Memecoin is a cryptocurrency with Meme characteristics. It is a fresh form of Meme given by Web 3.0.

In the current Internet context, Meme is more often used to refer to "memes". It represents a kind of "pictures that everyone finds interesting (mainly in the form of pictures, but also in the form of jokes). Yes, any other form of anything is fine)”.

Because it is based on Meme and lacks actual business that can anchor its value, the price of Meme Coin often fluctuates violently and irregularly. In addition, generally speaking, the supply of meme coins is huge, and some coins even have no upper limit. Let’s take Dogecoin as an example. As a currency with no supply limit, its current circulation has exceeded 140 billion. Since most meme coins do not have a destruction mechanism, the huge supply naturally makes the coin price extremely low, and millions of meme coins can often be bought for just one dollar.

Overview of the Meme Coin Track

Currently, we can roughly divide the meme coins on the market into the following four major factions.

Web 2.0’s popular Meme is on the chain

This type of meme coins can also be simply understood as emoticon meme coins, because their token logos are basically It's a well-known meme. This type of meme currency often did not have much mechanism design in the early days, and it probably relied on the entertainment value brought by memes. Dogecoin, the top player in the meme coin space, falls into this category.

Dogecoin (DOGE) was created by two engineers in December 2013 based on a popular Internet meme. They originally created Dogecoin to satirize the crazy speculation in the crypto market at the time, and hoped to achieve a cryptocurrency that was more accessible, practical, and interesting than Bitcoin.

Once launched, Dogecoin, with its unique style, has received a lot of attention in various crypto communities (mainly on Reddit). At that time, Dogecoin was mainly used to reward each other, because the price of the currency was extremely cheap, and everyone could easily buy hundreds of thousands or millions. Everyone was like a millionaire, and the user experience was excellent. In addition, Dogecoin has indeed become a "more interesting cryptocurrency". Meme's natural entertainment attribute bonus and fair mechanism (no pre-mining) have allowed the Dogecoin community to gradually grow.

Currently, Dogecoin has ranked among the Top 10 cryptocurrencies and has become the largest Memecoin in the world.

In addition, PEPE, which uses the sad frog as its project logo, POGAI, which uses the famous Zaun Pandaren emoticon as its logo, etc., all belong to this form of meme coins.

Build a firm community belief

We can pass Cult DAO ( CULT) project to better understand what “community faith” is.

The community belief, or core narrative, of this project is to establish a completely decentralized financing platform, completely subvert traditional VC, create a truly independent and fair investment DAO, and fund "those People who contribute to or build the future of decentralization.”

In order to further crystallize the project’s beliefs, CULT used the image of Guy Fawkes to portray its project as a gunpowder plot in the crypto market.

In 1605, Guy Fawkes planned a "Gunpowder Plot" in the hope of seeking justice by blowing up Parliament. Through derivative interpretations in different eras, Guy Fawkes has now become the embodiment of an idealistic hero, sometimes praised as "the last man to walk into Parliament with an honest idea." For example, in "V for Vendetta", the weirdo V who fights against totalitarianism wears a Guy Fawkes mask.

It must be said that the creation of this series of images is effective. Participants are encouraged by the common belief of "complete decentralization", and the community is extremely active (or FOMO), and such a warm atmosphere will attract more people to participate. In short, Preaching is quite similar.

There are also other meme currency projects that unite groups through cultural identity. There are many, such as ConstitutionDAO (PEOPLE), which formed a group to buy the US Constitution, and Olympus (OHM), which started by uniting the community through the "33 Flywheel Effect". For such projects, community belief is their core narrative, and continuously attracting more "believers" is the key to maintaining the vitality of the project.

Keeping abreast of current hot topics

Tokens that capture hot topics are also a major category in the meme currency track. For example, after the Terra thunderstorm, some Memecoins about its CEO also emerged one after another. Among them, JAIL KWON once soared due to the arrest of Do Kwon; during the World Cup at the end of last year, a large number of Memecoins with various team concepts appeared in the encryption market. Emerging; including recently, a laboratory in South Korea claimed to have developed a room-temperature superconductor LK-99. Although this matter has not yet been concluded in the scientific research community, the price of the related meme currency LK99 in the encryption market has experienced many rounds of ups and downs.

Memecoin native to the crypto market

Different from the previously mentioned memecoin types, this type of memecoin native to the crypto market does not rely on hot memes in Web 2.0 or traditional social media, nor does it Taking advantage of the popularity brought by current hot topics, they choose to "create memes" themselves - and these types of memes are, to put it simply, a bit "abstract." Let’s take an example to learn more: HarryPotterObamaSonic10Inu, a native meme currency project that became popular some time ago.

First of all, judging from the name, it stitches together multiple unrelated images: Harry Potter, Obama, Sonic the Hedgehog, and (Shiba) Inu, and its token The name is even more heavyweight: BITCOIN. And when you click on its official website to learn more, a pop-up window will pop up asking you "Do you accept the truth?" If you select "Yes", you will be able to continue browsing the web page, and if you select "No" , the webpage will automatically jump to the official Bitcoin website - corresponding to the scrolling subtitles "The People's Bitcoin" at the top of the webpage. Obviously, HarryPotterObamaSonic10Inu believes that his token is the real BITCOIN.

This kind of native meme currency project needs more creativity and design to enter the center of the encryption market stage, and also In other words, whoever works more abstractly and seriously will be truly recognized by the market. For example, for HarryPotterObamaSonic10Inu, if you look beyond the abstract surface, you can see that its early community operations and related material preparations were very good, and the liquidity of the pool at the beginning was also sufficient. All signs indicate that it is seriously creating memes. To a certain extent, this kind of meme coin that works hard is the most authentic in the crypto market.