Have you participated in the MEMECoin wave recently?

Since the release of ArbDoge AI (the first MEMECoin on Arbitrum) and ignited users’ enthusiasm for MEMECoin, in just one month, the entire crypto market has been flooded with a large number of MEMECoins, repeatedly triggering market carnivals.

However, the crypto market’s obsession with MEMECoin has also raised another concern: Can MEMECoin, which has no practical use, really sustain its value?

To this end, we might as well explore the origin of MEMECoin and uncover the story of its rise.

【YESTERDAY】

Take DOGE as an example. It uses the popular Shiba Inu emoticons on the Internet as the basis of MEME culture. While releasing it, it also built a community with Shiba Inu emoticon culture as the core.

On the one hand, thanks to the bull market sentiment drive, and on the other hand because of the low threshold for entry (low price), DOGE attracted a large number of users as soon as it was released.

Moreover, the most successful point of DOGE is that it has truly built its own unique community culture, catering to the "emoji spiritual civilization" since the millennium, and is especially widely accepted by young people.

At the same time, some well-known KOLs also contributed to the price of MENECoin. The most well-known case is the story between Musk and DOGE.

In February 2021, Musk tweeted that "Dogecoin is the people's crypto." As a result, DOGE rose by more than 80% in a single day.

In January 2022, Musk tweeted that Tesla products can be purchased with DOGE, and DOGE rose by more than 20% in a short period of time.

In April 2023, Musk even replaced the logo displayed on the Twitter platform with DOGE, which instantly detonated the DOGE price. However, as the market subsequently calmed down, the DOGE price fell.

Looking at most of the MEMECoins on the market, whether it is PEPE or AIGDOGE, their development history is always surprisingly similar - MEMECoin is currently in a period of rapid growth.

【TODAY】

According to CoinMarketCap statistics, the oldest MEMECoin project performed well in this craze:

The newly born MEMECoin has shown strong strength. According to the 24-hour circulation volume, the top 5 MEMECoin projects are:

So what will happen to MEMECoin in the future?

【FUTURE】

Although there are voices in the market questioning MEMECoin, it is undeniable that MEMECoin's community and user operations are extremely successful. For example, DeleteCoinbase:

To put it simply, Coinbase misrepresented the significance of Pepe's birth in a letter sent to users, which angered the PEPE community. When the letter was disclosed on Twitter, it caused an uproar, and Coinbase was boycotted by a large number of PEPE users. In the end, the matter ended with Coinbase apologizing.

Why is a token with no practical application value so popular? Price is only one aspect. More importantly, it connects users with the project through community culture. PEPE itself is a kind of spiritual culture. With low barriers to participation, more PEPE fans can participate in the project and build the community together.

In fact, this model is worth learning for more Web3 projects. The development of Web3 itself relies on technology on the one hand and narrative on the other.

Narrative is essentially storytelling, telling a story of co-construction and win-win. Only when stories and wealth are superimposed can more loyal users be attracted. This is one of the secrets of MEMECoin's ability to gain a large number of loyal users in a short period of time.

However, relying solely on stories and spirit to "generate power with love" is far from enough to support the long-term operation of a project. Only applications can lay the foundation for a project - for example, DOGE is used for payment in various scenarios (Reddit).

Of course, focusing on finance will only limit the development of MEMECoin. Perhaps after this FOMO is over, MEMECoin can calm down and explore other potential application scenarios to achieve a breakthrough and surge.