Meme Coins in the World of Crypto Assets: From Joke to Phenomenon Asset

This article systematically sorts out the development history of meme coins, analyzes typical cases, and reveals their unique value logic: unlike traditional financial assets, the core value of meme coins is manifested as "cultural dissemination power × community consensus," rather than relying solely on technology or practical value. Based on their evolutionary characteristics, they can be divided into three key development stages:

1. Breaking Ground/Foundational Work (2013-2016) - Barbaric Growth, A Great Wave Washing Away the Sand

This period witnessed the original innovation journey of meme coins from zero to one, presenting a unique ecology of simultaneous wild growth and natural selection. Marked by the birth of DOGE in December 2013 and ending with the maturity of Ethereum smart contract technology in 2016, it constitutes the most pure and authentic "Genesis Era" in the history of meme coin development.

Main coins can be divided into two categories:

ephemeral type

Projects such as Mooncoin, TIPS, and Nyancoin have attracted market attention in the short term, but ultimately struggle to escape the fate of being "a flash in the pan." Their failures primarily stem from a lack of sustained cultural accumulation and community support.

General of Constant Victory

Represented by DOGE, it achieves long-term survival through strong cultural symbols and community drive. DOGE not only created a financial miracle driven by ordinary netizens but also exposed the risk of meme coins easily becoming speculative tools.

2. Hibernation/Outbreak ( 2017-2021) - In the era of smart contracts, meme coins welcome a qualitative change

The past five years have witnessed the transformation of meme coins from niche subculture to mainstream financial assets. Marked by the technological turning point of the popularization of the ERC-20 standard in 2017 and the historical market value of SHIB achieved in 2021, meme coins have completed a qualitative change from "internet jokes" to "phenomenal investment targets."

The main coins can be divided into three categories:

Meteor Shining Type

Like UET, HOGE, and others, these types of coins usually rely on speculative sentiment and short-term hype, rather than actual application or community consensus. Their rise and fall reveal the core contradiction of deflationary meme coins: short-term speculative consensus is difficult to convert into long-term value.

Stellar Bright Type

Represented by SHIB, it has achieved a transformation from a purely meme coin to a diversified Crypto Assets through the construction of an "meme shell + practical core" ecosystem. The success of SHIB lies in its gradually built ecosystem, which includes the decentralized exchange ShibaSwap, Layer2 network Shibarium, and more.

Transformation Breakthrough Type

Projects like FLOKI and SAMO are attempting to break through the limitations of meme coins through brand reshaping and ecological expansion, but progress is slow due to various restrictive factors. Their predicament reflects the double-edged sword effect of the deep binding between meme coins and public chains.

3. Precipitation/Reconstruction ( 2022-2025 ) - The Rise of New Narratives, the Market Begins to Restructure

Since 2022, the meme coin market has begun a deep adjustment from frenzy to rationality. Marked by the collapse of Terra in May 2022 and the rise of the BRC-20 standard in 2023, the meme coin ecosystem is undergoing a cruel yet necessary revaluation of its value.

The main coins can be divided into four categories:

short-term speculation type

Like TRUMP, which relies on hot events and celebrity effects, the risk is extremely high. This type of coin exposes the drawbacks of the meme coin market's excessive dependence on emotional pricing.

Eco-driven

Such as WIF, BONK, etc., relying on the public chain ecosystem to achieve short-term bursts. Their success demonstrates the potential of community strength to save endangered public chain ecosystems, but they also face the risk of over-reliance on a single public chain.

Narrative Innovation Type

Like GOAT, it is hyped up with the concept of AI, but it also faces a trust crisis. The case of GOAT reveals the essence of current "AI tokens" - merely another carefully packaged human speculation game.

cultural symbol type

For example, MOODENG utilizes influencer IP to achieve short-term popularity. These types of projects reveal the typical lifecycle of meme coins: they rise due to the emergence of cultural symbols and fall silent due to liquidity depletion.

Future Outlook

Meme coins will continue to face the balancing test of "hype and substance." Technological innovations ( such as AI, DeFAI ), and community building will become key factors. Although the market is undergoing adjustments, as a typical product of the attention economy, meme coins will still maintain their unique status and influence in the Crypto Assets field.

Ultimately, what may survive in this market in the long term are not the craziest memes, but the survivors that can best balance hype and substance. The future development of meme coins will continue to test the wisdom and patience of market participants.