An interesting new memecoin experiment is playing out in real time on the Solana blockchain. 

A common bitcoin proxy for use in decentralized finance applications, Wrapped BTC (or simply wBTC) lives primarily on the Ethereum blockchain. However, through the Wormhole protocol, over 3,300 wBTC has been bridged to Solana, valued at roughly $360m at the time of publication.

That may sound like a lot, but it’s only around 2.5% of the 128,850 wBTC that has been minted on Ethereum. Further, the vast majority of the wBTC on Solana is privately held or locked in DeFi apps. When it comes to liquid wBTC available for swaps, there is only about 50 wBTC across 30 liquidity pairs!

This is extremely shallow liquidity for the top BTC proxy on arguably the third most important blockchain. So X’s Oversized Moose With Socks (xlmoose.eth), a full stack developer, is attempting to corner that supply using a memecoin. He launched SATFI, self-described as ‘The Bitcoin Supply Shock Token on Solana’.

The token was fair-launched on June 28, 2025, with an initial market cap of $100k and a supply of 100m tokens, memetic homages to the current price of bitcoin ($100k+), and the number of satoshis in one BTC (100m ‘sats’). The based dev explains much of his thinking about SATFI in the introductory thread linked below.

Oversized Moose With Socks is an OG in the space, having mined bitcoin very early on in 2009. Unfortunately he wasn’t able to hold onto that original bag, on account of the mining being done on a work computer using his former company’s resources and one irate boss who didn’t understand the tech. While tragic, this ideal dinner-party backstory is just perfect in my opinion for a Bitcoin believer dev who is ready to turbocharge wBTC liquidity on Solana.

What makes SATFI unique is that all of its initial liquidity was in a wBTC pairing, unlike almost all memecoins on Solana, which pair primarily with SOL or USDC. There is no special mechanism involved to accrue wBTC, just the power of a concentrated-liquidity automated market making pool on Raydium with this ‘exotic pair’, wBTC-SATFI.

When a buyer enters an order for SATFI using SOL or stablecoins on one of Solana’s decentralized exchanges, the app will try routing to available liquidity pools in order to first swap the tokens offered by the buyer into wBTC. This wBTC is needed to access SATFI tokens, since almost all the SATFI liquidity resides in the wBTC-SATFI concentrated liquidity pool.

The routings into wBTC that are required to make the swap are typically abstracted away by the app, so most people don’t notice them; they only care how many tokens they are getting for their 5 SOL purchase, for example. But for each significant buy of SATFI, wBTC enters the liquidity pool. As the token increases in value, more and more wBTC gets locked into the pool.

At SATFI’s current market cap, just about 2.5 wBTC are locked in the liquidity pool. It’s not much now, for sure, but this is around 5% of the total wBTC available for swaps, and the token is barely one week old. There is a nice wBTC Supply Shock Tracker on the memecoin’s official site, squeezesats.com, showing up-to-the-minute metrics. If and when that number of locked wBTC gets to a significant percentage of the available wBTC on Solana, interesting things will start to occur.

Wrapped BTC doesn’t see a lot of trading volume on the chain. It’s currently somewhat of a park-cash-and-forget-about-it asset on Solana. The more people who trade SATFI, the more wBTC gets traded as well. It’s possible that folks inspecting the blockchain could notice the uptick in wBTC trading and discover the SATFI token through this volume, causing a virtuous cycle of increasing engagement and social media trending for the token. wBTC liquidity could get boosted by market makers looking to capture fees off of the added volume.

Eventually SATFI may grow to a market cap where a significant percentage of pooled wBTC on Solana is locked into the SATFI liquidity pool. The scarcity of wBTC liquidity can then lead to arbitrage opportunities. wBTC on Solana, being higher in demand, will have a small premium over wBTC on Ethereum. This will cause more wBTC to enter the Wormhole portal and bridge over to Solana, where it can be sold into the liquidity pools in order to capture that premium. 

Arbitrage is another mechanism for boosting wBTC liquidity on Solana. This is what is meant by a supply squeeze — the more wBTC is added to the liquidity pool to purchase SATFI, the less wBTC is available for all other purposes on Solana. If the SATFI market cap reaches about $15m, its pool would actually hold a majority of the liquid wBTC on Solana.

This is all fine and good, but what really strikes me about this experiment is its simplicity. This is not some complicated, supply-cornering tokenomics algorithm, it’s just a memecoin that employs a concentrated liquidity pool using wBTC as the pair. All the SATFI token needs in order to accomplish a dramatic change in Solana’s onchain bitcoin liquidity is attention and holders.

If SATFI is successful, there are sure to be copycats. Perhaps they will roll out somewhat slower than the usual derivatives would, since none of the one-click memecoin launchpads can handle wBTC as the primary liquidity pair at present. 

If this token starts a trend (as I suspect it might), we may see many popular coins launch with concentrated wBTC pairing. Established tokens on Solana could add their own wBTC liquidity. If wBTC liquidity isn’t rectified before then, this would multiply the supply shock effect and potentially ramp up the onchain wBTC liquidity on Solana dramatically. And in my opinion, a public backlash then becomes likely as people cope with the fact that memecoin volume is what is causing it — which will of course only add attention and lend more network effects to first-mover SATFI and its strategy.

Eventually, higher utilization of BTC on chains other than Bitcoin should lead to more wrapping of BTC into proxy tokens on alternate layer 1 blockchains and some natural, related stress-testing of these protocols, including the tools that allow for cross-chain bridging of tokens, like Wormhole. This also seems like a beneficial side effect. If any of these protocols are going to have issues, it would be much better to know this sooner rather than later. If we agree on the importance of bitcoin in finance at large, it’s important that the tools involved in employing BTC in DeFi are battle tested.

My favorite quote I got from a brief chat with Moose was the following:

“We have been pairing tokens with inflationary gas tokens… which makes it more expensive to use the chain… and they are terrible as a store of value.”

One can quibble about the level of inflationary risk for each of the popular blockchains’ native gas tokens, but the point is salient. As a corollary, let me pose a question to you, dear reader: 

Why is it that virtually no tokens on decentralized exchanges are paired with bitcoin? Wouldn’t you prefer that your conviction assets’ liquidity (memecoin or otherwise) be tied to the King?

Author Bio

Tomahawk enjoys writing and editing analysis on many cryptocurrency topics, with a particular interest in memecoin trading and investing. Fair disclosure: this author currently holds SATFI tokens at the time of publication.

Editor and Designer Bio

trewkat is a writer, editor, and designer interested in the potential for web3 to disrupt fat cats. She is a long-time contributor at Black Flag DAO and cofounder of IndyPen CryptoMedia.

This post does not contain financial advice, only educational information. By reading this article, you agree and affirm the above, as well as that you are not being solicited to make a financial decision, and that you in no way are receiving any fiduciary projection, promise, or tacit inference of your ability to achieve financial gains.

IndyPen CryptoMedia is open to submissions for publication. We’d love to read your work, so please submit your article for consideration!

An interesting new memecoin experiment is playing out in real time on the Solana blockchain. 

A common bitcoin proxy for use in decentralized finance applications, Wrapped BTC (or simply wBTC) lives primarily on the Ethereum blockchain. However, through the Wormhole protocol, over 3,300 wBTC has been bridged to Solana, valued at roughly $360m at the time of publication.

That may sound like a lot, but it’s only around 2.5% of the 128,850 wBTC that has been minted on Ethereum. Further, the vast majority of the wBTC on Solana is privately held or locked in DeFi apps. When it comes to liquid wBTC available for swaps, there is only about 50 wBTC across 30 liquidity pairs!

This is extremely shallow liquidity for the top BTC proxy on arguably the third most important blockchain. So X’s Oversized Moose With Socks (xlmoose.eth), a full stack developer, is attempting to corner that supply using a memecoin. He launched SATFI, self-described as ‘The Bitcoin Supply Shock Token on Solana’.

The token was fair-launched on June 28, 2025, with an initial market cap of $100k and a supply of 100m tokens, memetic homages to the current price of bitcoin ($100k+), and the number of satoshis in one BTC (100m ‘sats’). The based dev explains much of his thinking about SATFI in the introductory thread linked below.

Oversized Moose With Socks is an OG in the space, having mined bitcoin very early on in 2009. Unfortunately he wasn’t able to hold onto that original bag, on account of the mining being done on a work computer using his former company’s resources and one irate boss who didn’t understand the tech. While tragic, this ideal dinner-party backstory is just perfect in my opinion for a Bitcoin believer dev who is ready to turbocharge wBTC liquidity on Solana.

What makes SATFI unique is that all of its initial liquidity was in a wBTC pairing, unlike almost all memecoins on Solana, which pair primarily with SOL or USDC. There is no special mechanism involved to accrue wBTC, just the power of a concentrated-liquidity automated market making pool on Raydium with this ‘exotic pair’, wBTC-SATFI.

When a buyer enters an order for SATFI using SOL or stablecoins on one of Solana’s decentralized exchanges, the app will try routing to available liquidity pools in order to first swap the tokens offered by the buyer into wBTC. This wBTC is needed to access SATFI tokens, since almost all the SATFI liquidity resides in the wBTC-SATFI concentrated liquidity pool.

The routings into wBTC that are required to make the swap are typically abstracted away by the app, so most people don’t notice them; they only care how many tokens they are getting for their 5 SOL purchase, for example. But for each significant buy of SATFI, wBTC enters the liquidity pool. As the token increases in value, more and more wBTC gets locked into the pool.

At SATFI’s current market cap, just about 2.5 wBTC are locked in the liquidity pool. It’s not much now, for sure, but this is around 5% of the total wBTC available for swaps, and the token is barely one week old. There is a nice wBTC Supply Shock Tracker on the memecoin’s official site, squeezesats.com, showing up-to-the-minute metrics. If and when that number of locked wBTC gets to a significant percentage of the available wBTC on Solana, interesting things will start to occur.

Wrapped BTC doesn’t see a lot of trading volume on the chain. It’s currently somewhat of a park-cash-and-forget-about-it asset on Solana. The more people who trade SATFI, the more wBTC gets traded as well. It’s possible that folks inspecting the blockchain could notice the uptick in wBTC trading and discover the SATFI token through this volume, causing a virtuous cycle of increasing engagement and social media trending for the token. wBTC liquidity could get boosted by market makers looking to capture fees off of the added volume.

Eventually SATFI may grow to a market cap where a significant percentage of pooled wBTC on Solana is locked into the SATFI liquidity pool. The scarcity of wBTC liquidity can then lead to arbitrage opportunities. wBTC on Solana, being higher in demand, will have a small premium over wBTC on Ethereum. This will cause more wBTC to enter the Wormhole portal and bridge over to Solana, where it can be sold into the liquidity pools in order to capture that premium. 

Arbitrage is another mechanism for boosting wBTC liquidity on Solana. This is what is meant by a supply squeeze — the more wBTC is added to the liquidity pool to purchase SATFI, the less wBTC is available for all other purposes on Solana. If the SATFI market cap reaches about $15m, its pool would actually hold a majority of the liquid wBTC on Solana.

This is all fine and good, but what really strikes me about this experiment is its simplicity. This is not some complicated, supply-cornering tokenomics algorithm, it’s just a memecoin that employs a concentrated liquidity pool using wBTC as the pair. All the SATFI token needs in order to accomplish a dramatic change in Solana’s onchain bitcoin liquidity is attention and holders.

If SATFI is successful, there are sure to be copycats. Perhaps they will roll out somewhat slower than the usual derivatives would, since none of the one-click memecoin launchpads can handle wBTC as the primary liquidity pair at present. 

If this token starts a trend (as I suspect it might), we may see many popular coins launch with concentrated wBTC pairing. Established tokens on Solana could add their own wBTC liquidity. If wBTC liquidity isn’t rectified before then, this would multiply the supply shock effect and potentially ramp up the onchain wBTC liquidity on Solana dramatically. And in my opinion, a public backlash then becomes likely as people cope with the fact that memecoin volume is what is causing it — which will of course only add attention and lend more network effects to first-mover SATFI and its strategy.

Eventually, higher utilization of BTC on chains other than Bitcoin should lead to more wrapping of BTC into proxy tokens on alternate layer 1 blockchains and some natural, related stress-testing of these protocols, including the tools that allow for cross-chain bridging of tokens, like Wormhole. This also seems like a beneficial side effect. If any of these protocols are going to have issues, it would be much better to know this sooner rather than later. If we agree on the importance of bitcoin in finance at large, it’s important that the tools involved in employing BTC in DeFi are battle tested.

My favorite quote I got from a brief chat with Moose was the following:

“We have been pairing tokens with inflationary gas tokens… which makes it more expensive to use the chain… and they are terrible as a store of value.”

One can quibble about the level of inflationary risk for each of the popular blockchains’ native gas tokens, but the point is salient. As a corollary, let me pose a question to you, dear reader: 

Why is it that virtually no tokens on decentralized exchanges are paired with bitcoin? Wouldn’t you prefer that your conviction assets’ liquidity (memecoin or otherwise) be tied to the King?

Author Bio

Tomahawk enjoys writing and editing analysis on many cryptocurrency topics, with a particular interest in memecoin trading and investing. Fair disclosure: this author currently holds SATFI tokens at the time of publication.

Editor and Designer Bio

trewkat is a writer, editor, and designer interested in the potential for web3 to disrupt fat cats. She is a long-time contributor at Black Flag DAO and cofounder of IndyPen CryptoMedia.

This post does not contain financial advice, only educational information. By reading this article, you agree and affirm the above, as well as that you are not being solicited to make a financial decision, and that you in no way are receiving any fiduciary projection, promise, or tacit inference of your ability to achieve financial gains.

IndyPen CryptoMedia is open to submissions for publication. We’d love to read your work, so please submit your article for consideration!