Article source: PA Recommended Read
Author: Nomos Labs
Few have thought that the birth of Meme coins might be a 'cultural experiment' in the crypto world: How much can a joke be worth? How much financial turmoil can a humorous quip stir? From $DOGE to $SHIB, and then to this year's sky-high returns of $Neiro, these seemingly 'nonsense' coins have repeatedly refreshed people's views on the narrative capabilities of Meme coins.
In 2024, the Meme coin market remains lively amid uncertainty. It is not just an entertainment symbol in the crypto circle, but has become a paradise for speculators and a barometer of market sentiment. But if we peel back the stories behind the price surges, we will find that behind this revelry, there is a familiar yet strange logic at play: Meme culture, market sentiment, and technological narratives are redefining the value boundaries of Meme coins.
1. How can Meme coins tell a 'good story' about emotions?
On the surface, Meme coins are a continuation of internet meme culture, but their real charm lies in their ability to quickly gather emotions through storytelling and shape short-term 'group frenzy'. However, no one has yet been able to clear the haze and find the certainty and connotation made up of countless stories within that 'bubble' regarding the long-term value of Meme coins.
It's a joke, but also cultural resonance.
The earliest $DOGE Dogecoin can be said to be a completely 'parody'. It had neither complex technical support nor ambitious application plans, but with a Shiba Inu meme, it became the spokesperson for internet meme culture. In 2024, this meme narrative was further developed, and new players not only attracted attention with 'jokes' and 'humor' but also began to play the cultural emotion 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 recognition. In a short time, the community size of $Pepe has exploded, becoming the biggest dark horse of Meme coins this year. It is not difficult to see that as long as it can capture the 'emotional point' in internet meme culture, Meme coins can quickly tell a good story and rally consensus.
Community-driven: More like an emotional game.
The popularity of a Meme coin certainly stands behind a crazy community. Elon Musk's support for Dogecoin, the 'frog army' of $Pepe, these community members are not just investors, but also actively disseminating 'content creators'. They are keen to 'create memes' and attract people on social platforms, even turning 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 attempted to attract long-term users through technological narratives, such as its metaverse project Shibaverse. Although it is still in its early stages, it has already given the community new 'bragging points'.
From this, we can see that, for Meme coins, meme culture is the base color, but its real charm is the community-driven narrative ability — telling a story that resonates emotionally, making everyone 'want to buy and dare to buy'.
2. The magnifying glass of market sentiment, a safe haven for speculators.
However, regardless of the circumstances, the underlying logic of the 'good story' that can drive market changes needs to be 'interest-driven'. The reason Meme coins can remain hot is not only because they are 'fun', but also because they became a high-volatility safe haven for speculators during the downturn of the crypto market.
Price surges, the 'wealth myth' that speculators love to talk about.
Looking back at 2024, the most eye-catching trend is undoubtedly the surge of $Pepe. From the beginning of the year to the middle of the year, the price of this sad yet funny frog achieved more than a hundredfold increase — the market is attracted to such coins not because of their strong technology or application but because they are easy to 'hype up'.
The issuance threshold for Meme coins is low, with extremely low unit prices and seemingly limitless potential for growth. This feature is particularly friendly to retail investors: even with just a few hundred dollars, one can gamble on a '10x or 100x' imagination. For those investors who 'entered late', this high-risk, high-reward speculative type became their best choice to chase the wealth effect.
Market fluctuations, an 'emotional outlet' in a bear market.
Interestingly, as the overall market conditions of the crypto market entered a period of fluctuation, the popularity of Meme coins actually rose against the trend. This is not because Meme coins themselves have a strong fundamental, but because speculative funds need a new 'emotional outlet'.
Unlike mainstream coins, Meme coins do not have complex valuation logic, nor do they rely on strong ecological support; they rely on market sentiment. When other assets struggle to engage retail sentiment, Meme coins become the 'stronghold' of emotional trading.
Thus, the clear market direction is that behind the price fluctuations of Meme coins lies the amplification and reflection of market sentiment: for speculators, it is the low-cost, high-volatility first choice; for the market, it is a real 'emotional mirror'. Therefore, it is not difficult to understand why everyone starts to like hearing them tell stories and prefers them to create a series of 'wealth creation stories' that are both close at hand and dreamlike.
3. Can Meme coins add points for themselves through technology?
We understand the changes in market sentiment, but we must also clearly recognize that relying on cultural narratives and speculative emotions can catch fire for a moment. If Meme coins want to go further and find the underlying logic that can support long-term value compounding, they must rely on technological innovation to create new narratives and application scenarios.
AI 'new memes' create technological narratives for empowerment.
This year, AI technology has become a hot topic in the crypto circle. Some Meme coin projects seized the opportunity to launch 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 a wide range of investors and community members. For example, AI trading strategies leverage the advantages of AI algorithms 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 new narrative clues into Meme coins.
NFT linkage, the continuation of cultural narratives.
At the same time, NFTs remain an important 'partner' of Meme coins and will continue to showcase their unique charm and potential in 2024. Especially in projects like $Pepe, investors can not only profit from buying and holding Pepe coins but also display their identity and status through 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 offer investors a more personalized and emotional way to participate, 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 gameplay continues to emerge, NFTs will remain an important 'accelerator' for the development of Meme coin projects.
Attempts to combine payment scenarios with DeFi increase the value leverage of tokens.
Of course, in the imaginative crypto coin market, some Meme coins are also trying to expand payment functions. Just at the end of the year, DogWifCoin officially announced a partnership with Oobit to launch a new payment function 'Wif Pay', allowing users to use $WIF for purchases and enjoy a 3% cashback reward.
Projects like $SHIB, on the other hand, increase the actual benefits for holders by combining DeFi protocols. For example, the governance token $BONE of the $SHIB ecosystem is widely used in liquidity mining in ShibaSwap, allowing investors to earn returns through staking (BURYing) and providing liquidity (DIGging).
Such technological narratives continue, and technological empowerment will be an important highlight for Meme coins in the next stage. Although it seems like 'storytelling' in the short term, in the long run, only with the grounding of technological narratives might Meme coins eventually be able to escape the fate of 'short-term speculation'.
Written at the end: Will the next stop for Meme coins be the rise of meme economic culture or the burst of the bubble?
When we look back at the market of 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 continue telling an attractive story.
Sentiment: The fluctuations in market sentiment and the push from speculators make it the most 'explosive' asset.
Technology: New concepts and new application scenarios are key to making Meme coins more 'valuable' in the future.
However, these three also come with obvious risks: How long can stories be told? How long can emotions sustain? Can technology truly be implemented? The answers to these questions will determine the future direction of Meme coins.
But as we begin to envision the future of 2025, it is certain that Meme coins have transformed from a 'joke' into a unique phenomenon in the crypto market. In the increasingly restless and continuously erupting 'golden cycle' of cryptocurrencies following the U.S. elections, its vitality is far from over, but whether it can escape the frenzy and enter a true 'value era':
2025, please let Meme coins answer.
