Author: jk, Odaily Planet Daily

 

On the morning of November 14th, Beijing time, Litecoin, which had faded out of the market for a long time, suddenly released an official tweet:

Source: X

“Given the current market environment, I now consider myself a Meme coin.”

As soon as the tweet came out, it immediately triggered a craze in the crypto market. The recent trend of Meme coins can be described as hot, and the narrative of "anti-VC and exchange collusion project" (aka the project with business support in the past) is also very solid, and the old PoW Litecoin now has such a meme-like tweet that has further detonated market sentiment. Litecoin rose by 10% in a short period of time, from around $72 to $82. At this time when memes such as Pnut, Pepe and Bome began to follow the rise of Bitcoin and began to exert their strength, the market's fomo sentiment for Meme coins has also been accumulating, and the outbreak of Litecoin has undoubtedly proved this point.

Litecoin trend, source: Coingecko

Project parties that followed suit, source: X

With the exception of Litecoin, all of the projects in the picture above claim to have become Memecoins; the screenshots don’t even cover the entire X-platform trend, with well-known projects like Manta Network, AVA Foundation, Aleph Zero, and even Gate Exchange all joining the frenzy, like a remake of a popular video on TikTok (or a popular challenge on Tik Tok), filling up X-platform feeds yesterday.

So how are these “new Meme coins” performing?

In general, the coins that were just riding on the wave of popularity did not see any increase - IoTeX did not see a significant increase, with a 24-hour drop of 7.5%; Manta's 24-hour drop reached 11.9%. This part of the decline has little to do with whether or not to post a tweet, and mainly comes from the callback led by Bitcoin.

At the same time, the old meme coins on the market have shown a trend of rising + falling due to this meme craze: PEPE and WIF both began to soar at a certain time yesterday. Although there was a fallback within 24 hours, the 7-day increase remained at around 90% and 50%. Needless to say, PNUT, which led this trend, has reached a price of $1.6 as of press time.

Meme trends, source: Coingecko

What’s even more outrageous is that this trend has apparently spread beyond the circle: this morning, Royal Dutch Airlines KLM also posted an identical tweet on its official Twitter account with 2.2 million followers:

Source: X

You know, KLM Royal Dutch Airlines is an account that has nothing to do with the crypto market, so it was naturally suspected of being hacked. Litecoin replied below: "It looks a bit bumpy, but ok!" Someone else commented below: "Is the intern who manages the Litecoin Twitter account working two jobs at the same time?"

Of course, KLM’s stock price has not changed at all, and even fell a little. It seems that the marketing in the crypto circle is just shouting slogans, and no one really buys it (but, buying is not for the stock market).

What’s more, the token Meme coin for this incident has been released on Pump.fun: INIAAM (I now identify as a memecoin). As of press time, the market value has reached approximately 32K.

INIAAM, source: Pump.fun

Back to the original context, of course everyone is playing with memes: "I now identify as xx" is actually mostly used in the context of gender in the original English context. Someone may now identify himself as another gender, and then it is repeatedly grafted with other meanings in the tug-of-war between supporters and non-supporters, such as the famous "I now identify myself as a Wal-Mart shopping bag" and so on. This part just corresponds to the core of Meme culture, which is to deconstruct an existing system, whether it is gender or a classical encryption project that was once serious, and then completely trample on the original meaning, so that this sense of contrast can bring more traffic to the project.

This is the market strategy and the core of Meme. Of course, we have to mention the most important catalyst: crypto investors may have suffered from "high FDV and low circulation" tokens for a long time and are unwilling to be the receivers of VCs and project parties. Meme is at least a fairer market - there is no other reason, only quick hands and ears.