The Development of Meme Coin: From Frenzy to Rationality

The development of meme coin can be roughly divided into three key stages:

1. Breaking Ground/Fundamentals (2013-2016)

This period witnessed the original innovative journey of meme coins from zero to one, showcasing a unique ecology that coexists with brutal growth and natural selection. Marked by the birth of DOGE in December 2013 and culminating in 2016 with the maturity of Ethereum's smart contract technology, it constitutes the purest and most authentic "Genesis Era" in the history of meme coin development.

Main features:

• The technical aspect is mainly based on the code forks of Bitcoin or Litecoin.
• The market performance is polarized; most projects are short-lived, while a few, like DOGE, exhibit astonishing vitality.
• Established the basic model and cultural genes of meme coin

Typical case:

• Ephemeral type: Mooncoin, TIPS, Nyancoin, etc.
• Unbeatable General Type: DOGE

2. Dormancy/Outbreak ( 2017-2021)

The past five years have witnessed the transformation of meme coin from a fringe subculture to a mainstream financial asset. The maturity of smart contracts has restructured the issuance logic of meme coins, and the popularity of the ERC-20 standard has significantly reduced issuance costs.

Main features:

• Technically based on smart contracts, issuance costs are significantly reduced.
• The market size is experiencing explosive growth, with head projects like DOGE surpassing a market capitalization of 10 billion USD.
• Value perception reconstruction, meme coin is beginning to be regarded as a legitimate financial asset.

Typical Case:

• Meteor Shining Type: UET, HOGE, etc.
• Stellar Luminous Type: SHIB
• Transformation Breakthrough: FLOKI, SAMO, etc.

3. Precipitation/Reconstruction (2022-2025)

The meme coin market has begun a deep adjustment from frenzy to rationality. New narratives and technological innovations are constantly emerging, and the market is entering a reshuffling period.

Main features:

• The issuance is more reliant on public chain ecology, with new narratives emerging in political finance, AI, and so on.
• The market is experiencing significant fluctuations, and most projects are facing a survival crisis.
• Some projects have begun to explore practical application scenarios and value capture models.

Typical case:

• Short-term speculation type: TRUMP
• Ecological-driven: WIF, BONK
• Narrative Innovation Type: GOAT
• Cultural Symbol Type: MOODENG

In the future, the meme coin market will continue to face the balancing test of "speculation versus 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 coins will still maintain their unique position and influence in the cryptocurrency field.