I. The Meme King, DOGE and Musk's Mutual Accomplishment
DOGE originated in 2013, with the prototype being the Shiba Inu Kabosu, and it is the first cryptocurrency based on an internet meme. It has now become the oldest, highest market cap, and most representative meme in the crypto industry. In its development, Musk has been a driving force, mutually achieving success. On April 1, 2019, April Fool's Day, Musk was elected CEO of Dogecoin by Dogecoin fans, and then he changed his Twitter bio to "Former CEO of Dogecoin", setting the wheels of fate in motion. Since then, Musk has repeatedly mentioned, commented on, and supported Dogecoin on Twitter, calling it the "people's cryptocurrency" and the "most interesting cryptocurrency". Starting in 2022, Musk, the founder of payment giant PayPal, began to gradually hint at Dogecoin's payment plans. On the variety show "Saturday Night Live", Musk once said "DOGE is the future of money, an unstoppable financial instrument, and will take over the world." Subsequently, Tesla announced that it would accept Dogecoin as a payment method for some of its products. It also stated that its SpaceX company plans to accept Dogecoin payments as well. After acquiring Twitter, Musk also mentioned multiple times that the platform will support cryptocurrency payments. He hinted that Dogecoin could become part of the X platform's payment system. Since then, DOGE has gradually introduced payment expectations under Musk's push. In 2024, after Trump's inauguration, the crypto industry is expected to see a wave of positive political and regulatory changes. With the support of the "Dogecoin Godfather", DOGE has huge positive expectations. In November, Nate Geraci, president of The ETF Store, posted on X that "the arrival of a spot DOGE ETF seems inevitable... 2025 will be a crazy year". DOGE has now grown into the most important meme in cryptocurrencies and the industry's weathervane. In this process, Musk's every interaction has expanded the public's attention to Dogecoin and the crypto market. On the other hand, the ever-expanding global crypto investor community has strengthened his position as a thought leader and influencer in the entire industry. The two have mutually achieved success, leading the cultural dissemination and capital trends of the crypto industry.II. A Squirrel Saving America - PNUT
More than seven years ago, mechanical engineer Mark Longo brought home a motherless baby squirrel and gave it the affectionate name "Peanut". During the growth process, Mark Longo used his social media to share countless interesting interaction videos with Peanut, quickly attracting the attention of hundreds of thousands of fans, and Peanut also became an animal internet celebrity. But on the eve of the 2024 US presidential election, on October 30, New York State Department of Environmental Conservation (DEC) officials raided Mark Longo's home without a search warrant and arrested Peanut, and soon euthanized it for illegally keeping a wild animal. This news immediately caused an uproar across the network, with countless netizens expressing strong dissatisfaction and anger, and the DEC was also caught in a whirlwind of public opinion. On October 31, the first tweet was posted on Twitter @pnutsolana, the PNUT token was launched on-chain, and a petition was called for to unite everyone to speak up for Peanut, at which point PNUT became the meme symbol of the event and began to ferment across the network. As the event spread, Musk and Trump, as the Republican campaign team, quickly promoted PNUT, using the power of memes to amplify their political influence. On November 3, Musk tweeted a hint that "X is for Peanut", and the Dogecoin official account also posted "RIP Peanut" with a picture of a dog and pnut, and Musk then directly replied: "Peanut". Trump and more internet celebrities continued to follow up and interact. After Trump won the election, PNUT, as a meme, has become a cultural symbol of American freedom, democracy and civil rights, winning a victory in the meme culture. After the election, Musk tweeted that "America was saved by a squirrel and a meme coin".III. The "Manhattan Project" of Politics and Meme Puns - D.O.G.E.
On November 12, 2024, Donald Trump announced the establishment of the "Department of Government Efficiency" (D.O.G.E.), and appointed Elon Musk and Vivek Ramaswamy to jointly lead the department. Trump has high expectations for it, saying it could become the "Manhattan Project" of our era, paving the way for his government to dismantle the government bureaucracy, cut unnecessary regulations, reduce wasteful spending, and restructure federal agencies - which is crucial for the "Save America" movement. The idea of D.O.G.E. was first mentioned by Musk in a tweet last August. Although the project initially looked like a joke, Trump expressed support for Musk's initiative to cut government spending, hinting that the previously fictional department would actually become a real-life US government agency. And with Trump's re-election as US President, the past joke has become a reality. The name highly similar to DOGE is no coincidence, but intentionally designed. In a Twitter interaction this August, Musk said the name was perfect. Musk also unveiled a government efficiency department logo featuring a dog image, forming a closed loop with Dogecoin DOGE and strengthening DOGE's benchmark status. Since the establishment of D.O.G.E., there have been a number of meme coins issued on various chains based on this concept, but most of them quickly "rug" in the short term, and ultimately the D.O.G.E. on the ETH chain has emerged and occupied a dominant position. The progress and positive news of the D.O.G.E. department may have a major impact on the price performance of this token.IV. The Meme Fusing Tech and Culture - BANANAS31
Musk's SpaceX is becoming one of the greatest companies in human history, with infinite imagination in terms of corporate valuation and technological progress. From connecting the Earth's internet to Mars colonization plans, SpaceX's technological achievements have not only brought economic benefits, but have also opened the next door to the universe for humanity.Here is the English translation:The Meme about SpaceX has become a hot topic for capturing and hyping in the crypto industry, but the underlying assets of this concept generally have a short life cycle. Until the recent appearance of BANANAS31, it may have the potential to become the first evergreen Meme that integrates technology and culture concepts. On November 20, 2024 at 6 AM, SpaceX successfully conducted the sixth comprehensive test flight of the Starship S31 at the launch site in Boca Chica, Texas. S31 is the last test flight of the first-generation Starship series, marking that SpaceX will fully shift to the development of the second-generation Starship (Starship V2). This makes S31 a key milestone in the entire history of Starship development. The successful final flight has restored the confidence in SpaceX after several previous failed missions, demonstrating the gradual maturity of the Starship system and laying the foundation for its subsequent manned missions. S31 is the "farewell mission" of Musk and SpaceX's first-generation Starship and the beginning of the next space exploration plan.
Interestingly, the S31 Starship has a layer of banana stickers on its outer shell, which is SpaceX's further tribute to popular culture, the "Banana for Scale" internet Meme, using a banana as a standard unit of measurement to show the size of the Starship. The SpaceX team is also conveying a relaxed signal to the world in this way: although the space mission is full of challenges, the team is full of confidence in the success of S31. Musk is also very fond of the behavior of measuring the Starship with bananas and has commented on the related tweets.
The technological milestone of the S31 Starship and the humorous internet Meme have given many Meme coins an angle for hype. In mid-November, a large number of tokens related to bananas and Starships were launched on various chains, but the token that ultimately emerged was not from the traditional Meme hotspot chains of SOL and ETH, but from the long-dormant BSC chain. The targets on the ETH chain did not perform well in terms of price, and the BANANA on the SOL chain experienced a week-long hype highlight, reaching a peak market value of about $65 million, but is currently close to a rug pull. Surprisingly, the BANANAS31 on the BSC chain has a life cycle of nearly a month so far, with a peak market value of $80 million and a current stable market value of around $50 million. The life cycle of previous SpaceX concept targets is generally only a few days, while BANANAS31 also has a strong community that is still actively working, spreading their own understanding of the technology and cultural Meme. Recently, they have held a "Banana for Scale" Tiktok challenge and even made a breakthrough in web2 dissemination. Perhaps this target has the potential to become the first evergreen Meme that integrates technology and cultural concepts in Musk and SpaceX's concepts.
V. Data Comparison of Musk Concept Coins
From the horizontal comparison of market value data, the market value of BANANAS31 is the smallest, with PNUT's market value being 22 times that of BANANAS31, and D.O.G.E being 3.5 times. In terms of the ratio of trading volume to market value, BANANAS31 is currently second only to PNUT, which is 2.5 times that of D.O.G.E. The social media data is not much different from PNUT and D.O.G.E (considering that there is a certain degree of water in the Twitter data, 50k-1m is considered to be similar). The number of holding addresses is better than D.O.G.E.
In summary, BANANAS31 has a social influence not much different from the already listed PNUT, with a trading volume/market value ratio of 1/2, but higher than the average, and is currently 3 times that of DOGE. Under the condition of not being listed on major exchanges, the performance is relatively good. Compared to the D.O.G.E, which is also not listed on major exchanges, the trading volume and number of holders are more, but the market value is only 1/3 of it, with room for upside. Relative to the Meme coins at the 50M level, it is difficult to find a top-level narrative, but the coin price is stable and the risk-reward ratio is relatively high. At the same time, the community continues to interpret the Meme culture and continue to build the target.
VI. Conclusion
One of the consensuses of this cycle is that Meme coins are symbolized culture and a powerful weapon for crypto to break through to the masses. Their investment opportunities should be valued and explored. The core of Meme investment has three points: excellent narrative; strong community; good chip structure and market value range "hitting point" to buy. Recently, the BANANAS31 on the BSC chain fully meets the three core investment points, and may become one of the most promising targets under the Musk concept, worth watching.
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