🐸 #28: Inside the $N3ON Hype: The Anti-Rug Rug

Sup fellow degens, 

Are all influencers scumbags? Are we witnessing another crypto rug pull in its earliest stages of development?

If you’ve been anywhere near the Solana trenches this month, you’ve probably heard something about $N3ON. The latest “community-driven” meme coin tied to streamer N3on, with backing from Iggy Azalea and her shiny new Solana launchpad, Thrust.

It dropped on November 5th, and apparently it’s supposed to be the antidote to every celebrity rug pull that came before it.

The reasoning is that it has no pre-mined bags, there is no insider allocations, and no shady wallets.

They want millions of fans and crypto bros to believe all of this.

But the biggest promise is that N3on himself holds zero tokens and only profits from platform fees as trading volume grows.

It’s marketed as a kind of moral redemption arc for influencer coins

The anti-rug rug: the people’s pump.

And honestly? It’s slick.

It looks like even N3ON didn’t know that he can’t rug pull anyone at this point:

But we were not born yesterday, right guys and gals?

After watching more of these “fair” meme coin revolutions implode than I care to admit, I can’t shake the feeling that $N3ON is just the same. Just another velvet rope leading straight back into the slaughterhouse.

The setup looks too good to be true

Let’s start with Thrust, a new playground for creator tokens. It’s built around the idea of transparency: a nice, marketable word that gets thrown around a lot in crypto and means jack nothing at this point.

Thrust claims 100% of presale funds go straight into liquidity, with everything verified, locked, and auditable. The creators get paid through platform fees instead of token allocations, supposedly aligning incentives with long-term community growth.

Sounds noble.

But in practice, that setup just shifts the timing of the extraction. The creators still win when the community goes feral with trading volume. They might not drop a dump on your head directly, but they’re still cheering for volatility because that’s where the fees come from.

The more degenerate you are, the more they eat.

N3ON fits perfect in this equation

The dude’s got 440,000 followers on Kick, a flair for controversy, and a fanbase that is gullible enough to not double check what is going on.

But behind all this flash and hype, and you’re left with is a token with zero utility, with no staking, with no goddamn governance. No actual tie to N3on’s streaming beyond the vague “fan ownership” narrative either.

Which is THE classic meme coin formula.

History has a body count

You don’t have to dig deep to see where this story goes. We’ve been here before.

Dozens of celebrity tokens, all launched with good intentions and “fair” mechanics, all ending the same way, a brief moonshot followed by an 80% correction and a silent Twitter feed.

N3on might not hold any coins, but he’s the brand, and the brand is the liquidity. Once his attention shifts, so does the money.

Closing thought

Don’t mistake new packaging for new substance.

The creators might not hold tokens, but they still hold the narrative. And in this market, that’s often worth more than liquidity itself.

So yeah, maybe Thrust, Iggy, and N3on are onto something. Either way, play it for what it is. Treat it like entertainment, not investment. Keep your stop-loss in your head, and your SOL in your wallet.

Or lose all. But you do, please text me your degenerate story, and we can all laugh at it to ease the pain.

TL;DR: $N3ON claims to be a fair, rug-proof meme coin — no pre-mines, no insider bags. But with no utility and profits tied to trading hype, it’s likely just the same old game in a shinier wrapper.

Stay degen,

Dima