The Development History and Value Logic of Meme Coin

The core value of meme coin lies in "cultural dissemination × community consensus", rather than solely relying on technology or utility value. Its development can be divided into three key stages:

1. Breaking Ground/Foundation Laying (2013-2016)

This period witnessed the original innovative journey of meme coins from zero to one, presenting a unique ecology where barbaric growth coexists with natural selection. It is mainly divided into two categories:

1.1 Ephemeral Type

Coins like Mooncoin, TIPS, Nyancoin, etc., quickly fade away after a short-term hype. Although these projects attract attention during specific periods, they lack sustained vitality and find it difficult to maintain their popularity over the long term.

1.2 Invincible General Type

Represented by DOGE, it survives long-term thanks to cultural symbols and community-driven efforts. DOGE has evolved from a parody to one of the top cryptocurrencies by market capitalization, demonstrating the unique vitality of meme coins.

2. Dormancy/Outbreak (2017-2021)

At this stage, meme coins have transformed from a fringe subculture to mainstream financial assets. They can be mainly divided into three categories:

2.1 Meteor Shining Type

Projects like UET and HOGE rely on short-term speculative fads, but the bubbles burst quickly. These types of projects often lack practical application support, making it difficult to maintain value in the long term.

2.2 Stellar Long-lasting Type

Represented by SHIB, breaking limitations through ecological expansion. SHIB has evolved from imitating DOGE to building the ShibaSwap ecosystem, showcasing the evolutionary potential of meme coins.

2.3 Transformation Breakthrough Type

Projects like FLOKI and SAMO are attempting innovation but are progressing slowly due to various limiting factors. These projects aim to break through the limitations of meme coins, but they face dual challenges in technology and market.

3. Precipitation/Reconstruction (2022-2025)

At this stage, the meme coin market has begun to differentiate and reshuffle, with new narratives constantly emerging. It can be mainly divided into four categories:

3.1 Short-term speculation type

Like TRUMP, it relies on political hotspots and carries extremely high risks. Such projects are entirely dependent on external hype and lack intrinsic value support.

3.2 Ecologically Driven

Projects like WIF and BONK rely on public chain ecosystems and show short-term bursts. These projects are deeply tied to specific public chains, and their development is limited by the underlying ecosystem.

3.3 Narrative Innovation Type

Like GOAT, it combines AI concepts for hype but faces a trust crisis. These types of projects attempt to integrate new technology concepts, but practical applications still need to be verified.

3.4 cultural symbolic type

Like MOODENG, relying on influencer IP to gain short-term popularity. Although these types of projects spread quickly, their sustainability is questionable.

Future Outlook

Meme coin will continue to face the balance test of "speculation 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 coin will still maintain its unique position and influence in the cryptocurrency field.