BOME and SLERF have ended their crazy rallies, and the market has once again experienced and witnessed another round of “gold rush” for wealth. Although the craze for MEME has not completely subsided, the market has also briefly regained some calmness.

Apart from marveling at the gains and profits in the crypto sphere, many “veteran investors” are discussing one question: “Why did MEME coins gain momentum so early in this cycle?” According to the sector rotation in past cycles, when the hype around a new concept and narrative reaches its peak, accompanied by the relay of MEME coins, the flowers wither, marking the prelude to the end of the bull market. However, in this cycle, the sequence of sector rotation seems to have been rearranged, and MEME coins have deviated from the usual pattern, becoming the main theme in the middle of this cycle.

In the theory of “value investing,” MEME coins and Dogecoin have always been marginalized, even in the bubble-filled crypto sphere. But in fact, many people do not understand what MEME is, let alone the difference between MEME coins and Dogecoin.

From the dog pattern of Dogecoin to today’s memes, MEME has become a unique cultural symbol and means of communication in the crypto sphere. So, how did these seemingly funny or even absurd cultural elements gain such a prominent position in the crypto world? This article will explore the relationship between MEME and blockchain, as well as its impact on cryptocurrency culture.

01

MEME Is Genes

1.1 Origin of the MEME Concept

Whenever the birth and origin of MEME are mentioned, Richard Dawkins is definitely an unavoidable figure.

In 1976, Richard Dawkins first proposed the concept of MEME in his groundbreaking work “The Selfish Gene.” In the final chapter of “The Selfish Gene,” Dawkins introduced the concept of “MEME,” defining it as a unit of cultural transmission, similar to genes in biological inheritance. MEMEs can be melodies, ideas, clothing styles, language habits, technologies, or any other cultural phenomena. They replicate themselves in human culture through imitation, spreading from one person to another. The success and survival of MEMEs, like genes, depend on their replication accuracy, persistence, and their “attractiveness” or utility to the host.

In simpler terms, MEME can be a meme, a joke, an emoji, etc., forming a subculture after widespread dissemination. MEME coins are a way to monetize this subcultural value.

With the rise of the Internet and social media, MEME has become an integral part of global cultural exchange, spreading far beyond Richard Dawkins’ original intentions in terms of speed and scope. Today, MEME, with its humor and irony, not only rapidly disseminates entertainment and information but also plays an important role in shaping public opinion and cultural phenomena, especially in the field of cryptocurrency and blockchain technology, where MEME’s influence is particularly significant.

It is worth mentioning that, to commemorate Dawkin’s birthday on March 26th, the community specially launched a MEME coin called “Dawkoin.” Dawkin shared this news on social media without showing resistance or displeasure.

1.2 Bitcoin is the earliest MEME

“In a sense, all cryptocurrencies have a meme factor, but the degree varies, with over 50% being the norm,” stated the earliest batch of media notes from the blockchain industry recently. If we were to rate it from 0 to 100, cryptocurrencies like pepe and doge represent meme content of over 99.9%; AI has 90% meme content; BTC L2 has 80% meme content; and Defi has 30-50% meme content.

So, can Bitcoin also be considered the earliest meme?

We all know that in January 2009, on a small server in Helsinki, Finland, Satoshi Nakamoto invented the Bitcoin system and mined the first block, also known as the “genesis block,” and the initial 50 bitcoins were born. Technically, Bitcoin is the key to unlocking the door to blockchain, relying on technologies that have gradually matured over nearly half a century, such as cryptography, distributed storage, and consensus mechanisms.

But today, when people talk about Bitcoin, they don’t just discuss its technical algorithms. As the first successful cryptocurrency, the philosophical implications behind Bitcoin, its anonymous creator Satoshi Nakamoto, and the spirit of resisting the traditional financial system have endowed it with significance beyond technology.

So, from this perspective, Bitcoin itself is the earliest meme, representing the pursuit of power, freedom, and systemic change. This symbolic significance transcends its function as a currency, becoming a symbol of a cultural and social movement.

Some also say that meme coins are part of the “attention economy,” where the better a meme coin attracts attention, the better it is. After 15 years of development, following its historic high breaking $71,000, Bitcoin’s market capitalization has surged to $1.398 trillion, surpassing silver ($1.379 trillion) and ranking as the world’s eighth-largest asset. Bitcoin’s share of the total cryptocurrency market capitalization has reached 49.8%, solidifying its dominant position in the crypto industry.

With the approval of Bitcoin ETFs at the beginning of this year and the rise of the Bitcoin ecosystem, more and more traders and investors are “returning to basics,” refocusing attention and liquidity on the Bitcoin ecosystem.

Bitcoin is the most attention-grabbing token in the crypto industry. From this perspective, isn’t Bitcoin also a meme?

1.3 Inscriptions and NFT: “derivatives” of MEME

Since MEME can be seen as a manifestation of genes, there must be differentiation among memes. This can also find some theoretical basis in Richard Dawkins’ “The Selfish Gene,” which was mentioned earlier: the similarity between MEME and genes in transmission and evolution mechanisms. Both undergo replication processes, experience selection pressures, and can mutate under certain conditions.

Looking back at the leading MEME coins in the crypto sphere, Dogecoin was initially created as a lighthearted version of Bitcoin, based on the popular “Doge” MEME (an image of a dog named Shiba Inu, accompanied by internal monologue-style text) as its symbol. Its founders did not expect this joke-based currency to be favored by Musk and eventually become the largest MEME coin in terms of market value today.

After twelve years in the crypto industry, a familiar logic has emerged. Following the creation of new concepts and narratives, project teams partner with VC firms. They engage in pre-launch hype with various airdrops and then orchestrate various schemes to attract secondary investors. In this bull market, only projects like TIA and SOL are considered good by seasoned investors—having a team, reputable VCs, listing on Binance, and speculative expectations in the market.

While everything should continue as usual, the MEME track has undergone a series of mutations and derivatives, giving rise to the disruptor, “Inscription.” The emergence and popularity of all “Inscriptions” in the Bitcoin ecosystem have been completely unexpected.

Since its inception, “Inscription” naturally embodies the community spirit of “fair launch” and “first is first,” coincidentally echoing MEME’s slogan. Bias has closely accompanied the Bitcoin ecosystem since its birth in March. However, it seems to have never given up on convincing everyone: “If you have bias, then let the Bitcoin ecosystem rise until your bias disappears.”

If one ORDI (which includes 1000 coins) costs between 2 to 3 US dollars, and considering the current price of 60 US dollars per ORDI, the current price for one ORDI is 60,000 US dollars. After one year, if it hasn’t been sold yet, according to the current price, this would be an investment with over a twenty-thousand-fold increase.

However, Inscription is not the first mutation and derivative of MEME; the diversity of MEME is also reflected in the NFT track. As the biggest new narrative of the previous cycle, NFTs have also experienced a cycle of bull and bear markets. The NFT leader BAYC once fell below 13 ETH, not to mention the current situation of many NFT artists without capital support. Therefore, they are also seeking various ways out.

From the recent popularity of BOME and SLERF, we can see that MEME coins bring cultural value to holders, which to some extent can also contribute to the liquidity of NFTs. Although the forms presented are different, the cultural attributes disseminated by NFTs and MEME coins are essentially the same.

In addition to this broader form of derivation, we can also see a series of cultural derivatives in some more specific MEMEs, such as Pepe the Frog.

This image initially was just a character in cartoonist Matt Furie’s online comic in 2005, but it later evolved into a widely recognized MEME symbol on the internet. Unlike those MEMEs with clear authorship backgrounds, Pepe the Frog has gathered a community of countless anonymous artists behind it. They have created various Pepe images, which play diverse roles in different cultural contexts and social media platforms.

The evolution of Pepe the Frog demonstrates a unique phenomenon in MEME culture: how a single image can give rise to a vast and diverse cultural ecosystem. This cultural derivation involves not only the simple act of replicating the original image but also a process of creative reconstruction and cultural reinterpretation.

02

The Ever-Flowing Narrative Of The Crypto Sphere, The Enduring MEME Culture.

In delving into the essence of MEME and its relationship with blockchain, we find that these two entities collectively construct a unique cultural and emotional ecosystem in the crypto world. Blockchain is not just a technological innovation; it has also become a vast emotional arena. MEME is not only entertainment; it also shapes market narratives, attracts community participation, and plays a crucial role in driving the value of cryptocurrencies upward within the blockchain industry.

2.1 The Crypto Sphere Is a Magnifying Glass for Emotions and Narratives.

Wherever there are people, there is a community, and where there is a community, there are emotions. The crypto sphere is filled with wild bubbles and fluctuating candlestick charts, serving not only as a gathering place for capital but also as an amplified pressure cooker of emotions.

From investors’ passion for future technology to their fears and greed about market fluctuations, blockchain, as an emerging technology and financial field, magnifies the influence of these fundamental human emotions, thereby affecting market dynamics and investment decisions.

MEME inherently serves as a medium for conveying emotions. From fervor to panic, in humorous, ironic, or exaggerated forms, MEME can quickly spread among communities, evoke emotional resonance, and thus invisibly influence the direction of the market.

In a short period, a successful MEME can attract a lot of attention and discussion, thereby driving investors’ purchasing behavior and causing short-term price increases. This phenomenon is particularly common in the crypto market, where market sentiment often significantly affects price fluctuations.

Yuval Noah Harari once said in his book “Sapiens: A Brief History of Humankind” that initially, humans communicated interpersonal information through gossip and ways to get to know each other better by talking about others, thus building stable and close interpersonal organizations.

Later, people formed common trust through storytelling, creating shared imaginations to establish more universal trust, such as religion, nation, currency, companies, and so on. Similarly, individuals in the crypto community can also form strong group identities and goals through shared MEMEs and narratives.

This trust based on shared imagination is the key factor in MEME’s ability to influence prices in the crypto sphere and the reason it can attract a large number of crypto investors and users to participate.

2.2 MEME Doesn’t Need a Public Chain; Public Chains Need MEME.

From BTC to Solana, and subsequently, to TON and Base chains, every hot public chain needs MEME coins, encouraging and even creating MEME culture.

One of the most representative examples is Anatoly, co-founder of Solana. At last year’s Solana Community Summit, which coincided with Halloween, Anatoly made a grand entrance dressed as a green dinosaur, becoming the most unique and eye-catching presence at the summit. Standing in front of the audience, Anatoly introduced himself: “I’m Anatoly, and I’m a silly dragon.” After saying this, Anatoly chuckled shyly, and the entire audience burst into laughter.

And as for the rest of the story, everyone knows it. “Silly” became the hottest MEME coin during that period, and the community rediscovered that trading coins on Solana was indeed very smooth. The “Ethereum Killer” returned to the community’s spotlight and became an “SBF selection”.

After Solana, people discovered that building brand identity and community cohesion through MEME on public chains was feasible. A strong community built around a specific MEME can effectively promote projects, attract new users, and enhance the project’s market position.

Now, we can also see TON and Base chains eager to join the MEME coin liquidity game. Total value locked (TVL) has reached new highs, and on-chain activity and transaction volumes have also experienced exponential growth. The TON Foundation has openly announced its recruitment for a MEMECOIN ecosystem manager.

2.3 Have We Finally Demystified Various Concepts?

The recent joke goes: “When concepts like zk+DEPIN+rollup+ai pile up, the excitement among VC players in the crypto circle becomes uncontrollable.” This joke prompts us to ponder: have we truly gained a deep understanding and demystification of various concepts in the cryptocurrency field?

The sustained popularity of MEME, on the other hand, seems like a mockery directed at these so-called core circles. This mockery not only questions the technology itself but also criticizes the crypto market’s blind enthusiasm for new technologies and its neglect of their substantive applications.

“Since I can’t understand it anyway, I might as well speculate on MEME,” the veterans in the community appear powerless, and the newcomers are even more bewildered. Amidst the rapidly evolving narratives in the crypto space, MEME culture remains robust. The lightning-fast listing of BOME on Binance has caught many crypto projects off guard. Despite years of hard work, they have yet to be listed, while BOME accomplished it in just three days.

Returning to a question frequently asked in the community: “Is the endpoint of blockchain MEME?” Or perhaps, “Value investment is dead, MEME lives forever?” While these questions may seem absolute and even extreme, we cannot deny that speculation remains the primary function of blockchain within the past decade, which may be a bitter truth.

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