Author: Crypto, Distilled
Translation: DeepTechFlow
Meme is the fastest Ponzi scheme in the world. Whether you like Dogecoin or Catcoin (or neither), it's hard to deny this fact.
However, after experiencing several big winners like $WIF and $PEPE, you might wonder:
Is this carnival coming to an end, or is it just getting started?
What is Meme?
The word "Meme" was proposed by Richard Dawkins in his book "The Selfish Gene" in 1976.
It originates from the Greek word "mimema," meaning "imitation."
Meme is the spread of ideas, behaviors, or styles through imitation in culture.
In a certain culture, it refers to the spread of thoughts, behaviors, styles, or usage from one person to another.
Viral Spread of Meme:
From politics and sports to entertainment and finance, Meme is spreading virally.
Due to the speculative nature of meme coins, they have a strong synergistic effect with cryptocurrencies.
The Core of Meme:
Meme has always been an indispensable part of cryptocurrency enthusiasts' blood.
They shape the culture of the entire cryptocurrency space.
From "WAGMI" and "Wen Lambo" to "Choose Rich" and "In it for the tech"…
Meme is at the core of Crypto Twitter (CT).
Turning Point:
Despite its deep historical roots, 2021 is a turning point.
The COVID-19 pandemic, $GME, and massive money printing have created the perfect storm for Meme frenzy.
From Joke to Giant:
Fast forward to 2024, Meme coins continue to surge.
For the first time, Meme coins have become the most popular category in cryptocurrency.
Meme occupies about 23% of the page views on @CoinMarketCap, with over 25 million views in June alone.
The Fastest Ponzi Scheme:
Ironically, in a period when the market is expected to mature, Meme is thriving.
We have $BTC ETFs and new technologies, but investors still choose the dark side.
As GCR said, "Long on human despair, greed, and decadence."
@GCRClassic: "For the average person, flying to Macau or Las Vegas is often too expensive. In situations with a lot of idle money and high macro risks, decentralized casinos and decentralized Ponzi schemes are always the quickest choice. I am bullish on human performance in despair, greed, decadence, loneliness, and being trapped in the metaverse."
From Joke to Wealth:
Top Meme coins not only dominate attention but also dominate returns.
Meme coins are the highest-earning sector, rising 72% year-to-date (weighted average by sector).
Dominating Ecosystem:
Most leading Meme coins are on $SOL or $ETH.
However, in this cycle, the $SOL ecosystem has received more attention than $ETH.
For example: $WIF and $BONK.
Dominant Mindset:
Since October 2023, $SOL and its Meme coin ecosystem have gained momentum.
While $SOL has not yet surpassed $ETH in market value, it has kept pace with $ETH in Google search interest.
"Casino" Chain:
In the $SOL ecosystem, Meme coins symbolize the frenzy for speculative assets.
The influx of liquidity has given $SOL a casino-like atmosphere.
Participants seem to prefer high-risk assets over traditional, slower-developing projects. (Thanks to @CoinMarketCap)
What Drives the Meme Craze?
Retail investors value quick returns over high fully diluted valuations (FDV) supported by venture capital.
Due to high project saturation (high FDV for many projects), market participants are feeling fatigued.
Low mainstream adoption and a lack of breakthrough consumer applications exacerbate this phenomenon.
Meme Coin Black Hole:
According to CoinMarketCap data, new Meme coins are gathering momentum faster than ever before.
Even in the AI category, many popular projects are "meme-ified" AI tokens.
Meme is like a black hole, devouring all those who participate "for the tech."
Battle of Dogs and Cats:
An interesting phenomenon in Meme coins is the competition between Dogecoin and Catcoin.
Catcoin has performed well this year, but Dogecoin's market value is still higher.
Yes, this is the current state of cryptocurrency.
Profiting from Meme:
While many people think Meme is just a lottery, the reality is more complex.
Those who are good at spotting cultural trends early may succeed.
However, without strong trading skills or a solid social network, your chances are not great.
Potential Risks:
Profiting from Meme coins relies on the highly risky "greater fool theory."
Investment enthusiasm can come and go quickly.
For example, the "trillionaire" phenomenon.
Final Thoughts:
While the coins may change, the lure of getting rich quick will never disappear.
Whether you choose to gamble or not, the casino will continue to operate.
Even if you don't like Meme, understanding why they are successful can be beneficial.
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