Hyperstition #19 — May 27, 2025
DUPE spurs 'explosive' growth for Web 2 startup. Plus, Solana clocks $1.1B in CEX inflows, Wynn doubles down on BTC, and more.
DUPE spurs ‘explosive’ growth at Web 2 startup: CEO
Launching the DUPE token has dramatically accelerated customer acquisitions for Dupe.com, an online retail startup, Bobby Ghoshal, Dupe.com’s CEO and co-founder, said during Solana’s Accelerate 2025 event in New York City.
On April 29, Dupe.com — a Web 2 startup that helps users find cheaper alternatives to luxury goods — launched the DUPE token on Believe.app. It quickly became one of the flagship tokens of the Internet Capital Markets meta.
By May 13, the DUPE token tapped an all-time high market capitalization of nearly $80 million, according to data from DexScreener. It trades at a market cap of nearly $17 million as of May 27, the data shows.
Accelerating user growth
The successful token launch opened up an entirely new customer segment for the online retail startup, which previously had no presence in Web3, according to Ghoshal.
“Instead of running ads, we’re using the token as an incentive to get people to bring in friends, family, coworkers. Then we reward them for it,” Ghoshal said.
“It’s like a pseudo acquisition cost. We’re paying rent to Facebook and Google — now we’re paying it to users,” Ghoshal said, adding that “the quality of users we get — at the lowest possible [customer acquisition cost] — is actually explosive.”
Not only has launching DUPE attracted attention to Dupe.com, it has also created entirely new opportunities to incentivize user behavior and boost engagement, the CEO and co-founder said.
The online retailer plans “to use tokens to reward behaviors we care about — running successful searches, clicking on brand links, buying from partners, saving money,” Ghoshal said.
It also plans to roll out an online marketplace “where users can stake tokens behind top products,” Ghoshal added.
“Interior designers, for example, could stake DUPE tokens behind the best furniture. If those products sell well, they earn returns — in USDC, DUPE, SOL, etc.,” he said.
The ICM token meta
The DUPE token launch is part of the broader Internet Capital Markets (ICM) meta sweeping Solana’s trenches.
It has largely been propelled by Believe.app, a startup token launchpad.
Since going live in late April, Believe has created more than 26,000 coins, worth an aggregate market cap exceeding $330 million, according to data from Believe Screener.
DUPE is the third largest ICM token by market cap, according to data from Metapedia.
It is led by Launch Coin on Believe (LAUNCHCOIN) — Beleive’s de facto mascot token — and Collateralize (COLLAT), which launched on Pump.fun in late January.
As of May 27, those tokens have market caps of approximately $200 million and $67 million, respectively, the data shows.
In other news…
Solana logs $1.1B in exchange inflows, highest since 2024
The Solana network drew approximately $1.1 billion from centralized exchanges during the month of May, the highest monthly net inflow figure so far this year and a stark reversal from January, according to data from Top Ledger.
James Wynn adds to Hyperliquid Bitcoin long
Cryptocurrency trader James Wynn has doubled down on Bitcoin, adding to his 40x leveraged long position on Hyperliquid, according to data from Lookonchain. His position is now worth roughly $620 million and faces liquidation if Bitcoin’s price drops by just over 1.5% to around $108,000, the data shows.
By the numbers
