Author: Nancy, PANews
"In view of the current market conditions, it is now recognized that LTC is a MEME currency." After the veteran mining currency Litecoin took the lead in speaking out recently, it quickly set off a marketing trend surrounding the MEME currency, and many institutions and projects followed suit.
The ridicule of cryptocurrency projects such as Litecoin positioning themselves as MEME coins actually highlights a phenomenon in the current cryptocurrency market: many projects that once used complicated and gorgeous technical terms as their selling points have actually become just another project after no one cared about it. A form of MEME coin.
Given the current market conditions, I now identify as a MEME coin…
"Bitcoin, Litecoin" was once a slogan spread by word of mouth in the industry, which also symbolized the status of Litecoin. However, in this round of bull market, Bitcoin has repeatedly hit new highs, but Litecoin has not been able to keep up with the rise. . Unexpectedly, after Litecoin mockingly dubbed itself MEME, it actually stimulated a short-term increase in price and brought new topicality and attention to this old project.
On November 15, Litecoin’s official and hotly debated. In the comment area of this post, many community users and projects "offered suggestions" for it, and many MEME coins were derived.
Among them, DOGE, the leading MEME currency brand, personally designed the MEME mascot image for Litecoin, and Internet celebrity Greg, who often interacts with Musk, also named him "LESTER". Greg is also recognized as the new "CEO" of DOGE.
Subsequently, the image of LESTER quickly spread in the community. DEX Screener data shows that the market value of LESTER soared to nearly US$100 million within less than one day of its launch, which is enough to show the enthusiasm of the market for participation.
At the same time, various projects, institutions and celebrities, such as Polygon, Yearn.finance, TRON DAO, Manta Network, IoTeX, OKX Wallet, Renzo and Franklin, have all imitated Litecoin’s posts.
It is worth mentioning that during Coinbase’s interaction with Litecoin, the community also designed a relevant MEME image for it and obtained official recognition, and the relevant MEME also received a certain amount of market attention.
Behind the rise of MEME culture, traditional cryptocurrency projects are in urgent need of a breakthrough
The MEME culture, which has been given various interesting labels and narratives, is profoundly changing the way the cryptocurrency market is played. Although this type of asset itself lacks substantial technological innovation, its value has soared rapidly through the widespread hype of social media, the promotion of community culture, and the amplification of network effects.
According to CoinGecko data, as of November 15, the market size of MEME coins has exceeded $140 billion. Among them, in the past 24 hours, among the top 20 cryptocurrencies by trading volume, in addition to mainstream assets such as Bitcoin and Ethereum, as well as stable coins such as USDT, 7 are MEME coins, which also means that such projects occupy a large amount of market liquidity. .
Not only that, according to CryptoRank data, among the top five narrative tracks with market capitalization performance since the beginning of the year, MEME tokens have significantly better returns than RWA and AI assets. PolitiFi tokens, which perform equally well, are actually political-themed MEME tokens.
With the MEME currency leader Musk once again "attacking", DOGE, Pnut, etc. have risen strongly, as well as events such as the listing of PEPE by the American online brokerage Robinhood, MEME currency is gaining more market attention and participation. Musk also recently commented that he agrees with the concept that "MEME coins will be popular in the next four years."
Moonshot, a trading application focusing on MEME coins, recently disclosed that the inflow of legal currency on the platform reached a new record, and non-cryptocurrency native users are influxing in large numbers. Top trader Eugene believes that the recent DOGE breakout means that the upper limit of the market cap of all other MEME coins will also rise proportionally.
A $1 billion valuation was previously the upper limit, now it's just the starting point. Crypto KOL Murad even bluntly said that Millennials and Generation Z cannot afford to buy a house, so they will instead buy MEME coins, and predicted that the current market is in the early stages of the MEME coin super cycle, and 7 or 8 companies with a market value of more than 200 will be born. A billion-dollar “digital tribe”.
In stark contrast, many cryptocurrency projects that once gained traction with their technological innovations and promising blueprints have fallen into the awkward position of being ignored by the dual attack of market cooling and intensifying competition. What’s even more serious is that many cryptocurrency projects generally face the challenge of selling pressure caused by the “unlocking period”. The selling of a large number of early investors and VCs not only exacerbates the continued decline in token prices, but also severely damages investor confidence. The withdrawal of market funds and the depletion of user liquidity have also made the sustainable development of cryptocurrency projects increasingly difficult. To some extent, these cryptocurrency projects that once had high hopes are gradually turning into MEME coins wrapped in a technical shell.
It is undeniable that MEME currency is rapidly reshaping investor behavior and market ecology through the amplification effect of social media and the emotional resonance of the community. Litecoin and other self-deprecating posts also reflect that relying solely on technological innovation and long-term planning is no longer able to ensure the continued and steady growth of cryptocurrency projects.
(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link)
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
"Is Litecoin (LTC) going to transform into a MEME currency? "Self-deprecating" post triggers market follow-up trend." This article was first published on (Block Guest).
