Written by: Peng Yong

Since the outbreak of DEFI, the cryptocurrency market has undergone tremendous changes and extensions. People have received a large number of airdrops in the DEFI market. The data wealth they have earned has made people excited and they have begun to seek another way to satisfy themselves, just like many people who have made money like to go to Las Vegas and Macau casinos. MEME has become the most popular absurd market sector after DEFI. They are now rampant in the market, converting every hot event into MEME tokens, and flooding the entire cryptocurrency market. The Paris Olympics on July 26 this year may also be converted into a hype object for MEME tokens and become a new big event casino.

The beginning of the crypto-MEME coin

In 2013, Jackson Palmer, the founder of Dogecoin (DOGE, full name Dogecoin), named Dogecoin after a popular Japanese Shiba Inu combined with Bitcoin in order to mock the cryptocurrency at that time. He used the photo of the popular Shiba Inu as the logo of Dogecoin, which received a lot of exposure on social media. Therefore, Dogecoin became a popular cryptocurrency. After 2013, Dogecoin has been used as a tip token and a satire. Many crypto institutions will give DOGE as gifts to participants in their activities, including many crypto wallet operation demonstrations are demonstrated through DOGE.

The rise of MEME

Until Musk came along, Dogecoin and the community's MEME coins began to rise, and earth-shaking changes have taken place since then. Musk is a super entrepreneur and internet celebrity with 100 million fans, and he is also the helmsman of the Tesla and Spacex empires. Musk's contribution to Dogecoin has had a huge impact, and Dogecoin has become the MEME coin with the largest market value (up to $88 billion) because of Musk's promotion.

In 2021, Musk frequently mentioned Dogecoin on Twitter (X), and his tweets often triggered strong reactions in the trading market, causing Dogecoin prices to fluctuate dramatically. For example, he once posted various jokes, pictures, and comments about Dogecoin, which spread quickly and attracted a lot of attention.

Musk not only sent funny dog ​​pictures on Twitter, but also talked about Dogecoin with community members in Twitter Space many times. His participation and support brought great confidence and motivation to the community, further increasing the influence and appeal of Dogecoin. Including speeches in real public occasions, he expressed positive views on Dogecoin. For example, in the American comedy show Saturday Night Live (SNL), Musk's speech once again triggered market attention and discussion on Dogecoin, as well as the surge in DOGE tokens. Later, Tesla's peripheral products also supported DOGE payment.

Musk also made an indispensable contribution to the promotion of SHIB (Shiba Inu), which is second only to DOGE. On October 4, 2021, Musk tweeted that "I'm going to name my Shiba Inu Floki Inu." SHIB rose 57% that day. Because of Musk's tweet, the crypto community launched the Floki token, which rose 1425% that day. SHIB's increase reached its historical high in October 2021, becoming the password for getting rich and the peak of despair in the minds of many people.

Musk, who pushed MEME even crazier, was ridiculed by the community as the Pope of MEME, and the MEME coin sector has been taking off since then.

Post-MEME Era

Today, the size of MEME coins even exceeds that of L2 infrastructure. MEME’s current market value is $45.2 billion, making it a force that cannot be ignored. The market value of L2 infrastructure is $19.7 billion, which is less than half of the total market value of MEME coins. Seeing the data of L2 makes people think.

Over the past few years, the influence of MEME coins has continued to expand, and various hot event MEME coins have emerged in the market. These currencies are usually highly volatile and highly speculative, but it is this characteristic that has attracted countless investors to speculate. Now for many people, buying MEME coins is not only a way of investment, but also a fun way to participate in the Internet MEME (network "stalk") culture and community activities. Just like when we see others buying a popular peripheral product about "Cai Xukun" on the Internet, people who are infected by emotions will also think about owning this product. No one cares about the practicality of "Cai Xukun" peripheral products, and the same is true for buying MEME coins, for fear of missing the opportunity to get rich.

In addition, social media played a vital role in the spread of MEME coins. Through platforms such as Douyin, TikTok, Telegram, Twitter, and Reddit, MEME coin community members were able to quickly share information, push up the coin price, and even trigger a short-term trading market frenzy.

The combination of the Olympics and MEME coin

Wherever there is a big event or network MEME, there will be MEME token launches, they are everywhere. On July 26, 2024, the Paris Olympics will kick off under the attention of the world. As a global sports event, it will attract a lot of eyeballs to this Olympics.

In this context, MEME coins, combined with the hot spots of the Paris Olympics, will attract a large number of sports users and viewers in front of mobile screens, thus generating trading opportunities for MEME coins. Some MEMEs have begun to issue MEME tokens with the theme of the Paris Olympics. For example, the MEME coin issued with the mascot "Phryges" of the Paris Olympics has issued tokens on Ethereum and Solana respectively. SOL/PHRYGES, market value 5M, pool liquidity 340K, number of holders 2.6K; Ethereum/PHRYGES, market value 224K, pool liquidity 63K, number of holders 2.5K. The advantage of Ethereum/PHRYGES is that it is closely based on Ethereum, which has the most active on-chain user base, world recognition and a large developer community. Although the market value and liquidity are small, it has huge growth potential and rich ecological resources.

Some MEME coins may sponsor athletes or specific events, or launch NFT (non-fungible token) collections related to the Olympic theme. In addition, the MEME coin community is also actively involved in it, enhancing interactivity and entertainment by guessing the results of the game and making emoticons related to athletes.

This combination not only brings more exposure opportunities for MEME coins, but also injects new elements and fun into the Olympics. In this way, MEME coins not only demonstrate their unique charm, but also prove their influence and innovation in the cryptocurrency market.

Conclusion

From a joke to today's market phenomenon, the rise of MEME coin demonstrates the powerful force of Internet culture. At the upcoming Olympic Games, MEME coin will further expand its influence and popularity through various creative activities and marketing strategies. Although its high volatility and speculation still exist, it is undeniable that MEME coin has brought new vitality and possibilities to the cryptocurrency market. Over time, MEME coin will continue to leave its unique mark around the world.