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The Evolution of Memecoins: From DOGE to Kstar's Encryption Frenzy
From the Popularity of "All In" to See the Meme Culture of the Crypto Assets World
Recently released movie "All In" features elements from the Crypto Assets field, such as "Coin" and "Kota Coin." With the movie's release, a similarly named "Kota Coin" was quickly launched in the Crypto Assets market. Currently, there are trading pairs for Kota Coin on multiple blockchains, primarily concentrated on Ethereum, BSC, and Base chains. Among them, the Uniswap v2 platform on the Ethereum chain has the largest liquidity.
Data shows that on August 5, the price of Keta coin surged rapidly during the film preview, skyrocketing over 3000 times within two days. However, the good times didn't last long, as the price began to decline on August 8, and by the 19th, it had almost dropped back to the level on the day of issuance.
This phenomenon is not uncommon in the crypto world, and is usually referred to as "meme coin."
The Origin and Development of Memes
Meme ( This concept can be traced back to Richard Dawkins' book "The Selfish Gene" published in 1976. He defined a meme as a cultural factor similar to genes that can be continuously inherited and disseminated at the level of human thought. In the internet age, memes often manifest as humorous images that satirize or tease current events, such as the meme images we commonly see.
The most famous case of the combination of memes and Crypto Assets is Doge Coin). In 2013, Jackson Palmer combined the Doge meme with the concept of Crypto Assets to satirize the cryptocurrency hype at the time, creating Doge Coin. Unexpectedly, this project, which was originally intended as a joke, quickly became popular, especially gaining widespread use on the social platform Reddit.
In December 2020, a well-known entrepreneur began frequently mentioning Dogecoin on social media, leading to significant price fluctuations. In early May 2021, Dogecoin briefly reached a high of $0.74.
The Evolution of Meme Coins
The success of Dogecoin has garnered significant attention in the crypto world. From 2013 to 2017, many meme coins based on Dogecoin emerged in the market. Most of these projects were created as secondary creations based on certain cultural or media materials, applying the stories to crypto assets.
With the development, the narrative of meme coins is no longer limited to internet culture, and begins to adopt some grand themes as the foundation of stories. From 2017 to 2020, some meme coin projects raised funds through ICOs and attempted to explore more application scenarios and build ecosystems.
In May 2021, another meme coin featuring a Shiba Inu was launched on popular trading platforms and quickly became a sensation. This wave led to the rise of a series of "animal-themed" meme coins.
Even during the bear market, the meme coin market still experiences small-scale surges from time to time. For example, a project that combines AI and dog elements has attracted attention within a specific public chain ecosystem. Another meme coin project featuring a frog image has become a dark horse, with its trading volume exceeding 1.5 million and the number of holders exceeding 200,000 as of mid-August 2023.
The Current Status and Challenges of Meme Coins
With the development of the market, the current meme coins have deviated from the original meaning of memes. Today's meme coins can be any story or concept, and they may even lack a clear theme. Unlike traditional crypto projects, the price growth of meme coins mainly stems from investors' herd mentality.
In the current context of market liquidity contraction, new generation meme coin projects often do not invest much effort in building active communities or formulating long-term development plans. Most projects have centralized teams collaborating with various interest groups to create market hotspots. For speculators, they no longer care whether there are interesting stories or cultural connotations behind meme coins; the myth of early participants becoming rich seems to be more attractive than any other factor.
As the teams behind meme projects are often anonymous, they can easily cut ties with the project, take the profits, and leave without bearing any responsibility. This leads to a lack of motivation for the project teams to maintain and develop the project.
The Future Outlook of Meme Coins
The development trend of meme coins is increasingly leaning towards "short, flat, and fast". It is precisely because the market is not lacking in stories that meme coins also have ample development soil. Upon deeper examination, even Bitcoin itself carries meme-like characteristics. Meme coins are destined to be closely linked with the Crypto Assets market.
However, given the current market environment of significant outflows of stablecoins, it may be wiser to cautiously hold one's assets and avoid making risky emotional investments.