tax Revenue Sharing: Initial 14-day trading tax is 10%, then drops to 5%. 50% goes to holders (minimum 146B $JAGER), the other 50% to the LP pool. Referral program offers 9% direct, 3% indirect commissions.

On-chain Data

As of this writing, $JAGER (CA: 0x74836cc0e821a6be18e407e6388e430b689c66e9) has a market cap of $6.62M, $1.25M in daily volume, and 190.41K holders. The largest holder owns 66.95% of tokens. In the past 24 hours:

• 3,333 buyers, total buy volume: $382,359

• 21,466 sellers, total sell volume: $875,424

Investment Logic

$JAGER is airdrop-driven and not a traditional meme coin—it leans toward structured DeFi. It creates scarcity with time-based rewards and counters speculation via revenue sharing. The model forms a self-reinforcing loop of liquidity and community engagement.

However, user behavior suggests “farm and dump” is common. While it’s supported by Four.Meme and listed on Binance Alpha, $JAGER is best suited for short-term trading.
X: https://x.com/jager_BSC

3. $DOOD

Project Overview

$DOOD began as an NFT project, followed by a governance token that launched on Binance Alpha and futures simultaneously. It features “creative IP + on-chain interaction + native TGE.”

DOOD comprises 10,000 NFTs with hand-drawn visuals by Burnt Toast, including skulls, cats, aliens, apes, mascots, and rare styles. The project is highlighted on Opensea, where the floor price is 1.54 ETH.

Main Highlights

• NFT Warm-up + Airdrop: 43% of tokens go to the community—30% to Doodles NFT holders, 13% to Solana-native “New Blood” members.

• Binance Debut: Launched simultaneously on Binance Alpha and Futures on May 9—the first NFT project token to do so.

• Solana Deployment: Chosen for its high throughput and low fees, enhancing gaming, merchandising, and metaverse interactions.

• DreamNet Protocol: First “universe token” under DreamNet, which structures community-created narratives for AI processing and decentralized storytelling.

On-chain Data

Total supply: 10 billion $DOOD (CA: DvjbEsdca43oQcw2h3HW1CT7N3x5vRcr3QrvTUHnXvgV).
Before launch, Doodles NFT sales jumped 97% to $1.1M in 24 hours.

As of writing:

• Market cap: $62.79M

• Daily volume: $22.6M

• Holders: 170.84K

• Largest holder owns 47%
  24-hour data:

• 22,077 buyers, $11.46M

• 20,001 sellers, $11.13M

Investment Logic

$DOOD marks Doodles’ pivot from NFT to Web3 content infrastructure. DreamNet enables token-based narrative creation and governance. Deploying on Solana boosts scalability.

Investors are currently optimistic. Liquidity is high, but risks remain if token value outpaces NFT value. IP longevity is key for long-term value. Potential remains strong if Binance opens spot trading.
X: https://x.com/doodles

4. $BOOP

Project Overview

BOOP is a decentralized meme coin launchpad on Solana, offering no-code token creation tools. It targets influencers (KOLs) to lower the barrier to launching meme coins.

BOOP was founded by NFT whale Dingaling, who claims to be the PancakeSwap founder and former Binance CRO. These claims have been questioned—even CZ responded directly on X to dispute them.

Main Highlights

• Multi-chain Exposure: Deployed on Solana, but has a liquidity pool on PancakeSwap v3 (BNB Chain), boosting cross-chain visibility.

• High Engagement + Controversy: Early traction from NFT influencers, but controversy due to unclear founder identity and exaggerated marketing.

• Innovative Incentives: Multi-level airdrops, including retroactive, influence-based, and staking rewards. Token creators get 10%, the rest goes to users. Staking earns 60% of trading fees and 5% of newly launched tokens.

On-chain Data

Total supply: 1 billion $BOOP

• 50% for platform and graduation rewards

• 15% for airdrops

• 10% for the team

• Rest for liquidity, treasury, angel investors, and staking

As of writing:

• Market cap: $139M

• Daily volume: $960K

• Holders: 8.42K

• Largest holder owns 48.6%
  24-hour data:

• 2,859 buyers, $453,164

• 3,071 sellers, $510,455

Investment Logic

BOOP forces creators (especially KOLs) to launch tokens to claim airdrops, binding them to the platform. This boosts meme coin supply but hasn’t driven sustained capital or traffic. Many KOLs skip airdrops altogether.

Few launched tokens have “graduated.” BOOP has not yielded major returns, and market hype is fading. Founder identity controversy and aggressive marketing are concerns. BOOP remains volatile and better suited for short-term traders.
X: https://x.com/boopdotfun

5. $MOG

Project Overview

MOG is a meme coin based on Ethereum and Base, launched in 2023 by anonymous founder Aug. It originated as an inside joke within the Milady NFT community and quickly went viral with the “mog/acc” cultural phenomenon.

Main Highlights

• mog/acc Meme: A fusion of “mogging” (surpassing others) and accelerationism, symbolizing excellence and tech progress.

• Celebrity Effect: Elon Musk changed his profile picture to include the “mog/acc” logo, boosting MOG’s popularity.

• Community-Driven: Known for strong meme creation and high engagement.

On-chain Data

Max supply: 420.69 trillion MOG
Circulating supply: ~390.57T (93%)
Deployed on Ethereum, Base, Solana, and BNB Chain:

• Ethereum CA: 0xaaeE1A9723aaDB7afA2810263653A34bA2C21C7a

• Base CA: 0x2Da56AcB9Ea78330f947bD57C54119Debda7AF71

• Solana CA: 26VfKb7jjtdEdvfovoBijScoZmJbWWasFZkgfUD5w7cy

• BNB CA: 0x1D0A4821FDEf156b0d051D08A166DE5DF2788Cf7

Liquidity is best on Ethereum and Base.
Ethereum holders: 52.72K
24-hour data:

• 884 buyers, $3.75M

• 730 sellers, $3.53M

MOG is listed on Coinbase with good centralized liquidity.

Investment Logic

MOG’s value lies in community strength and meme culture. The “mog/acc” concept appeals to young internet users. Elon Musk’s endorsement added credibility.

However, MOG is volatile and lacks clear utility or long-term development plans. High engagement sustains it for now, but long-term growth remains uncertain.
X: https://x.com/mogcoin

Summary

These trending projects reflect the market’s preference for “lightweight game theory, high interactivity, and strong viral loops.” They grow through high-frequency participation, rapid feedback, and emotional resonance—leveraging KOL networks and community activation to drive liquidity.

For investors, consider three approaches:

1. Airdrop participation based on early interaction

2. On-chain participation data and capital flow timing

3. Selecting projects with potential for lifecycle extension

These opportunities are short-lived and better suited for low-cost, high-frequency, sentiment-driven strategies—not long-term heavy positions. Nevertheless, they remain a key alpha source in the current cycle.