Article reprinted from: Nomos Labs
Few have considered that the birth of Meme coins may be a 'cultural experiment' in the crypto world: how much can a joke be worth? How many waves and ripples can a humorous quip create in the financial world? From $DOGE to $SHIB, and then to this year's skyrocketing $Neiro, these seemingly 'nonsensical' tokens repeatedly refresh people's views on the narrative capabilities of Meme coins.
In 2024, the Meme coin market remains lively amidst uncertainty. It is not just an entertainment symbol in the crypto circle but has also become a paradise for speculators and a barometer of market sentiment. However, if we peel back the story behind the price surge, we will find a logic that is both familiar and unfamiliar driving this revelry: meme culture, market sentiment, and technological narratives are redefining the value boundaries of Meme coins.
I. How can Meme coins tell a good story about emotion?
Superficially, Meme coins are a continuation of internet meme culture, but their true charm lies in their ability to quickly gather emotions through storytelling, shaping short-term 'group frenzy'. However, regarding the long-term value of Meme coins, no one can yet pierce the fog to find the certainty and connotation made up of countless stories within that 'bubble'.
It's a joke, but also a cultural resonance.
The earliest $DOGE Dogecoin can be described as a complete 'parody'. It had no complex technological support or ambitious application plans, but with a Shiba Inu meme, it became the representative of internet meme culture. In 2024, this meme narrative was further amplified. New players not only attracted attention with 'jokes' and 'humor' but also began to play the cultural emotional card.
For example, the sad frog of $Pepe, the frog image behind it has long been a classic in internet culture. Its popularity does not rely on technical highlights, but on community dissemination and cultural identity. In a short time, the community size of $Pepe exploded, becoming this year's biggest dark horse among Meme coins. It is not hard to see that as long as they can capture the 'emotional points' in internet meme culture, Meme coins can quickly tell good stories and build consensus.
Community-driven: more like an emotional game.
The popularity of a Meme coin must be supported by a crazy community. Elon Musk's support for Dogecoin, the 'frog army' of $Pepe, these community members are not just investors but also proactive 'content creators'. They are eager to 'create memes' and attract people on social platforms, even transforming Meme coins from a 'joke' into a 'trend'.
$SHIB is a typical example. In 2024, it not only maintained its popularity through meme culture but also tried to attract long-term users through technical narratives, such as its metaverse project Shibaverse. Although it is still in its early stages, it is enough to give the community a new 'bragging point'.
From this, we can see that for Meme coins, meme culture is the base color, but its true charm lies in its ability to create community narratives — to tell a story that resonates emotionally, making people 'want to buy, dare to buy'.
II. A magnifying glass of market sentiment, a safe haven for speculators.
However, regardless of the circumstances, the underlying logic of a 'good story' that can influence market changes requires 'interest-driven' motives. Meme coins continue to thrive not only because they are 'fun' but also because they have become a high-volatility safe haven for speculators during downturns in the crypto market.
Price surges, the 'riches myth' most favored by speculators.
Looking back at 2024, the most eye-catching market trend was undoubtedly the surge of $Pepe. From the beginning of the year to mid-year, the price of this sad yet funny frog achieved more than a hundred-fold increase — the market is attracted to such tokens not because of their strong technology or applications, but because they are easy to 'speculate on'.
Meme coins have a low issuance threshold, extremely low prices, and seemingly unlimited growth potential. This characteristic is particularly friendly to retail investors: even with only a few hundred dollars, one can chase the imagination of '10x, 100x'. For those investors who 'entered late', this high-risk, high-reward speculative variety has become their best choice to chase wealth effects.
Market fluctuations, an 'emotional outlet' in a bear market.
Interestingly, when the overall cryptocurrency market enters a period of volatility, the popularity of Meme coins rises instead. This is not because Meme coins themselves have strong fundamentals, but because speculative funds need a new 'emotional outlet'.
Unlike mainstream coins, Meme coins do not have complex valuation logic and do not rely on strong ecological support; they rely on market sentiment. When other assets struggle to stimulate retail sentiment, Meme coins become the 'stronghold' of emotional trading.
Therefore, the clear market direction is that behind the price fluctuations of Meme coins is the amplification and reflection of market sentiment: for speculators, it is the preferred choice for low-cost, high-volatility; for the market, it is a real 'emotional mirror'. Thus, it is not difficult to understand why people enjoy hearing them tell stories and prefer the 'wealth creation stories' they create that are both near at hand and fantastical.
III. Can Meme coins leverage technology to score more points?
We understand the changes in market sentiment, but we must also clearly recognize that relying on cultural narratives and speculative emotions can create a temporary fire. However, for Meme coins to go further, finding the underlying logic that can support long-term value compounding must be based on technological innovation to create new narratives and application scenarios.
AI 'new memes', creating technology narrative empowerment.
This year, AI technology has become a hot topic in the crypto circle. Some Meme coin projects seized the opportunity to introduce AI-enabled features, such as AI-generated content. Through this approach, Meme coin projects can quickly and cost-effectively provide continuous interaction and entertainment experiences for investors and community members. For example, AI trading strategies, leveraging the advantages of AI algorithms, allow project parties to more accurately predict market trends, analyze trading data, and optimize investment decisions. Although early performance may not have met expectations, it is undeniable that the introduction of AI technology has injected new vitality and narrative clues into Meme coins.
NFT linkage, the continuation of cultural narratives.
At the same time, NFTs continue to be an important 'partner' for Meme coins, showcasing their unique charm and potential in 2024. Especially in projects like $Pepe, investors can not only profit by buying and holding Pepe coins, but also showcase their identity and status by acquiring unique NFTs.
The combination of NFTs and Meme coins is no longer just a simple exchange of digital assets but a profound manifestation of identity recognition and community culture. Through NFT-linked gameplay, these projects provide investors with more personalized and emotional participation methods, making holding these Meme coins not just an investment behavior but also an expression of community belonging. It is not hard to imagine that as more similar innovative play methods continue to emerge, NFTs will remain an important 'accelerator' for the development of Meme coin projects.
Attempts to combine payment scenarios with DeFi, increasing the value leverage of tokens.
Of course, in the imaginative cryptocurrency market, some Meme coins are also trying to expand their payment functions. Just before the end of the year, DogWifCoin officially announced a partnership with Oobit to launch a new payment feature 'Wif Pay', allowing users to spend $WIF and enjoy a 3% cashback reward.
Projects like $SHIB, through the integration of DeFi protocols, allow token holders to gain more actual benefits. For example, the governance token $BONE in the $SHIB ecosystem is widely used in liquidity mining on ShibaSwap, allowing investors to earn rewards through staking (BURYing) and providing liquidity (DIGging).
Such technological narratives continue. Technological empowerment will be an important focus for the next stage of Meme coins. Although it seems to be 'storytelling' in the short term, in the long run, only when technological narratives are implemented can Meme coins possibly escape the fate of 'short-term speculation'.
In conclusion: Is the next stop for Meme coins the rise of meme economic culture or the burst of bubbles?
When we look back at the market in 2024, we can find three key driving forces behind the rise of Meme coins:
Culture: Meme culture and community consensus are the foundation of Meme coins, allowing them to continuously tell an engaging story.
Emotion: The fluctuations of market sentiment and the drive of speculators make it the most 'explosive' asset.
Technology: New concepts and new application scenarios are the keys to making Meme coins more 'valuable' in the future.
However, these three also carry significant risks: How long can the story be told? How long can the emotion hold? Can technology really be implemented? The answers to these questions will determine the future direction of Meme coins.
However, as we start to envision the future of 2025, one thing is certain: Meme coins have transformed from a 'joke' into a unique phenomenon in the crypto market. Amid the increasingly restless and continuously erupting 'golden cycle' of cryptocurrencies following the U.S. elections, their vitality is far from over. However, whether they can escape the revelry and enter a true 'value era' is uncertain.
2025, please answer, Meme coins.
