Author: Nomos Labs
Few people 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 many waves and ripples can a humorous remark create in the financial world? From $DOGE to $SHIB, and then to this year's skyrocketing $Neiro, these seemingly 'absurd' coins have repeatedly refreshed people's views on the narrative capabilities of Meme coins.
In 2024, the Meme coin market remains bustling amid 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 strip away the stories behind the soaring prices, we will find that there is a familiar yet strange logic driving this carnival: 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 true charm lies in their ability to rapidly gather emotions through storytelling, shaping short-term 'group fervor.' However, regarding the long-term value of Meme coins, no one has yet been able to pierce through the fog to find the 'certainty' and connotation composed of countless stories within that 'bubble.'
It is both a joke and a cultural resonance.
The earliest $DOGE Dogecoin can be said to be a complete 'parody.' It has neither complex technical support nor ambitious application plans, but through a Shiba Inu meme, it became the spokesperson for internet meme culture. In 2024, this meme narrative has been further promoted, with new players not only attracting attention through 'jokes' and 'humor' but also starting to play the cultural emotion card.
For example, $Pepe's sad frog, the frog image behind it has long been a classic in internet culture. Its popularity does not rely on technological highlights, but rather on community dissemination and cultural identity. In a short period, the size of the $Pepe community has exploded, becoming this year's biggest dark horse in Meme coins. It is not difficult to see that as long as one can grasp the 'emotional point' in internet meme culture, Meme coins can quickly tell a good story and rally consensus.
Community-driven: more like an emotional game.
The popularity of a Meme coin is certainly supported by a passionate community. Elon Musk's support for Dogecoin, the '$Pepe frog legion,' these community members are not just investors but also active '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 maintains its popularity through meme culture but also attempts to attract long-term users through technological narratives, such as its metaverse project Shibaverse. Although it is still in its early stages, it has provided the community with a new 'show-off point.'
From this, we can see that for Meme coins, meme culture is the base color, but their true charm lies in the ability to narrate stories within the community—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.
But no matter what, the underlying logic of a 'good story' that can drive market changes needs to be 'profit-driven.' The reason Meme coins can remain popular is not only because they are 'fun' but also because they have become a high-volatility safe haven for speculators during the downturn of the crypto market.
Soaring prices, the 'wealth myth' that speculators love to tell.
Looking back at 2024, the most eye-catching trend is undoubtedly the surge of $Pepe. From the beginning of the year to mid-year, the price of this sad yet humorous frog achieved over a hundredfold increase—the market was attracted by such coins not because they have strong technology or applications, but because they are easy to 'speculate.'
The threshold for issuing Meme coins is low, and the unit price is extremely low, giving the illusion of unlimited potential for price increases. This characteristic is particularly friendly to retail investors: even with just a few hundred dollars, one can imagine a '10x or 100x' return. For those late-to-the-game investors, this high-risk, high-reward speculative variety has become their best choice to chase the wealth effect.
Market fluctuations, the 'emotional outlet' in a bear market.
Interestingly, when the overall market trends into a period of fluctuation, the popularity of Meme coins rises against the trend. This is not because Meme coins have particularly strong fundamentals but because speculative funds need a new 'emotional outlet.'
Unlike mainstream cryptocurrencies, Meme coins do not have complex valuation logic nor rely on strong ecological support; they depend on market sentiment. When other assets fail to stir retail sentiment, Meme coins become the 'stronghold' for emotional trading.
Thus, the clear market indication is that behind the price fluctuations of Meme coins lies an amplification and reflection of market sentiment: for speculators, it is the preferred choice for low-cost, high-volatility investments; for the market, it is a true 'emotional mirror.' Hence, it is not surprising that everyone has started to enjoy hearing them tell stories and is even more fond of the 'wealth creation stories' they begin to craft that are both close at hand and fantastical.
3. Can Meme coins use technology to add value to themselves?
We understand the changes in market sentiment, but we must also clearly recognize that relying on cultural narratives and speculative emotions may bring temporary success. However, 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 empowering.
This year, AI technology has become a hot topic in the crypto circle, and some Meme coin projects have seized the opportunity to launch AI-enabled gameplay. For example, AI-generated content allows Meme coin projects to provide continuous interaction and entertainment experiences for a large number of investors and community members in a quick and cost-effective manner. Additionally, AI trading strategies leverage the advantages of AI algorithms, enabling project teams to more accurately predict market trends, analyze trading data, optimize investment decisions, and so on. 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.
Meanwhile, NFTs remain an important 'partner' for Meme coins, continuing to showcase their unique charm and potential in 2024. Especially in projects like $Pepe, investors can profit not only by buying and holding Pepe coins but also by obtaining unique NFTs to showcase their identity and status.
The combination of NFTs and Meme coins is no longer just a simple exchange of digital assets but a profound reflection of identity recognition and community culture. Through NFT-binding gameplay, these projects provide investors with more personalized and emotional participation methods, making the holding of these Meme coins not only an investment behavior but also an expression of community belonging. It is not difficult to imagine that as more similar innovative play styles continue to emerge, NFTs will continue to be an important 'accelerator' for the development of Meme coin projects.
The attempt to combine payment scenarios with DeFi increases the value leverage of tokens.
Of course, in the imaginative crypto market, some Meme coins are also trying to expand 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 use $WIF for consumption and enjoy a 3% cashback reward.
Projects like $SHIB, through the integration of DeFi protocols, allow holders to gain more practical benefits. For example, the governance token $BONE in the $SHIB ecosystem is widely used in liquidity mining on ShibaSwap, where investors can earn returns through staking (BURYing) and providing liquidity (DIGging).
Such technological narratives continue, and technology empowerment will be an important focus for the next phase of Meme coins. While it may seem like 'telling stories' in the short term, in the long run, only with the implementation of technological narratives can Meme coins possibly break free from the fate of 'short-term speculation.'
In conclusion: Is the next stop for Meme coins the rise of meme economic culture or the collapse of a bubble cycle?
When we look back at the market in 2024, we can see that the rise of Meme coins is driven by three key forces:
Culture: Meme culture and community consensus are the foundation of Meme coins, allowing them to continuously tell an appealing story.
Emotion: 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 elements also present obvious risks: how long can the story be told? How long can the emotion last? Can the technology truly be implemented? The answers to these questions will determine the future direction of Meme coins.
However, when we begin to look ahead to the imagined future of 2025, it is certain that Meme coins have already transitioned from 'joke' to a unique phenomenon in the crypto market. In the increasingly restless atmosphere following the U.S. elections, amidst the ongoing explosive 'golden cycle' of crypto coins, its vitality is far from over. However, whether it can escape the carnival and enter a true 'value era' is yet to be seen.
2025, Meme coins, please respond.
