According to Global Times, India Express published an article (Dogecoin is no longer a 'joke currency'), which pointed out that two software engineers launched a cryptocurrency in 2013—'Dogecoin' (a virtual currency featuring a dog meme), marking the fusion of memes and Bitcoin, and signaling the birth of meme coins. What the engineers did not expect was that, beyond a joke, 'Dogecoin' later became a commonly used online trading currency. In 2023, American billionaire Elon Musk expressed his support for it, and subsequently, 'Dogecoin's' valuation skyrocketed, reaching several billion dollars by January 2025.
Under the influence of celebrity effects and other factors, various meme coins (emoji coins) have flourished. U.S. President Trump launched his own meme coin, which features his photo and the slogan 'Fight, Fight, Fight,' attracting public attention and causing its market value to soar to several billion dollars. As a public figure, Trump has been criticized by many for this move as reckless— the meme coin market is volatile, and in the absence of effective regulation, the market lacks adequate protective mechanisms, putting investors at risk of incurring huge financial losses.
With such high volatility and risk, why are so many people flocking to meme coins and investing crazily? Research from JPMorgan shows that over the past decade, the proportion of individuals under 40 who invest a portion of their personal income each month has more than doubled. However, the financial system has certain thresholds, with many industry concepts and terminologies that are unfriendly to inexperienced investors, whereas cryptocurrencies do not have this issue. Meanwhile, their characteristic of providing quick returns further attracts people to invest. Although the meme coin market is hot, how far it can go in the future remains to be seen. Relevant regulatory agencies should introduce corresponding policies to oversee various cryptocurrencies, while investors should further educate themselves to understand financial instruments and mitigate investment risks.
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