Ten thousand words long article: In-depth interpretation of Meme, the traffic code of the crypto industry

1. A brief history of Memecoin

Looking back at the cripto bull market this year, Meme is an unavoidable topic. BOME at the beginning of the year, MAGA in the middle of the year, GOAT at the end of the year, popular Memecoins emerge in endlessly. If we regard Infra projects such as oracles, cross-chain bridges, and DA as the cornerstones of cryptocurrency, they can improve the efficiency and convenience of transactions. Memecoin is at the other end of the axis. It is more like a hot search and the traffic password of the crypto industry.

Memecoin KOL Murad proposed in 2024 that Memecoin will usher in a super cycle and that multiple hundred-fold coins will be born. But in the early days, Memecoin was just a product of netizens playing with memes, and investors could not price it. After continuous technological iterations and community recruitment, Memecoin has established its current status. Meme is the transliteration of Meme. If you find a word in Chinese that is similar to Meme in meaning, it is Meme. For a meme to spread virally among the crowd, it needs to meet three conditions: full of storytelling, interesting, and low threshold for understanding.

Meme culture is a phenomenon-level topic in modern communication studies. In 1998, Belgian scholar Francis Paul Heiligen proposed that meme culture is divided into four stages, including assimilation, retention, expression and dissemination [1]. The School of Communication of Central China Normal University keeps pace with the times and proposed in 2022 that the spread of meme culture is divided into three stages: imitation, variation and competition [2].

For example, the hot meme of 2023, “Far Ahead”, was proposed by Huawei’s director Yu Chengdong. Initially, Huawei had obvious advantages in product performance, and Huawei’s fan base was accustomed to swiping “Far Ahead” on the screen during press conferences. This was the imitation stage of the “meme”. However, Huawei’s mobile phones are priced high, and the reputation of many new models has declined. “Far Ahead” has become a mockery of Huawei by users. This is the mutation stage of the “meme”. “What’s So Expensive About It”, “Hakimi”, and “Dogs Are Rare” that appeared at the same time as “Far Ahead” are all competing for users’ attention. This stage is the competition of “memes”. Strong “memes” will win at this stage, and weak “memes” will be eliminated.

Figure 1: Meme Theory: Imitation, Variation, Competition

On a deeper level, the reason why meme culture is so popular is that it fits the uses and gratifications theory proposed by British communication scholar McGuire [3]. This theory contains four utilities, namely mood change, interpersonal relationship, self-affirmation and environmental monitoring. First, meme culture is more about mocking and eliminating life. For example, Memecoin IQ 50 humorously implies that even people with an IQ of 50 can achieve financial success. This meets the utility of mood change. Second, meme culture has a complete community where fans can send meme pictures to each other, which meets the utility of interpersonal relationship. In addition, meme culture has a strong symbolic meaning. A large proportion of users who hold MAGA agree with Trumps political views, which meets the utility of self-affirmation. Finally, the new stories constantly created in meme culture allow users to dynamically feel the changes in the external environment, which meets the utility of environmental monitoring.

1.1 The Birth of Memecoin

DOGE is the worlds first Memecoin. DOGE was born in the Reddit forum in the United States in 2013, even earlier than well-known public chain projects such as Ethereum. People widely spread DOGE because of the interesting and fun image of Shiba Inu. At the same time, a large number of celebrity tokens were also born, including CoinYe, PotCoin, MaxCoin, etc.

Ethereum was successfully launched in 2015, and many infrastructure projects were also established during this cycle, including the oracle Chainlink and decentralized storage Filecoin. Before 2021, Meme did not form a complete sector, and DOGE was more considered a cultural symbol. But it was precisely because of the ICO boom in 2017 and the DeFi Summer in 2020 that Memecoin has more security guarantees in the trading platform and quotation mechanism, and users can trade on the on-chain trading platform with confidence.

1.2 Memecoin’s First Boom

In 2021, DOGE, a Memecoin that has been silent for many years, unexpectedly broke out, and the return rate in this year alone can reach 81 times. Musk is the biggest promoter of DOGEs rise. In 2019, Musk was voted as the CEO of the Doge project by Twitter users. Since then, Musk has been tweeting and standing up for Doge. Also in 2021, Shiba iterated the new gameplay of Memecoin. Shiba deeply combined with Defi and innovatively launched the Shiba staking income plan. Users holding Shiba can obtain excess returns by staking. 2021 is the first year of Memecoin in the true sense, but Memecoin has also ushered in a competitor with a high degree of overlap in narrative and function-NFT (non-fungible token). NFTs limelight completely overshadowed Memecoin that year, and its game and social narrative became a shining star in the cryptocurrency market that year.

1.3 Memecoin’s Super Cycle

From the second half of 2022 to the first half of 2023, affected by the collapse of Three Arrows Capital and FTX, the crypto market experienced a downturn lasting more than a year. During this period, a large number of popular projects in the primary market shrank by more than 50% in the months after completing TGE (Simbólico Generation Event). After suffering the losses of these projects, retail investors also began to awaken their self-awareness. Instead of being cut leeks by popular projects supported by VCs, why not look for projects with low valuations and no cash-outs and become their early investors themselves?

Retail investors rethinking of investment logic has prompted Memecoin to usher in a new round of explosive cycle in 2024. Entering 2024, the market value of Memecoin has continued to rise in the total market value of cryptocurrencies. Many phenomenal Memecoins such as WIF, Floki, and Punt continue to emerge, which is inseparable from the evolution at the channel level. First of all, in the traditional financial market, traditional securities trading platforms such as Robinhood allow Memecoins such as PEPE to go online. On the chain, the Pump.fun platform has lowered the threshold for issuing coins, allowing more hundred-fold coins to appear in the Memecoin track.

On the narrative level, political memes and AI memes have also become new stories for Memecoin. Coupled with Trump’s victory in the US election, which is good for the crypto industry, Memecoin has officially entered a “super cycle”.

2. Memecoin Observation

In this section, we will first analyze the reasons why Memecoin can be successful. Secondly, we will provide readers with some indicators to observe Memecoin. I believe that through in-depth research, every investor has the opportunity to become a diamond hand of Memecoin. Finally, Memecoin will be divided according to the market value dimension, so that readers who are not familiar with it can have a preliminary understanding of Memecoin.

2.1 Memecoin and NFT

To explore the success of Memecoin in this cycle, we have to mention NFT, which was once popular in the previous cycle. There are many reasons for the former glory of NFT. The first reason lies in Ethereum. To date, the main transactions of NFT are concentrated in Ethereum. From the end of 2020 to the middle of 2022, it is in the strongest cycle of the Ethereum ecosystem, and there are sufficient funds on the chain to support the high pricing of NFT. The second reason is the metaverse craze in 2021. In the huge concept of blockchain, NFT is the most suitable for the metaverse about digital twins and virtual reality technology. The last reason is the satisfaction of personal vanity brought by non-homogeneity. Compared with Memecoin, each NFT is different. Taking BAYC as an example, the price of the highest rarity is several times the floor price. Similar to the logic of recharge games, high-rarity NFTs have higher social premiums.

When talking about NFT and Memecoin, the well-known KOL Murad said: From a technical point of view, memes and NFTs are the same thing, but I believe that the scale of memes will be 50 times larger. The reason is simple. Even in a successful NFT project, if you really calculate the numbers, you will find that there are about 3,000 to 4,000 people promoting 10,000 JPEGs with poor liquidity. The situation of memes is much more efficient, and the situation of both parties is more optimized. [4]

Murads speech is very representative. The difference in liquidity between NFT and Memecoin is the key reason for the different market performance of the two. The high pricing and limited issuance of NFT have brought serious liquidity problems; Memecoin adopts a completely opposite strategy, attracting users to buy at low prices, creating a large number of ten-fold and hundred-fold coins, which can keep the entire track hot.

Secondly, in the new cycle since the end of 2023, Ethereum is clearly at a disadvantage in the competition with Solana in terms of gas fees and TPS (Transaction Per Second). Meme distribution platforms such as Pump.fun also benefited from Solanas performance advantages, with the number of new coin issuances and transaction volumes growing. However, NFT distribution platforms such as Opensea and Blur have seen a continuous decline in the number of new coin issuances and transaction volumes.

Finally, from the product logic, NFT and Memecoin are completely different. The logic of NFT is top-down. First, bind a big IP such as NBA, World Cup, famous painters, etc., and then let users pay for the product. In terms of community building, top NFT projects such as BAYC, cryptopunks, Azuki, etc. have not invested enough resources and energy. The logic of Memecoin is bottom-up. By issuing a large number of Memecoins, users are allowed to join the community and step by step screen out concepts with sustained popularity. At the same time, the issuance cost of Memecoin is much lower than that of NFT. Although Meme and NFT are highly similar in technology, the way Memecoin works fits the general public, while the way NFT works fits the elite more.

2.2 Memecoin Observation Indicators

It is difficult for investors to price Memecoin. One can even compare investing in Memecoin to scratching a lottery ticket. It has high risk and high return, but there are not many reference indicators. MIIX Capital once gave a valuation scoring method. The valuation of Memecoin is equal to the size of the narrative + the frequency of emotional awakening + the celebrity effect + the proportion of media coverage. [5]

However, I believe that if we go deep into the Meme community, we will find that the valuation of Memecoin is mainly the valuation of its users, and the narrative is evolved from the communitys tone. If a Memecoin community can meet the three points of large number of members, high loyalty, and strong willingness to pay, its narrative direction in the future, whether it is games, finance, or social networking, will be a very good way to monetize.

There is a lot of randomness in the price changes of Memecoin. Even if investors are optimistic that a meme will become a hit, they still need to go deep into the community. In terms of content, there are five relatively important social media, namely Telegram, Discord, X (formerly Twitter), Youtube, and Tiktok. Investors need to be sensitive enough to changes in the community to more easily identify high-yield Memecoins.

The five communities have different divisions of labor. The functions of Telegram and Discord partially overlap, but Telegram is positioned to allow users to communicate conveniently, so there will be multiple communities for the same Memecoin. The overlap between the users of the Telegram group and the token holders is relatively high, so there are more discussions about the price of the coin. From the perspective of Discords product positioning, its primary service users are gamers, so the Discord community has systematic classifications and sections, and the threshold for use is higher. It is suitable for users to systematically understand a Memecoin. X tends to promote the project and KOL voice. X has a high update frequency and the content is inflammatory. In terms of video platforms, Tiktok has more potential for viral transmission than traditional Youtube, and has become the main battlefield for the social media communication of the new generation of Memecoin.

In addition to the above five communities, subculture communities such as Tumblr, 4chan, and Reddit are the cradles of new memes. Analysis articles from third-party media and research institutions have also had an impact on the spread of Memecoin that cannot be ignored.

On the trading level, Memecoin investors need to be sensitive to on-chain data. Because some early Memecoins were only traded on the chain, they were listed on centralized exchanges after the market value reached a certain threshold, which is fundamentally different from investing in DeFi, GameFi, Infra and other projects. For early projects, users can use robots such as GMGN, Bonkbot, Maestro to follow orders, and can also refer to data analysis platforms such as Dune to closely track the smart money addresses.

2.3 A Preliminary Study on Memecoin

Memecoins classification system is relatively complex and can be expanded from multiple dimensions such as market value, theme, and underlying public chain. However, for readers who are new to this field, it is more intuitive to use market value as the initial classification standard. Memecoin can be divided into five stages based on market value. They are maturity (more than $10 billion), quasi-mature (1-10 billion), growth (100-100 billion), bottleneck (70-100 million), and start-up (less than $70,000). [6]

As of the end of November 2024, the only Memecoins with a market value of more than 10 billion US dollars are DOGE and Shiba, both of which are also the earliest Memecoin projects in terms of time dimension. Among them, DOGE has always been stable in the top ten of the entire cryptocurrency market value ranking. Secondly, there are 9 Memecoins in the range of 10-10 billion US dollars, including PEPE, BONK, WIF, FLOKI, BRETT, POPCAT, and PNUT. Except for PNUT, whose price has continued to soar recently and has broken the 1 billion US dollar mark. Other projects are already relatively mature in community operations, and further development in narrative is needed in the future.

In addition, 46 Memecoins are in the range of 100-1 billion US dollars, and the composition of these tokens is relatively more complex. However, crossing the 100 million US dollar mark shows that the project has a skill in community, narrative, and publicity. The division of bottleneck period and start-up period is based on the graduation standard of the mainstream one-stop coin issuance platform Pump.fun (market value of more than 69,000 US dollars can be listed on the decentralized exchange Raydium trading pair). The graduation rate of only 1.6% on the Pump.fun platform shows that the number of Memecoins that have not graduated is significantly higher than that of Memecoins that have graduated.

Figure 2: List of Memecoins with a market value of more than $1 billion

3. Memecoin Chain

After a preliminary understanding of Memecoin, this chapter will introduce the various participants in the Memecoin chain, including the project founding team, fans, public chain, one-click coin issuance platform, decentralized exchanges, centralized exchanges, market makers, and KOLs.

Figure 3: Memecoin ecosystem

3.1 Founding Team

The founding team of Memecoin will adopt two forms: anonymous and non-anonymous. Currently known non-anonymous Memecoins include DOGE, BOME, PEPE, etc. The founding team is responsible for a series of decisions such as Memecoins subsequent financing, social media operations, exchange coin issuance, future narratives, etc. The teams ability is crucial to the price of Memecoin. Memecoin Slerf once burned the raised funds due to the founders misoperation, and there was no sufficient funds to refund investors later, which put the project in trouble.

3.2 Fans and communities

Fans are the most important factor in measuring the valuation of a Memecoin. Memecoin fans are a complex group that can be divided into holders, creators, and enthusiasts. The biggest demand of holders in the community is that the Memecoin rises as soon as possible. They also play the role of promoters, promoting their favorite Memecoins on social media platforms such as Telegram and X. Content creators will post their own meme pictures, short videos, and text content to attract more fans to join the community. Enthusiasts have not yet held coins or created content, but joined the community because they like the image of a certain Memecoin, and may become creators or holders later.

3.3 Public Chain

Memecoin represents traffic and is a popular resource that public chains need to compete for. For example, Ethereum and Solana launched MOO DENG and Moo Deng, which are based on the hippopotamus. Currently, the most active chains in the Memecoin ecosystem include Solana, BNB, Ethereum, etc. Some Memecoins will choose to be listed on multiple chains and can be traded on multiple chains. [7]

Figure 4: Public chain Memecoin transaction volume (November 3 to November 10)

3.4 One-click coin issuance platform

In January 2024, Solanas one-click coin issuance platform Pump.fun was officially launched. In less than a year, Pump.fun has achieved multiple hundred-fold coins. As of mid-November, Pump.fun has issued a total of 3,409,324 Memecoins, and the protocol revenue is as high as 1,291,142 SOL. The one-click coin issuance platform not only reduces the issuance and marketing costs of the Memecoin project, but also greatly shortens the time cycle of coin issuance. Pump.fun makes one-click coin issuance an important infrastructure for public chains to build the Memecoin ecosystem. Including TRON, TON, BSC and other public chains have also launched one-click coin issuance platforms. [8]

Figure 5: Pump.fun daily and cumulative token launches in 2024

3.5 Decentralized Intercambio (DEX)

Before the emergence of one-click coin issuance platforms, Memecoin often raised funds on social media X first. After the fundraising was successful, the tokens were distributed to investors, and DEX subsequently launched trading pairs. After the emergence of one-click coin issuance platforms, the entire operation logic has changed. Raydium maintains close cooperation with Pump.fun. When Memecoin is successfully deployed and issued on Pump.fun, the token market value reaches $69,000, and the liquidity of Pump.fun is automatically added to the Raydium exchange.

Raydiums success on Memecoin is subverting the status of traditional DEXs such as Uniswap, Jupiter, and PancakeSwap. According to data provided by Coinmarketcap, Raydium has become the number one DEX in terms of transaction volume in November. [9]

Figure 6: Ranking of decentralized exchanges by trading volume

3.6 Centralized Exchange (CEX)

Centralized exchanges are the next step for Memecoin to reach a wider range of investors. Once the coin is successfully listed on mainstream CEXs such as Gate.io, OKX, and Binance, it will also drive the price of the coin to rise further. Gate.io Innovation Zone will list Memecoin and provide detailed Memecoin analysis articles. From the perspective of expanding investors, the next step for Memecoin to complete its listing on centralized exchanges is ETF, becoming an independent index fund that allows qualified securities investors to purchase. Although DOGE ETF was once highly sought after, no Memecoin ETF has been approved yet. [10]

Figure 7: Gate.io Innovation Zone is online

3.7 Mercado Makers

Market makers are an important part of the entire cryptocurrency chain, including Jump Trading, Wintermute, DWF Labs, Auros, etc., and are the driving force behind the price trend of cryptocurrencies. They not only play the role of market protectors for some projects, but also push many tokens to collapse. As the Memecoin market heats up, more and more market makers are also choosing to embrace Memecoin. Among them, Wintermute is the market maker with the largest total amount of Memecoin. Wintermute holds multiple Memecoins such as Moo Deng, Pepe, and WIF. As of November 8, the total market value of Wintermutes Memecoin holdings exceeds US$110 million. DWF Labs, which had previously announced its entry into the Memecoin track, currently has no Memecoin holdings in its public address.

3.8 KOL (Key Opinion Leaders)

In the Memecoin ecosystem, before the KOL expressed his opinion, the project team, market makers and KOLs themselves all absorbed a lot of chips at low prices. The KOL’s opinion is often the last accumulation of power before the price of the currency soars. The core personnel of the market maker also play the role of KOL to a certain extent. At present, the influential KOLs in the Memecoin ecosystem include successful people such as Musk and Vitalik who have accumulated a certain reputation through previous entrepreneurship, as well as grassroots leaders such as Murad who have accumulated popularity through repeated successful recommendation of coins.

X platform KOL neso once summarized the decisive factors of Memecoins market value growth at each stage. It can be added that the algorithm push of the current one-click coin issuance platform also played a crucial role in the stage when Memecoins market value was less than 3 million US dollars. [11]

Figure 8: X platform KOL neso Golden Dog Revelation

4. Memecoin Classification

This chapter will classify Memecoin by theme. At the same time, this chapter will also make an in-depth analysis of several representative Memecoins from multiple angles such as public chains, channels, and communities.

4.1 Zoo Memecoin (Zoo Themed Meme)

Animal themes have always been a hot track for Memecoin. Nine of the top ten Memecoins by market value are related to animals. Judging from the popularity of animals, dogs, cats, frogs, penguins, hippos, and squirrels are constantly rotating. The Memecoin market shows obvious cyclicality, and animal-themed tokens take turns to lead the rise, so it is necessary for investors to conduct in-depth research on the zoo theme.

(1) DOGE

DOGE is the first meme in history, and its price trend is also one of the weather vanes of the entire Memecoin track. As the purest Musk concept coin, DOGE has set a magnificent upward curve within a week of Trumps election. DOGEs market value rose from 23 billion US dollars on November 5 to a peak of over 62 billion US dollars. The following article will analyze DOGE from two perspectives: community and chain. [12]

Since its establishment in 2013, DOGE has established a complete community system. Telegram is an important position for DOGE. There are multiple communities with more than 10,000 users in the Chinese area alone. English communities such as @DogeChainOfficial and @DOGE_COIN 20 are also very active. The Discord community Own The Doge requires users to verify that they own DOGE assets before they can participate in community discussions. Currently, the community has more than 6,000 members. In terms of social media, the X platform is also selected by users as the CEO of DOGE because Musk is the CEO. After Trump was elected, the government efficiency department led by Musk chose to name it DOGE. Therefore, DOGE has a unique advantage on the X platform. The official account of the Dogecoin platform has more than 4 million followers, and related discussions are also frequently on the X hot search list. On the video platform, YouTube blogger Squillian has been steadily updating secondary content about DOGE cartoons. The number of views of many of his short videos has exceeded 1 million, and the account has 940,000 followers. [13]

Figure 9: Doge-themed short video by YouTube blogger Squillian

At the transaction level, DOGEs trading volume on CEX far exceeds that of DEX because DOGE has been launched on all mainstream CEXs. On-chain funds tend to pursue higher growth rates and thus choose small-cap Memecoins. From historical data, the only Memecoins traded on the chain in the early days were DOGE and Shiba, but Shiba had a larger trading volume due to its better financial attributes. In 2024, up-and-coming players such as WIF, BONK, and MEW have become the tokens with the largest on-chain trading volume. DOGEs chips are relatively dispersed. Except for a whale with an address starting with DEgD that holds more than 20% of DOGE tokens, the top 100 holders only hold 65%. [14]

Figure 10: Memecoin on-chain transaction ranking

Figure 11: DOGE price trend in the past year

Figure 12: Top five on-chain addresses by DOGE holdings

Figure 13: DOGE top 100 holders’ holdings

(2) PEPE

The development of PEPE is very consistent with the three-stage theory of meme communication: imitation, variation, and competition. The name PEPE comes from the comic Boys Club created by American cartoonist Matt Furie in 2005. The comic has four protagonists, one of whom is Pepe the Frog. Boys Club was a niche work in the early days, and it did not have a certain influence until it was serialized on the Internet. The comic was completed in 2010. After 2010, PEPE spread in various subculture forums and gradually became a common emoticon package in forums such as Reddit and Tumblr. Netizens continue to use PEPE emoticons to express their feelings, which is the imitation stage of meme culture.

Around 2015, PEPE changed in both its appearance and its spiritual core. First of all, in terms of appearance, PEPE is a happy character in the comics, often making his friends laugh because of trivial things. But the trend of netizens gradually turned to self-mockery and self-destruction. Therefore, the usage rate of PEPEs smiling expression is much lower than that of PEPEs crying expression. Netizens who dont know PEPEs story will even label it as a sad frog. In terms of its spiritual core, Trump continued to use PEPE to help him in the 2016 campaign, and many of his supporters also changed their avatars to PEPE. At this stage, PEPE was even linked to extreme thoughts such as white supremacy. [15]

Figure 14: Trump’s tweets about PEPE in 2016

In the seven years from 2016 to 2023, PEPE survived as a strong meme, and many meme concepts related to Trump gradually lost popularity and became weak memes and were no longer mentioned. In April 2023, PEPE coin was born. The founder was not Matt Furie, the original artist, but photographer Zachary Testa, who received a degree in marketing from the University of Arizona and has a meticulous marketing idea.

Testas goal for PEPE is to challenge the dog series Memecoin represented by DOGE and Shiba, and bring back the entertainment spirit of Memecoin to the community. PEPEs high-profile declaration of war has attracted the attention of more cryptocurrency users. In the one and a half years since 2023, PEPE has created several popular Telegram communities, of which the PEPE community has more than 60,000 subscribers, and PEPU, which is based on the PEPE image, has more than 130,000 subscribers. In terms of content, new characters of the frog family such as Apu, Groyper, and Peepo were created based on PEPE. The YouTube blogger saratoga has created several short video animations with PEPE as the theme, with the highest number of views exceeding 60 million. From the perspective of social media communication alone, PEPE even has a tendency to surpass DOGE. [16]

Figure 15: PEPE-themed short video by YouTube blogger saratoga

PEPE is not only a new force against the dog series Memecoin, but also, in the context of the rapid development of the Solana Memecoin ecosystem, PEPE, as the Memecoin with the highest market value on Ethereum, is also a weathervane for the prosperity of the Ethereum Memecoin ecosystem. Due to the historical reasons mentioned above, PEPE is an asset with a very high correlation with the US election. After Trump was elected, the market value of PEPE rose from US$3.3 billion on November 5 to US$10.4 billion on November 14, an increase of more than 200%. [17]

On the chain, since PEPE has been listed on multiple on-chain exchanges, the top five holders are all wallet addresses of centralized exchanges. In addition to exchanges, financial technology company Revolut holds 1.94% of the total PEPE for its customers, and securities company Robinhood holds 2.45% of the total PEPE for its customers. Among independent addresses, only the on-chain address starting with 0x3f holds more than 1% of PEPE, and the other crypto assets held by this address do not exceed US$1,000. The on-chain address marked as the PEPE team currently holds only 0.2% of PEPE on the chain. [18] The number of on-chain addresses holding PEPE has surged in the past year, from 154,900 in early January to 329,400 at the end of November. [19]

Figure 16: Changes in PEPE’s market value in the past month

Figure 17: The number of PEPE held by the main addresses on the chain

Figure 18: Number of on-chain addresses holding PEPE

(3) Moo Deng

Moo Deng is a little hippopotamus in Thailand. He has become a popular animal internet celebrity because he often bites his keepers. Before the release of the Pump.fun platform, Moo Deng had already accumulated a certain amount of popularity on Youtube and Tiktok. In terms of community, Moo Dengs Telegram community has nearly 15,000 members. The main content of the community is to broadcast daily on-chain transactions and some secondary creation content. In terms of video platforms, the main Tiktok account about Moo Deng, bestofmoodeng, has a total of 53,000 followers, recording the daily life of the little hippopotamus. Another Tiktok account, moodeng 101067, mainly produces some animated short videos about Moo Deng. In terms of X, Moo Deng has two main accounts, Moo Deng and Moo Deng Fun Page. They have 100,000 and 80,000 followers respectively.

In order to take advantage of the popularity of the US election, the staff of the Thai zoo asked Moo Deng to choose between Trump and Harriss cake. The little hippo finally chose the cake with Trumps name on it. Moo Deng is a very successful online marketing case. However, due to the short time, it has not yet accumulated enough fans and secondary creative content.

Moo Deng is a Memecoin on the Solana chain, which was issued on the Pump.fun platform in September. There is a Memecoin on the Ethereum chain with the same name, capitalized MOO DENG. Although the two use the same animal IP, they are two different tokens. Moo Deng has experienced multiple increases, from the early $0.03 to $0.56. In just two months, the token has experienced multiple increases. [20]

Figure 19: Moo Deng price changes in the past month

From the perspective of holder distribution, the largest holder is the centralized exchange Gate.io, which holds 10.12% of Moo Deng. Another large centralized exchange, Kucoin, holds 2.25% of Moo Deng. In addition, the market maker Wintermute holds 5.81% of Moo Deng. The on-chain address starting with CQxg completed the Moo Deng position in a short period of time, holding tokens worth $34 million, making it the second largest on-chain address. The on-chain address starting with 969u bought Moo Deng on September 23 and has achieved more than 10 times the profit.

Figure 20: Moo Deng’s main holding addresses on the chain

4.2 Political Memecoin

2024 is the year of the US election, and political memecoins were once one of the main narratives of the entire cryptocurrency industry. But with Trumps election as the 46th President of the United States, political memecoins have seen a very obvious decline. Trump and MAGA, two Trump-themed tokens, both fell by more than 50% on November 6, the day Trump was elected. Political memecoins are in stark contrast to DOGE and PEPE, which benefited from Trumps victory. One reason for the decline in political themes is that after the election, such memecoins lost their narrative direction in a short period of time.

From the perspective of screening people, political memes have even stronger screening effects than zoos and AI memes. Users who hold Trump concept Memecoin and join his Telegram community have right-wing political inclinations, while users who hold Biden and Harris concept Memecoin have left-wing political inclinations. For the two types of people with different political inclinations, if the relevant communities can attach importance to operations and continuously launch attractive activities, it will not be difficult to find a business model for monetization in the future.

(1) PEOPLE

Unlike many Memecoins, PEOPLE had a clear vision from the beginning. The PEOPLE token is the core token of ConstitutionDAO and plays multiple roles of exchange, governance, and ownership in the ConstitutionDAO ecosystem. DAO members once crowdfunded to buy a copy of the U.S. Constitution and make it the property of the Internet. After the auction failed, PEOPLE completely transformed into a Memecoin, which represents the citizens pursuit of the spirit of the Constitution.

In terms of community operation, Constitution DAO has obvious definiciónciencies. After the auction failed, this decentralized autonomous organization announced its dissolution and returned the funds of donors. Since then, the frequency of X updates from the project has decreased significantly. X once tweeted at the end of 2022 to participate in a new constitutional auction, but then announced its withdrawal from the auction.

The People token was issued on the Ethereum public chain in 2021. In May 2024, as the heat of the US election continued to rise, the price of People rose from $0.025 to $0.135, an increase of more than 440%. [21] Since People has already been listed on multiple mainstream exchanges, from the distribution of on-chain addresses, the main holding addresses of People are all wallet addresses of centralized exchanges. The number of on-chain holding addresses has not changed much in the past year, increasing from about 17,000 on-chain addresses to 18,500 on-chain addresses. [22]

Figure 21: PEOPLE price trend in the past year

Figure 22: PEOPLE’s main holding addresses on the chain

Figure 23: Changes in the total number of PEOPLE addresses on the chain

(2) MAGA

The full name of the MAGA token is Trumps political slogan: Make America Great Again. MAGA Coin is a limited liability company registered in the United States, inspired by Trumps iconic red MAGA hat. MAGA has quickly gained attention in the crypto community, thanks to the strong support of Trump supporters and the MAGA movement. Key features include active community participation, lively Trump debates, MAGA rallies, and the potential for a lot of media attention due to Trumps controversial image and ongoing presidential campaign. Unlike many Memecoin operators who choose to remain anonymous, MAGAs operations are mainly managed by professionals Diligent and Mark.

MAGAs main social media operation platform is X. The project owner has not registered Discord, Youtube, or Tiktok. Although Telegram has a community, it is not well operated. MAGAs main content on X is pictures of various celebrities wearing MAGA hats. No more in-depth content has been created yet.

The MAGA token was successfully launched on major exchanges in May 2024. As the popularity of the US election continued to rise, the price of MAGA once rose from $0.0007 to $0.004, an increase of more than 470%. [23] Within two days after Trump was announced as the president of the United States on November 6, MAGA fell all the way from $0.00019 to $0.0007, a sharp drop of 63%. From the distribution of on-chain addresses, the main holding addresses of MAGA are all wallet addresses of centralized exchanges, among which Gate.io cold wallets and hot wallets hold 16.6% and 4.9% respectively, making it the exchange with the most MAGA tokens. In the past year, the on-chain addresses holding MAGA have increased rapidly, from the initial 2,000 to 23,800. [24]

Figure 24: MAGA price trend after issuance

Figure 25: MAGA’s main holding addresses on the chain

Figure 26: Changes in the total number of addresses holding MAGA on the chain

4.3 AI Memecoin

AI Memecoin began to be the target of capital pursuit in the cryptocurrency field in September 2024. Among them, GOAT, as the leading AI Memecoin, increased its market value from less than 120 million US dollars to 1.2 billion US dollars in less than a month. Along with this, more and more AI Agent companies began to issue Memecoin on the Pump.fun platform.

Rationally thinking about this AI Memecoin craze, in fact, there is a certain misalignment with the launch of AI Agent. AI Agent refers to an intelligent entity that can assist an intelligent entity that can perceive the environment, make decisions and perform actions, and plays the role of a human intelligent assistant. As early as the end of 2022, after the launch of ChatGPT 3.5, there have been discussions about AI intelligent assistants. In February 2023, after Microsoft released Copilot, it was officially defined as AI Agent. There is at least a time difference of more than 18 months between the explosion of AI Agent and AI Meme. The main reason is that there are very few applications that realize the integration of AI and blockchain. As a mining network, Bittensor allows different AI models to solve algorithmic problems in the blockchain, and the network provides token rewards for the most efficient AI model. Bittensor is one of the most ingenious cases of the integration of AI and blockchain so far, but after maintaining a period of discussion in the first half of 2024, the volume gradually declined. Although AI Memecoin does not have any significant innovation in design, Memecoin enthusiasts, as the most rebellious and avant-garde group in Web3, have taken on the narrative of AI × Web3 and provided a new narrative for the market.

(1) GOAT

GOAT is the first AI Memecoin to spark a community FOMO craze. GOAT originated from an AI Bot called “Truth Terminal”. This AI was created by developer Andy Ayrey based on the Llama-70 B model and was inspired by Ayrey’s previous AI dialogue experiment. In the experiment, two AIs based on the AI model Claude Opus had an autonomous dialogue, which accidentally produced the concept of “goat with gnosis”. Ayrey used the dialogue and related articles to train the “Truth Terminal” model. Subsequently, “Truth Terminal” began to spread the “goat gospel” on X, which attracted the attention of the crypto community. The anonymous project issued the GOAT token, which was named as “goat gospel”. The “Truth Terminal” model publicly supported the GOAT token, further boosting the popularity of the token. [25]

GOAT is not issued by the Truth Terminal, but by an anonymous team on the Pump.fun platform, which is significantly different from other Memecoins issued by AI Agents. GOAT has not yet established a complete community, and content creation is limited to analytical articles about GOAT. The AI Agent Truth Terminal will continue to post articles on X to preach the Goat Gospel.

The GOAT project has a legendary story and has maintained sufficient capital inflow since its launch. On October 20, a tweet from the Truth Terminal misspelled the word Group, which once made people suspect that someone was behind the Truth Terminal. On the same day, the price of GOAT also quickly rebounded from $0.51 to $0.26. However, as Andy Ayrey explained the error, the funds on the chain still chose to believe that the AI Agent narrative could continue. As of November 17, the price of GOAT was $1.15, which has risen by more than 400% from the lowest price on October 20. [26]

Figure 27: GOAT price trend after issuance

From the perspective of holder distribution, the largest holder is the centralized exchange Gate.io, which holds 7.34% of GOAT. Market maker Wintermute also holds 3.63% of GOAT tokens, making it the third largest holder of the project. The on-chain address starting with 4Jpe was analyzed by user X as a smart money address. This address had successfully invested in Memecoin several times in October and received generous returns. Currently, this address holds 13.3 million GOAT tokens. The number of GOAT holders has increased significantly in the past month, from around 30,000 in October to more than 67,000 in mid-November, an increase of more than 100%. [27]

Figure 28: GOAT’s current top ten holdings

Figure 29: Number of GOAT holding addresses

4.4 Other Memecoin Topics

The three themes of zoo, politics, and AI are far from being enough to summarize all the types of Memecoin themes at present. One-stop coin issuance platforms represented by Pump.fun will issue more than 30,000 Memecoins with different themes every day, bringing new concepts to the Memecoin sector. Therefore, many themes are still in their infancy, such as the art Memecoin represented by BAN and the science Memecoin represented by URO. In the future, more Memecoins with new themes will be discovered, and these new themes are unpredictable by everyone.

Conclusión

Judging Memecoin does not require expertise in programming, algorithms, and cryptography. Investors choose Memecoin based on three main aspects: IP, community, and funding. First, we need to judge whether an IP has enough storytelling and sustained appeal. Secondly, we need to judge whether the users in the community believe in the development of this Memecoin and are willing to pay for it. Finally, we need to judge whether the whale address on the chain is planning a certain Memecoin in advance. A positive cycle of Memecoin consists of four events, including: 1. Attracting new users to join; 2. Operating the community and increasing discussion of secondary content; 3. KOLs express optimism, and market makers help push up the price of the currency; 4. The project party releases a new narrative or is on the mainstream transaction. Every time a coin holder experiences a positive cycle, his support for a certain Memecoin will increase. After multiple positive cycles, he will become a believer in the Memecoin.

Figure 30: Memecoin’s positive growth cycle

Advertencia de riesgo

The Memecoin market is full of uncertainty. Its price is greatly affected by factors such as community sentiment and market speculation, and may fluctuate greatly in a short period of time. Due to the lack of supervision and technical support for Memecoin, investors need to be more cautious.

Referencias:

【1】Philpapers, https://philpapers.org/rec/HEYWMA

【2】Audio-visual e-focus, https://www.doc88.com/p-49429321007839.html?s=likeid=3

【3】University Chinese Language Construction, https://www.doc88.com/p-73647194721893.html

【4】Odaily, https://www.odaily.news/zhtw/post/5198963

【5】Medium, https://medium.com/@miixcapitalen/miix-capital-pepe-research-analysis-report-a681be1f949f

【6】Coinmarketcap, https://coinmarketcap.com/view/memes/

【7】Dune, https://dune.com/vijays/memecoin-volume-by-chain#memecoin-volume-on-different-chains-over-the-past-7-days

【8】Dune, https://dune.com/hashed_official/pumpdotfun

【9】Coinmarketcap, https://coinmarketcap.com/zh/rankings/exchanges/dex/

【10】Gate.io, https://www.gate.io/zh/learn/articles/a-comprehensive-guía-to-gate-io-s-pilot-trading-section/4545

【11】X，https://x.com/neso/status/1780078970022809663

【12】Arkham, https://intel.arkm.com/explorer/token/dogecoin

【13】Youtube, https://www.youtube.com/@Squillian

【14】https://www.coincarp.com/currencies/dogecoin/

【15】BBC, https://www.bbc.com/news/world-us-canada-37493165

【16】Youtube, https://www.youtube.com/@saratoga.

【17】Coinmarketcap, https://coinmarketcap.com/currencies/pepe/

【18】Arkham, https://intel.arkm.com/explorer/token/pepe

【19】Coincarp, https://www.coincarp.com/currencies/pepe/richlist/

【20】vybenetwork, https://alpha.vybenetwork.com/tokens/ED5nyyWEzpPPiWimP8vYm7sD7TD3LAt3Q3gRTWHzPJBY?tab=overview

【21】Arkham, https://intel.arkm.com/explorer/token/constitutiondao

【22】Coincarp, https://www.coincarp.com/currencies/constitutiondao/richlist/

【23】Arkham, https://intel.arkm.com/explorer/token/maga-hat

【24】Coincarp, https://www.coincarp.com/currencies/maga-éter/

【25】aicoin, https://www.aicoin.com/zh-Hans/article/427026

【26】X，https://x.com/CryptobigM/status/1845838005459632538

【27】vybenetwork, https://alpha.vybenetwork.com/tokens/ CzLSujWBLFsSjncfkh 59 rUFqvafWcY 5 tzedWJSuypump ?tab=overview

Descargo de responsabilidad:

This content does not constitute any offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decision. Please note that puerta.io may restrict or prohibit all or part of its services from restricted regions. Please read the User Agreement for more information, link: https://www.gate.io/en/user-agreement .

About MemeBox

MemeBox is a new brand under Gate.io dedicated to the prosperity of the MEME ecosystem. It will deeply explore the potential and opportunities of the Meme market. MemeBox is committed to perfectly integrating technology and culture, gathering Meme culture enthusiasts from all over the world with an open and inclusive attitude, and jointly promoting a new trend of Meme culture!

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This article is sourced from the internet: Ten thousand words long article: In-depth interpretation of Meme, the traffic code of the crypto industry

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