Meme Insider
Ever wondered why some crypto tokens skyrocket after a fundraising announcement? A recent thread on X by Joshua Deuk, Head of Trade at Mozaik Capital, breaks it down with some eye-opening data on Digital Asset Treasury (DAT) raises. If you're into meme tokens or just tracking the next big pump, this is worth a read. Let's unpack it step by step.
What Exactly is a DAT Raise?
First off, DAT stands for Digital Asset Treasury. Think of it as companies or projects that raise capital specifically to buy and hold cryptocurrencies, often to build up their treasury reserves. It's like MicroStrategy but for altcoins and memes. These raises are usually in cash, and the goal is to acquire more tokens, which can create a positive feedback loop for the price. According to insights from Pantera Capital, DATs can generate yield and increase net asset value over time, making them a hot narrative in crypto.
Joshua's analysis focuses on how the size of these raises—relative to the token's market cap (MC)—influences price action. The key takeaway? If the raised amount is over 5% of the MC, it's often a bullish signal.
The Data Speaks: Raises and Price Impacts
Joshua shared a handy table summarizing recent DAT raises across various tokens, including meme staples like DOGE. Here's the breakdown:
To make it easier, I've transcribed the key data below in a markdown table for quick reference:
| 日期 | 代币 | 募集金额 | 快照市值 | 募资占市值 % | 6 周内价格走势 | 备注 |
|---|---|---|---|---|---|---|
| 07/21/2025 | ENA | $260,000,000 | $3,100,000,000 | 8.37% | 28% | N/A（6-8 周） |
| 09/06/2025 | ENA | $310,000,000 | $5,100,000,000 | 6.08% | N/A | N/A（6 周） |
| 09/08/2025 | WLD | $250,000,000 | $2,600,000,000 | 9.77% | 46% | Bitmex 投资 $20M，之前亦在 Tom Lee 推文中被暗示 |
| 07/14/2025 | HYPE | $305,000,000 | $16,000,000,000 | 1.91% | -25% | 回撤 25%，最初在 Bitmex 后发生 |
| 07/17/2025 | HYPE | $50,000,000 | $14,000,000,000 | 0.36% | -25% | 新闻后回撤约 20% |
| 07/01/2025 | SOL | $122,500,000 | $87,000,000,000 | 0.14% | 40% | 直到目前的涨幅（被用作局部底部） |
| 07/11/2025 | SOL | $200,000,000 | $87,000,000,000 | 0.23% | 40% | 直到目前的涨幅（被用作局部底部） |
| 07/21/2025 | SOL | $5,000,000 | $97,000,000,000 | 5.15% | 15% | 先涨 12% 后回撤，随后更大幅上涨 |
| 07/28/2025 | SOL | $500,000,000 | $87,000,000,000 | 5.62% | 15% | 先回撤 -15%，随后上行 |
| 07/22/2025 | LTC | $100,000,000 | $8,800,000,000 | 1.14% | 16% | 先回撤再回升至高位（当前交易价与之前相近） |
| 07/28/2025 | SUI | 45000000 | $15,000,000,000 | 3.00% | -25% | 新闻发布时为顶点，随后回撤 25% |
| 09/02/2025 | DOGE | 175000000 | $30,000,000,000 | 5.83% | 13% | 在首次小额募资后有波动（近期新闻显示买入力达 $238M） |
| 09/09/2025 | DOGE | 238000000 | $36,000,000,000 | 0.66% | 0% | 今日公布的新闻 |
| 06/16/2025 | TRX | $100,000,000 | $28,000,000,000 | 3.57% | 22% | 直到新高点 |
| 06/30/2025 | TRX | $100,000,000 | $28,000,000,000 | 3.57% | 22% | 直到新高点 |
| 07/28/2025 | TRX | $1,000,000,000 | $22,000,000,000 | 4.55% | 12% | 1 天内上涨 10% |
| 07/20/2025 | TRX | $110,000,000 | $34,000,000,000 | 3.24% | N/A | 未发生明显波动并回撤 |
| 07/20/2025 | BNB | $500,000,000 | $120,000,000,000 | 0.42% | -12% | 市场局部见顶并在 5 天内下跌 13%，目前仍高于此前价位。已收购约 $341M，目标在年底前全部部署 |
| 09/09/2025 | INJ | $100,000,000 | $1,300,000,000 | 7.69% | 4% | 宣布将在公开市场买入 |
| 08/11/2025 | IP | $100,000,000 | $2,000,000,000 | 5.00% | -15% | 初始回撤 15%，随后上涨 40%+（但购买为锁定代币，固定价 $3.4） |
| 08/26/2025 | CRO | $420,000,000 | $5,000,000,000 | 8.40% | 137% | 即便在新闻后也持续上涨 |
| *In no specific order |
(Note: Some entries in the original table might have slight variations, but this captures the essence.)
从数据可以观察到几类模式：
- 超过 5% 的募资通常带来强劲拉升： 像 WLD（9.77%）出现了 46% 的跳升，ENA（8.37%）上涨 28%。就连 meme 偶像 DOGE 在 5.83% 的募资下也获得了 13% 的提振。
- 低于 5% 的结果则更为参差： 比如 SOL 有 0.14% 的募资比例仍然实现了 40% 的涨幅，但像 HYPE（0.36%）则回撤了 25%。
- 例外与细节： 有时新闻反而成为局部顶点，内部持有者抛售导致下跌（例如 SUI 在 3.00% 时下跌 25%）。透明且规范的操作流程（如 ENA 的公开收购）似乎更有利。
Joshua 指出 $WLD 和 $CRO 是高比例募资带来更大冲击的典型例子。对于 meme 代币来说，这可能是个巨大的催化剂——想象一下类似 DOGE 的项目宣布大规模建立金库，那将把募资直接变成价格推动力。
社区反应与更深层的洞见
该帖引发了不少有趣的回复。一位用户建议把现金占每日永续合约（perp）成交额的比例也纳入考量，可能能做出更好的预测；另一位则质疑这个 >5% 规则在熊市里是否仍然成立。这些讨论强调了流动性与市场情绪在其中的作用。
如果你在做 meme 代币交易，务必关注 DAT 公告。正如 Joshua 总结的那样：“If you see a DAT with >5% cash raised—it's probably a good punt.” 但请记住，加密市场波动剧烈，历史表现不代表未来结果。
For more on how fundraising trends affect meme tokens, stick around Meme Insider. We've got your back on the latest blockchain buzz.
