The recent explosive rallies of tokens like BOME and SLERF have once again captivated the crypto market, creating another wave of rapid wealth generation. While the MEME frenzy has yet to fully subside, the market has momentarily regained a degree of composure.
Beyond the astonishment at gains that seem to compress "a year of traditional finance into a single crypto day," a question lingers among seasoned investors: "Why did MEME coins take off so early in this cycle?" Historical sector rotations suggested that MEME mania typically signals the finale of a bull market, arriving after new narratives have peaked. This cycle, however, has defied the old playbook, with MEME coins emerging as a main storyline in the early to middle phases.
In traditional "value investing" theory, MEME coins and speculative "shitcoins" have always been marginalized, even within the bubble-prone crypto space. Yet, many fail to grasp what a MEME truly is, let alone understand the distinction between a MEME coin and a mere shitcoin.
From the iconic Shiba Inu of Dogecoin to today's inscriptions, MEME has evolved into a unique cultural symbol and mode of communication within the crypto world. How have these seemingly absurd cultural elements gained such prominence? This article explores the relationship between MEME and blockchain and its profound impact on cryptocurrency culture.
Understanding the MEME Phenomenon
The Origin of the MEME Concept
The discussion of MEME's origins inevitably begins with Richard Dawkins. In his seminal 1976 work, The Selfish Gene, Dawkins introduced the term "MEME." He defined it as a unit of cultural transmission, analogous to a biological gene. A MEME can be a melody, an idea, a catchphrase, a fashion trend, or any phenomenon that spreads through imitation from one person to another. Their success, much like genes, depends on their fidelity of replication, longevity, and their "appeal" or utility to the host.
In simpler terms, a MEME is a joke, a gag, or an image macro that, through widespread propagation, forms a distinct subculture. A MEME coin is a method of valuating this subculture.
With the rise of the internet and social media, MEMEs have become a vital part of global cultural exchange, their speed and reach far exceeding Dawkins' original vision. Today, MEMEs spread entertainment and information with humor and satire, shaping public opinion and cultural phenomena. Their influence is particularly pronounced in the realms of cryptocurrency and blockchain technology.
Notably, to celebrate Dawkins' birthday on March 26th, the community launched a MEME coin named "Dawkoin," which Dawkins himself shared on social media without any apparent disdain.
Bitcoin: The Original MEME
A recent perspective from the long-standing crypto media outlet Lanhu Notes posits: "In a sense, all crypto tokens possess a certain 'MEME content,' with over 50% being the norm." On a scale of 0 to 100, tokens like Pepe and Doge have a MEME content of 99.9% or higher; AI tokens might be 90% MEME; BTC L2 solutions could be 80% MEME; and even DeFi tokens may contain 30-50% MEME content.
So, could Bitcoin itself be considered the original MEME?
Technologically, Bitcoin, born in January 2009 from a small server in Finland, was the key that unlocked the blockchain era, built upon decades of advancements in cryptography, distributed storage, and consensus mechanisms. Yet, when people discuss Bitcoin today, they rarely focus solely on its algorithms. As the first successful cryptocurrency, it carries a philosophical weight—the mystery of its anonymous creator, Satoshi Nakamoto, and its ethos of challenging traditional financial systems.
From this angle, Bitcoin is the primordial MEME. It represents a pursuit of power, freedom, and systemic change. Its symbolic meaning transcends its function as a currency, making it an icon for a cultural and social movement.
Some argue that MEME coins are part of an "attention economy," where the best MEME is the one that captures the most eyeballs. After 15 years of development, with its price soaring to a new all-time high above $71,000, Bitcoin's market cap has surged to $1.398 trillion, surpassing silver ($1.379 trillion) to become the world's eighth-largest asset. Bitcoin now represents 49.8% of the total cryptocurrency market capitalization, asserting its dominant position.
With the approval of Bitcoin ETFs earlier this year and the rise of its ecosystem, more traders and investors are "returning to basics," redirecting their attention and liquidity back to Bitcoin. As the single most attention-grabbing token in crypto, Bitcoin is, in essence, the ultimate MEME.
Inscriptions and NFTs: The "Derivatives" of MEME
If MEMEs can be viewed as a form of cultural gene, then differentiation is inevitable—a theory also supported by the concepts in The Selfish Gene. Both MEMEs and genes spread through replication, face selective pressures, and can mutate under certain conditions.
Looking back at crypto MEME leaders, Dogecoin was initially created as a lighthearted parody of Bitcoin, based on the popular "Doge" MEME. Its creator never imagined this joke currency would catch the eye of Elon Musk and evolve into the largest MEME coin by market cap.
After twelve years, the crypto industry developed a standard formula: project teams create new concepts and narratives, partner with VCs, orchestrate airdrop campaigns, and eventually exit to retail investors on the secondary market. In this bull run, only projects like TIA and SOL fit the old guard's definition of a "good project"—a strong team, reputable VCs, a Binance listing, and a炒作-worthy narrative.
Just as this pattern seemed set to continue, the MEME sector underwent a series of mutations and derivations, with inscriptions emerging as the ultimate "disruptor." The emergence and explosive growth of all "inscriptions" on Bitcoin was entirely unexpected.
From its inception, the inscription phenomenon was imbued with the community spirit of "fair launch" and "first is first," which ironically became the slogan of MEME culture itself. Since its inception in March, the Bitcoin ecosystem has been met with skepticism, yet it seems determined to convince everyone: "If you have biases, let the Bitcoin ecosystem rise until you have none left."
The cost to inscribe one ORDI (which contains 1000 tokens) was between $2 and $3. At the current price of $60 per ORDI, a single inscription is now worth $60,000. A year later, for those who held, this represents an investment with over a twenty-thousand-fold return.
Inscriptions are not MEME's first mutation. The diversity of MEME is also evident in the NFT sector. As the biggest new narrative of the last cycle, NFTs have weathered a bull and bear market. The NFT leader, Bored Ape Yacht Club (BAYC), once plummeted below 13 ETH, not to mention the struggles of countless independent NFT artists. Consequently, they are seeking new avenues.
The recent success of BOME and SLERF demonstrates that the cultural value MEME coins provide to holders can, in turn, revitalize NFT liquidity. Though their forms differ, the essential cultural attributes propagated by NFTs and MEME coins are the same.
Beyond these broad derivations, we see serial cultural spin-offs on specific MEMEs, such as Pepe the Frog. This image began as a character in a 2005 online comic by artist Matt Furie but evolved into a widely recognized internet MEME symbol. Unlike MEMEs with clear creator backing, Pepe the Frog spawned a community of anonymous artists who created countless variations, each playing diverse roles across different cultural contexts and social platforms.
The evolution of Pepe the Frog illustrates a unique phenomenon in MEME culture: how a single image can catalyze a vast and diverse cultural ecosystem. This derivation is not mere replication but a process involving creative reinterpretation and cultural recontextualization.
The Unwavering MEME Culture Amidst Fleeting Narratives
In exploring the essence of MEME and its relationship with blockchain, we find they collectively construct a unique cultural and emotional ecosystem within the crypto world. Blockchain is not just a technological innovation; it has become a massive emotional field. MEMEs are more than entertaining jokes; they play a crucial role in shaping market narratives, attracting community participation, and driving cryptocurrency valuations.
Crypto as an Amplifier of Emotion and Narrative
Where there are people, there is a community, and where there is a community, emotion thrives. The crypto space, with its疯狂ious bubbles and volatile price charts, is not just a gathering place for capital but a pressure cooker where human emotions are amplified.
From the passion for futuristic technology to the fear and greed triggered by market swings, blockchain, as an emerging tech and financial field, magnifies the impact of these fundamental human emotions, thereby influencing market dynamics and investment decisions.
MEMEs are inherently vehicles for emotion. Spreading rapidly through communities via humor, satire, and exaggeration, they evoke emotional共鸣, subtly influencing market trends. A successful MEME can attract massive attention and discussion in a short period, driving investor buying behavior and causing short-term price spikes. This phenomenon is especially common in crypto markets, where sentiment often significantly impacts price volatility.
As Yuval Noah Harari noted in Sapiens, early humans built stable, tight-knit groups through "gossip," exchanging information about others to understand their social world. Later, they used "shared myths" like religions, nations, currencies, and corporations to construct broader trust through common imagination.
Similarly, individuals in crypto communities can form powerful group identities and purposes through shared MEMEs and narratives. This trust, built on shared imagination, is the key factor that allows MEMEs to attain monetary value in crypto and attracts a vast number of investors and users.
MEME Doesn't Need a Blockchain, But Blockchains Need MEME
From Bitcoin to Solana, and subsequently to TON and Base, every major hotspot blockchain has needed MEME coins, often encouraging or even creating MEME culture.
A prime example is Solana co-founder Anatoly Yakovenko. At last year's Solana Breakpoint conference, which coincided with Halloween, Anatoly appeared in a green dinosaur costume, becoming the most unique and noticeable presence. He introduced himself to the crowd: "I'm Anatoly, and I'm a silly dragon." After a moment of embarrassed laughter from himself, the entire audience joined in.
The rest, as they say, is history. "Silly" became the hottest MEME narrative of the time. The community rediscovered the seamless trading experience on Solana, and the "Ethereum killer"重新emerged from the shadow of the "SBF selection" scandal.
Post-Solana, it became evident that blockchains could effectively build brand identity and community cohesion through MEMEs. A strong community built around a specific MEME can effectively promote a project, attract new users, and enhance its market position.
Now, we see chains like TON and Base eagerly attempting to capture a share of MEME coin trading liquidity. Their Total Value Locked (TVL) has hit new highs, and on-chain activity and transaction volumes have grown exponentially. The TON Foundation has even publicly announced hiring a MEME Coin Ecosystem Lead.
Have We Finally Seen Through the Hype of Various Concepts?
A recent joke circulates: "Upon seeing concepts like zk + DePIN + rollup + AI combined, VCs in crypto can't contain their excitement." This quip prompts a deeper question: Have we truly achieved a demystified, profound understanding of the various concepts proliferating in the cryptocurrency space?
The persistent fervor around MEMEs feels like a sneer directed at the circles formed by these so-called core insiders. This satire not only questions the technology itself but also critiques the crypto market's blind enthusiasm for new buzzwords and its neglect of substantive application.
"It's all too hard to understand anyway, might as well trade MEMEs," sigh veteran community members, feeling powerless. Newcomers are even more lost. Amidst the rapid, flowing succession of crypto narratives, MEME culture alone seems to endure. The lightning-fast Binance listing of BOME left many serious crypto projects "frustrated"—having labored for years without an exchange listing, while BOME achieved it in three days.
This brings us to the question often posed in communities lately: "Is the endpoint of blockchain just MEME?" or more starkly, "Is value investing dead, and MEME eternal?" While these questions are posed absolutely, even极端ly, one must admit a hard truth: perhaps the primary function of blockchain within this decade remains speculative trading.
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Frequently Asked Questions
What exactly is a MEME coin?
A MEME coin is a cryptocurrency that derives its value primarily from internet culture, jokes, or viral trends rather than underlying technology or utility. Its worth is heavily influenced by community sentiment, online hype, and cultural relevance, making it highly speculative.
How is a MEME coin different from a shitcoin?
While all MEME coins can be highly speculative, the term "shitcoin" is often used pejoratively for any coin perceived as having no value or purpose. A MEME coin, however, has a defined cultural narrative or community behind it that drives its popularity, whereas a shitcoin may lack even that.
Why are MEME coins so popular?
MEME coins tap into the power of community and shared identity. They are often easy to understand, highly marketable through social media, and offer the potential for rapid, high returns, which attracts investors looking for short-term gains and a sense of belonging to a viral movement.
Can MEME coins have long-term value?
Long-term value is uncertain and rare. While some, like Dogecoin, have sustained value due to ongoing community support and celebrity endorsement, most MEME coins are highly volatile and can lose value quickly once the hype fades. Investment should be considered extremely high-risk.
How do blockchains benefit from MEME coins?
MEME coins drive significant on-chain activity, including transactions, user engagement, and liquidity. This increased usage can stress-test the network, generate fee revenue for validators, and attract new users to the ecosystem, ultimately boosting the blockchain's profile and utility.
Is investing in MEME coins a form of value investing?
No, it is the antithesis. Value investing focuses on identifying assets trading for less than their intrinsic value. MEME coin investing is purely speculative, based on sentiment and narrative, with little to no regard for fundamental financial metrics or utility.