Author: 0xmonomi
A unique craze is taking off in the cryptocurrency market this year. This phenomenon can be described in one sentence: If there are no assets, we create assets; if there is no narrative, we create narratives. This is the best depiction of this year’s crypto-market frenzy. In this process, opposition to traditional venture capital (VC) attitudes, the creation of new assets, and the shaping of consensus have all contributed to an irresistible FOMO phenomenon.
Beyond the shadow of the inscription, another force is spreading, and that is Meme coins. These coins, usually in the shape of animals, such as chickens, dogs, monkeys, frogs, etc., continue to emerge and have achieved amazing gains in the recent bull market. The popularity of the Meme sector has increased accordingly. Surprisingly, the price of some Meme coins has continued to rise more than 100 times in just one week.
CoinGecko: AI, GameFi and Meme Coin are the three major crypto narratives of 2023
This phenomenon reflects the high popularity of the Meme sector, and also hints at the deep-seated motivations behind this market trend. In the next section, we will take a detailed inventory of Meme coins on different chains and explore their respective characteristics and market performance.
Silly Dragon: Launched by the founder of Solana, based on the concept of the Chinese Lunar Year of the Dragon
In the Solana ecosystem, the meme coin Silly Dragon has attracted a lot of attention recently, especially after its unique connection with founder Toly (aeyakovenko) emerged. Last Saturday, the meme project called Silly Dragon suddenly received Toly's attention. This attention is not limited to social media interactions, but also goes deeper into his personal image presentation. In Toly's Twitter avatar, he wears a dragon-shaped coat similar to the Silly Dragon cartoon image. This detail was interpreted by the community and the market as implicit support for the Silly Dragon project.
This connection doesn't just stay online. Toly cosplayed as a dragon at a public meeting, which further cemented his connection with Silly Dragon. The blue dragon coat he wears is surprisingly consistent with the cartoon image in the Twitter avatar. Although these fragmented information cannot directly prove that the founder of Solana has a substantial connection with Silly Dragon, the existence of these elements makes Silly Dragon famous Visually closer to Toly.
Another factor driving the popularity of Silly Dragon is that next year coincides with the Year of the Dragon in China, making this narrative even more popular among the Chinese community. It is worth noting that within 1-2 hours of Toly expressing concern about Silly Dragon, the price of Silly tokens increased almost 10 times, indicating the market’s sensitivity to such correlations.
Currently, Silly Dragon has increased more than 80 times, with the price exceeding 0.13 USDT. The total supply of Silly tokens is 1 billion, with a market value of approximately US$118 million and a 24-hour trading volume of US$36.14 million. There are more than 6,000 addresses trading on the chain, and currently more than 13,000 addresses hold SILLY. Among them, the bitgetzero.sol address holds the highest proportion, accounting for 6.78%, ranking first; the HRgsV 5...zhjg address follows with 5.77%, and the 12 eC 4 Ew...KgkW address holds 2.19 % ranked third.
This phenomenon reflects the cryptocurrency market’s ability to respond quickly to specific events, and also highlights Meme’s unique position and influence in the cryptocurrency ecosystem. While market interest in Silly Dragon may be driven by specific factors, its long-term performance remains to be seen.
COQ: Meme representative on the Avalanche chain, claiming to be completely useless and only for entertainment
The AVAX token has shown significant growth momentum recently. According to data from OKX, the price of AVAX recently reached a new high of 46 USDT for the year. This growth not only highlights the strong performance of AVAX itself, but also reflects the overall vitality of the Avalanche ecosystem. In this ecosystem, in addition to AVAX, there are other types of tokens that are attracting the market's attention, including Meme coins.
In the world of meme coins, the COQ (Avalanche Chicken) token is particularly eye-catching. This chicken-themed Meme token was launched on December 8 last year, and its market value has grown rapidly since then, once reaching as high as $230 million. Interestingly, despite the COQ token’s stellar market performance, its developers have made it clear that the token has no intrinsic value and no financial returns should be expected. This seeming paradox is not uncommon in the cryptocurrency space. There is even a statement on the official website of the COQ token: “This coin is completely useless and is for entertainment purposes only.”
But despite such low-key reviews from developers, COQ has still gained significant traction in the market. Currently, COQ has been listed on Kucoin, a well-known cryptocurrency trading platform. The growth in its market capitalization and surge in trading volume illustrate that even tokens that are labeled as “useless” can gain significant investor attention in specific market environments. The success of COQ goes some way to demonstrating that part of the power of the cryptocurrency market comes from the interest and participation of community members rather than pure economic value.
In the Avalanche ecosystem, COQ has become an emerging token worth paying attention to, with more than 30,000 holders and a single-day trading volume of US$30 million.
ZeekCoin: Meme coin in the ZKSync ecosystem, the project team only retains 10% of the total assets
In the ZKSync ecosystem, a Meme coin called ZeekCoin has recently attracted the attention of the market and founders. Although ZeekCoin is not officially recognized by the government, it is regarded as a symbol of zkSync's unofficial mascot "Zeek". This unique positioning allows ZeekCoin to occupy a place in the ZKSync ecosystem and attract the attention of investors and community members.
From the perspective of token economics, ZeekCoin has adopted some unique strategies. First, it does not have any pre-sale, which means that all tokens are issued through market transactions rather than through pre-set sales. Secondly, ZeekCoin sets a cap of 2% of the total supply on the purchase limit for each transaction, a strategy that may be designed to prevent market manipulation and the undue influence of a single large player. In addition, ZeekCoin imposes a 2% tax on each sale, a mechanism often used to maintain long-term operations of projects or to fund community incentive programs.
In terms of token allocation, ZeekCoin shows its emphasis on market liquidity: 80% of tokens are allocated to the liquidity pool to ensure market liquidity and stability. The project team retains only 10% of the tokens, which reflects confidence and commitment to the future of the project. At the same time, another 10% of the tokens are used for community rewards to motivate community members’ participation and contributions.
ZeekCoin has also introduced a limit of 2% of the total supply held by each wallet, which helps promote the distribution of the token among a wider range of users, thereby avoiding the risk of excessive concentration.
ZeekCoin’s positioning and strategy in the ZKSync ecosystem, although unique, also brings market uncertainty. As a Meme coin, it may not be viewed as a traditional investment tool, but more as a form of community culture and participation. For investors, this means the need to keep an eye on ZeekCoin and its performance in the market, while maintaining a clear understanding of its potential risks and volatility.
LONK: homophonic with LONG, the representative of the Meme currency in the NEAR ecosystem
In the NEAR ecosystem, LONK token became the first Meme coin to gain broad consensus, attracting the attention of NEAR officials and related ecological personnel. This unique meme coin is not only creative in its name - LONK, pronounced "LONG", which is semantically associated with "dragon (LONG)", but also has elements of humor and entertainment.
The design concept of LONK token and the community culture are full of fun and creativity. Its slogans "LONK IS LONG, LONK IS DRAGON, LONK IS DRAGON", as well as "LONK IS FREN WITH BONK", "LONK IS LOVE", all reflect a relaxed and friendly community atmosphere. LONK is clearly described as being different from ordinary meme coins. It was born out of collective friendship and is deeply rooted in the fields of memetics and humor.
In terms of supply, the total supply of LONK is set at 42.069 billion, of which 83.058% is used for liquidity pools (LPs), and the remaining 16.9420% is reserved for airdrops, exchange listings and other purposes. It is worth noting that LONK adopts some unconventional strategies, such as no taxes, no team allocation, no risk capitals (VCs), no pre-sales, no nonsense (NO BS). These strategies demonstrate that LONK operates in a fundamentally different way than many other cryptocurrency projects.
The LONK token is defined as a purely entertainment meme coin with no intrinsic value and no promise of any financial return. It is managed informally, without a dedicated team or a defined roadmap, purely as a sign of fun. This characteristic makes LONK present a unique style in the NEAR ecosystem, becoming a project purely based on community participation and entertainment.
For market participants, the existence and operation of LONK provides a window into the diversity of the meme coin space. It shows that in the cryptocurrency market, in addition to the traditional investment and financial return orientation, there are also unique projects based on community culture and entertainment. However, investors need to realize that meme coins like LONK can bring high volatility and uncertainty, and should therefore exercise caution when participating.
Minu: Born in the Manta Pacific ecosystem, the project is still in its earliest stages
In the Manta Pacific ecosystem, Minu is the first Meme token, and its token name is $MNU, marking a new stage of development for the ecosystem. However, as a particularly early-stage project, Minu’s specific details and token economics model have not yet been fully disclosed, making its complete evaluation and understanding somewhat challenging.
Information about Minu is currently relatively limited. As an emerging project in the Manta Pacific ecosystem, its launch has aroused curiosity and attention from the community. Because the project is still in its early stages, many key project details—including its long-term vision, goals, and how it will fit into the existing Manta Pacific ecosystem—are not yet fully understood.
Regarding Minu’s economic model and strategy, the currently known information is that it will not implement any form of transaction tax (No tax). This strategy may mean that project parties hope to promote wider participation and liquidity by reducing transaction costs. However, the lack of a transaction tax may also mean that projects need to find other ways to sustain their long-term operations and development.
Although Minu is a new project in the Manta Pacific ecosystem, its development potential and influence are currently difficult to accurately assess, but its emergence has undoubtedly brought new vitality and possibilities to the ecosystem. As more information is revealed, Minu may demonstrate its unique position and role in the Manta Pacific ecosystem. For observers of the cryptocurrency market and meme coin space, Minu’s development will be one to watch.
AIDOGE: the first Meme asset in the Arbitrum ecosystem, integrating AI technology
ArbDoge AI, as an important project of the Arbitrum ecosystem, is not only the first Meme coin in the ecosystem, but also combines artificial intelligence (AI), Arbitrum technology and popular Doge elements to inject new vitality into the Arbitrum ecosystem. . The project fairly distributed 2.1 trillion AIDOGE tokens to the community from April to May this year. The current circulation volume is approximately 183.15 trillion, with a market value of approximately US$38.39 million. The launch and operation of AIDOGE not only created FOMO in the market, but also opened up new narrative gameplay.
The distribution method of AIDOGE adopts a combination of decreasing airdrops and lucky draws. This strategy not only increases market participation, but also introduces certain gaming elements. Addresses with ARB token airsale qualifications can receive 95% of the tokens for free, while the remaining 5% is used as a reward for inviting new users. This distribution mechanism not only stimulates early community participation, but also effectively slows down market selling pressure by gradually reducing the amount of tokens issued.
In addition, AIDOGE has introduced a transaction burning tax mechanism, which means that for each on-chain transaction, 15% of the tokens will be used for different purposes, including ecological development, token destruction, rewarding liquidity providers, and purchasing ARB Tokens are used to subsidize protocol games and voting, as well as provide staking dividends and lucky drop rewards to AIDOGE holders. This complex tax structure is designed to stimulate market activity while supporting the development of the entire ecosystem.
AIDOGE also provides the opportunity to mine and provide liquidity, where the annual rate of return is extremely high when calculating compound interest. At the same time, the project further stimulates users' enthusiasm for participation by setting up lucky drop activities with specific conditions. After users purchase a certain amount of AIDOGE, they are eligible to participate in a lottery held every half hour. This frequent reward distribution increases market activity.
These characteristics of ArbDoge AI not only demonstrate the application of innovative strategies in the cryptocurrency market, but also reflect the market's acceptance of new incentive mechanisms. While this strategy may bring high volatility and uncertainty, it also provides new impetus and development direction for the Arbitrum ecosystem and the crypto market as a whole.
The prosperity of Meme coins has its own underlying logic, and its market outlook still depends on the Web3 ecosystem.
As the crypto market develops in late 2023, we observe a change in trend: from technology-driven innovation to market hype that relies more on emotion. This shift reflects the characteristics of the crypto market and the evolution of investor mentality at different times.
Looking back at the ICO craze in 2017, most projects at that time would provide detailed technical white papers emphasizing their technical advantages and future vision. These projects often feature technological innovation and potential market applications as their main attractions. In the DeFi wave of 2020, most projects focus on elaborating on their potential economic benefits and liquidity advantages to attract investors and liquidity providers.
However, in 2023, some emerging trends in the crypto market, especially projects related to meme coins, appear to be more dependent on emotion-driven and market heat. These projects may no longer emphasize technological innovation or specific application scenarios, but instead drive price increases by attracting community attention and capitalizing on market hot spots. This phenomenon may reflect some degree of market weakness, as investors begin to seek more direct and simple ways to participate in the market after a long period of technology orientation.
This shift also raises some questions about the future development of the crypto market. While sentiment-based market hype can bring significant price fluctuations and attention in the short term, they lack a foundation for long-term stability and sustained growth. Without solid technical support and practical applications, this rally may soon fade.
Therefore, it is crucial for crypto market participants to understand this change in market dynamics. Although following market hot spots and emotions may bring short-term gains, long-term market health and stability rely more on real technological innovation and practical application scenarios. In investment decisions, maintaining focus on project fundamentals and rational analysis of market trends will be the key to avoiding risks and achieving long-term value-added. The future of the crypto market, whether it can achieve true prosperity and stability, may lie in whether it can find a balance between technological innovation and market sentiment.
