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We Built a Meme Coin in a Bear Market: What Went Wrong and What We Learned

We Built a Meme Coin in a Bear Market: What Went Wrong and What We Learned

A true story from inside a chaotic token launch — covering liquidity traps, incentive failures, and what crypto builders learn the hard way.

By andrewerikashvili@gmail.com

Every token launch looks clean from the outside.

A chart. A market cap. A community growing fast.

Inside, it rarely is.

This is a story about a real launch during a difficult market. Not to glorify it. Not to dramatize it. But to explain, honestly, what breaks when liquidity, incentives, and execution are misaligned — and why most teams underestimate how fragile early markets really are.

It’s also the story that shaped how we think about launch mechanics today.

The Moment You Decide to Build Anyway

The project started in early 2024.

At the time, I was split between managing capital and helping build an early-stage company. Around that period, I became involved in a small crypto community built around a new experimental token.

It wasn’t polished. There were rumors. Confusion. Unclear roles. Constant anxiety around whether the project would survive.

Still, something felt familiar.

I stepped into a technical leadership role. Joined calls. Answered questions. Helped explain what was happening on-chain. Not because it was glamorous, but because I had real exposure and wanted to protect it.

For a short moment, it worked.

Then the market moved fast. A sharp rise. A sudden collapse. Liquidity vanished. Confidence followed.

I exited early enough. The project didn’t survive.

But that experience planted a seed.

The Decision That Changes Everything

A few days later, a close collaborator said something simple.

“Why don’t we build it properly ourselves?”

No big vision. No hype. Just a practical question.

We drove out in an old car that probably shouldn’t have been on the road anymore. While talking through ideas, something clicked. A simple narrative. A symbol people could understand in a hostile market.

The concept wasn’t revolutionary. That was the point.

A lightweight meme identity. A community-first idea. And eventually, a plan to tie it to something real — an on-chain product with actual usage.

What we didn’t fully understand at the time was this:

The hardest part wouldn’t be building. It would be launching.

Where Most Token Launches Quietly Break

From the outside, token launches look binary. Either they “work” or they don’t.

From the inside, failure usually starts with three things: • Liquidity design • Incentive alignment • Timing

We learned this in real time.

Our first launch attempt failed due to a basic execution error. Wrong timing. Wrong parameters. Everything technically deployed, but structurally broken.

We tried again.

This time, we underestimated supply control.

Automated buyers accumulated large portions of the token immediately. Liquidity was thin. Price became fragile. For hours, the project was one sell away from collapsing.

Eventually, the pressure released. We acted quickly. Regained supply. Stabilized.

That moment felt like survival.

But survival isn’t success.

The Illusion of Momentum

As momentum picked up, so did complexity.

Small promotions worked. Volume appeared. The chart moved. Then it didn’t. Then it did again.

From the outside, it looked like growth.

From the inside, it was clear how fragile it was.

Every pump introduced new risks: • Early buyers exiting • Paid promoters selling instantly • Liquidity thinning faster than expected

What became obvious was this:

Without structured liquidity support, markets don’t forgive mistakes.

Incentives Decide Behavior, Not Promises

This is where things started to unravel.

Some contributors were paid upfront. Some promoters had no long-term alignment. Some “experts” optimized for short-term spikes, not sustainability.

And eventually, one core participant exited completely.

That wasn’t just a financial hit. It broke trust.

At that point, the project wasn’t fighting the market. It was fighting its own incentive design.

That’s when the real cost of poor alignment shows up.

The Window You Only Get Once

Near the end, something rare happened.

Organic volume. Clean price movement. No artificial pressure.

It was the moment every early project waits for.

And we missed it.

Not because of incompetence. Because of distraction. A meeting. A delay. A human mistake.

That window closed fast. The market moved on.

This is something charts don’t show you: liquidity windows don’t wait.

What Was Actually Built

Despite everything, the project wasn’t empty. • A real product demo existed • On-chain systems worked • Infrastructure was built internally • A community formed around shared struggle

What failed wasn’t effort.

What failed was market structure.

And that distinction matters.

##The Real Lessons We Took Away

After stepping back, a few things became impossible to ignore.

First, liquidity is not a toggle. It’s a system that needs active management from day one.

Second, markets don’t care about intention. They respond to incentives, depth, and flow.

Third, timing beats spend. You can outspend bad structure for a while. You can’t outrun it forever.

And finally, most launch failures are predictable — but only in hindsight.

Why This Story Matters to BlockAI

BlockAI exists because of experiences like this.

Not as an abstract idea. Not as a theoretical model. But as a response to real failures we’ve seen from the inside.

We saw what happens when: • Liquidity is treated as an afterthought • Incentives are misaligned • Teams rely on hope instead of systems

We also saw what could have worked: • Structured liquidity planning • Clear execution windows • Continuous market support • Real-time monitoring and response

This story isn’t about a meme token.

It’s about why early markets are fragile, and why treating launch mechanics casually is one of the most expensive mistakes a team can make.

Where This Leaves Us Now

For clarity and transparency:

I’m no longer involved in the operations or decision-making of that project. I don’t control its assets. The experience lives on only as a lesson.

But that lesson directly informed how we think about launches today.

Not emotionally. Not nostalgically. Practically.

Final Thought

Most projects don’t fail because the idea was bad.

They fail because the market structure around the idea collapses before it has time to breathe.

If you’re building in crypto, this is the part you can’t afford to ignore.

And if you’re reading this on the BlockAI blog, it’s because we believe the industry needs fewer stories about overnight success — and more honest breakdowns of what actually breaks when launches go wrong.

That’s where real progress starts.

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