An Analysis of the Development History and Value Logic of meme coin

The core value of meme coin can be summarized as "cultural dissemination power × community consensus." Based on its evolutionary characteristics, it can be divided into three key development stages:

1. Breaking Ground/Foundational Work(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. They can be mainly divided into two categories:

1.1 Ephemeral Type

Projects like Mooncoin, TIPS, and Nyancoin have attracted market attention in the short term, but ultimately struggle to maintain their popularity in the long run. Taking Mooncoin as an example, it set a record for a single-day increase of over 300% in its first year, but after the spotlight, it faced a long period of silence, effectively disappearing in 2018.

1.2 Unbeaten General Type

Represented by DOGE, it achieves long-term survival through strong cultural symbols and community drive. Initially, DOGE was just a parody of the Bitcoin craze culture, but it unexpectedly evolved into one of the most enduring phenomenon meme coins in the history of cryptocurrency.

2. Dormancy/Outbreak(2017-2021)

During this period, meme coins underwent a qualitative change from "internet jokes" to "phenomenal investment targets." They are mainly divided into three categories:

2.1 Meteor Shining Type

Coins like UET and HOGE rely on speculative sentiment and short-term hype peaks, but lack long-term value support. UET, known as "the most honest scam," raised 310 ETH in 48 hours solely through absurd marketing, but quickly fell into a slump.

2.2 Stellar 永恒型

Represented by SHIB, breaking limitations through ecological expansion. SHIB started as a meme coin imitating DOGE and gradually built an ecological system that includes DEX, Layer 2 networks, etc., to achieve long-term value.

2.3 Transformation Breakthrough Type

Projects like FLOKI and SAMO attempt innovation but face various limitations, leading to slow progress. FLOKI is trying to transform through metaverse games and other projects, but it's facing difficulties in implementation; SAMO, as the "mascot of Solana," is significantly affected by the fluctuations of the public blockchain.

3. Precipitation/Reconstruction(2022-2025)

At this stage, the meme coin market is beginning to shift from frenzy to rationality, with new narratives continuously emerging. It can be divided into four categories:

3.1 Short-term speculation type

Like TRUMP, relying on hot events for hype carries extremely high risks. TRUMP coin combines election frenzy with crypto speculation, with a market cap once exceeding ten billion dollars, but it has fluctuated significantly with changes in the election situation.

3.2 Ecological-driven

Such as WIF, BONK, relying on the public chain ecosystem to achieve short-term explosion. WIF's market value soared to 3 billion USD in 104 days; BONK, as the "Solana savior dog", promoted ecological recovery.

3.3 Narrative Innovation Type

Like GOAT, introducing the AI concept into the meme coin space. GOAT attracts investment through AI-generated content, but soon reveals issues of human manipulation, leading to a crisis of trust.

3.4 cultural symbol type

Like MOODENG, quickly accumulates popularity based on influencer IP. MOODENG has rapidly gained fame with the Thai influencer Hippo IP, but faces survival challenges after the tide of popularity recedes.

Although the meme coin market is undergoing adjustments, it will still maintain a unique position in the cryptocurrency field as a typical product of the attention economy. Future developments will focus on technological innovations like AI, DeFAI(, and community building to balance speculation and substantive value.