Recently, with the launch of ETFs, the once bullish BTC price experienced a short-term stagnation.
While the market is turbulent, the meme trend led by TROLL has once again set off the myth of getting rich.
Among the several meme coins that have attracted much attention, traces of celebrity concepts can be clearly seen.
Musk concept: Is it time for trolls to kill dogs?
In the last bull market, Dogecoin, recommended by Musk, became a wealth legend pursued by countless people. However, this week, the rapid rise of TROLL (originally meaning troll, also meaning spray in the Internet context) has aroused strong interest from some investors. This token is highly anticipated by the community and is expected to become a new generation of dogs. Dogecoin.
As of January 9, Musk changed his Twitter account profile to "(CTO) Chief Troll Officer", which once again attracted market attention.
This tongue-in-cheek title may seem meaningless on its face. However, as the “King of Dogs” of the crypto market, Musk’s every move is enough to spark new memes. Multiple meme tokens of the name TROLL quickly emerged after Musk modified his social media profiles.
In the end, a TROLL contract with the tail number eb3a became the winner of the token of the same name. The coin quickly rallied on the troll concept.
What’s even more interesting is that TROLL’s rise is almost a coincidence. This token is not Musk’s concept meme currency that came into being recently, but has been deployed in April 2023. The coin’s price had fallen 98% from its peak before Musk became Chief Troll Officer. This is truly a "return to zero coin" worthy of the name.
TROLL Trend: Before Musk took office as "Troll Officer"
Then, with Musk assuming the role of “Troll Chief,” TROLL quickly rose, triggering FOMO. Before the end of last week, TROLL had a market capitalization of only about $1 million. However, after a sharp increase over the weekend, TROLL’s liquidity is now as high as $2.2 million, and its market value has soared to $85 million.
After just one weekend, the price of TROLL has increased approximately 7 times.
This isn’t the first meme coin to rise in recent days riding on Musk’s concept.
On January 10, X user Tim Urban posted an X post evaluating the airline industry. In the post, he quoted United Airlines CEO Scott Kirby.
Musk made a joking casual comment under the post, "Kirby is the CEO." This also made Kirby a new meme concept in a short period of time.
For a time, Kapicoin also became a popular meme. GeckoTerminal data shows that the largest one, Kabicoin, has completed its growth from 0 to a market value of $3.37 million in 6 days.
V God: meme coins are an innovative concept
Besides Musk, Buterin is another major source of inspiration for many meme coins.
This weekend, Buterin’s earlier concept of Zuzalu once again attracted the attention of the community.
The Zuzalu co-living experiment is a unique and groundbreaking project of social innovation and community-driven progress. The project was initiated by V God and is located in Montenegro. Zuzalu is a makeshift city-like community where about 200 people have lived together for about two months. Participants include students, professionals and leaders in various fields, while financial aid is also provided to those in need.
Zuzalu offers a decentralized live experience filled with impromptu conversations and breakout workshops that facilitate a variety of activities. It is a gathering place for intellectuals and innovators in areas such as cryptocurrency, artificial intelligence, governance, and decentralized science. Zuzalu cultivates a community that is not only diverse in nationality but also focused on areas such as biotech innovation and network state philosophy.
As a decentralized community, Zuzalu itself does not seem to have attracted much attention from the crypto world. But after the meme craze started this week, the concept of Zuzalu quickly gained recognition from the crypto community and spawned several meme tokens.
Among them, Zuzalu Inu is the most eye-catching one. The birth of this coin can be traced back to March 2023.
GeckoTerminal data shows that before January 14, its price was only $0.000008 per coin, but it has recently risen to $0.012, a maximum increase of 1,500 times. Even at the current price, the increase is still more than 1,000 times.
Will there be a bloodbath in front of the throne of memes?
In addition to the above-mentioned meme tokens, Solana co-founder’s Silly Dragon concept coin has also attracted widespread attention from the community. In this round of market conditions, many meme tokens have emerged under the leadership of their respective celebrity "spokesmen", vying for the throne of the meme king.
Meme exists every year, but it’s not the same every year
The market is well into meme mania season right now. According to Blockchaincenter.net’s annual Copycat Season Index, the current Copycat Season Index is as high as 76. This metric shows that 75% of the top 50 altcoins have outperformed Bitcoin over the past 90 days.
TradingView data shows that Bitcoin’s total crypto market share is currently 47.56%, which has continued to decline in the past week.
The question that currently worries investors is, how long can this market situation last? Should we continue to chase the rise or look for new investment opportunities?
However, if we adopt the perspective of "looking for a sword when the boat is in danger", the surge of altcoins is usually regarded as a danger signal for the entire crypto market in historical experience. Perhaps the more critical question is: Is the sudden popularity of altcoins the beginning of a new round of Bitcoin’s rise, or a precursor to the next round of collapse? Investors are hereby reminded to pay attention to the risks of highly volatile currencies, pay attention to changes in their news and on-chain data at any time, and beware of being trapped.
