Recently, a seemingly ridiculous crypto asset has surpassed Bitcoin in terms of search volume on Google. This so-called "MemeCoin" originated from an Internet meme, but is now causing a craze in the cryptocurrency market.
The joke origins of Memecoin
The joke origin of meme coins can be traced back to the launch of Dogecoin in 2013, a cryptocurrency based on Internet pop culture, with a Shiba Inu Internet meme as its logo. Dogecoin was originally just a joke, created by software engineers Billy Markus and Jackson Palmer, with the original intention of making a playful criticism of the speculative frenzy of Bitcoin and the rapid expansion of the cryptocurrency market. This form of humor and satire quickly resonated in the Internet community and quickly gained attention through viral spread on social media.
Image source: Internet
MemeCoin Frenzy on Solana
According to official data from SolanaFloor, the total market value of Solana ecosystem Meme coins has exceeded $11 billion. According to the latest market report released by Wintermute, Solana's weekly on-chain transaction volume has increased by 50% in a short period of time, reaching a staggering $39 billion. In this remarkable growth, Meme tokens played a key role, contributing 40% of Solana's transaction volume. Among them, pumpfun tokens accounted for 35% of the total transaction volume in decentralized exchanges (DEX), like a market detonator.
Solana not only has an eye-catching performance in terms of trading volume, but its dominance in the token generation market is also rapidly increasing, with its market share jumping from 60% in early September to 86%, and the weekly token generation volume soaring from 45,000 to 110,000. This growth not only reflects the potential of Solana technology, but also reflects the market's deep expectations for its future application scenarios.
These numbers are not just cold data, but also a symbol of Solana's emergence in the global crypto market. In almost every price reversal this year, Meme coins have always been the market leader. With their unique culture and community effects, they have set off a market frenzy and attracted the attention of global investors.
The Meme Token Revolution: A Shift in Market Perception
Memecion has several major differences from traditional cryptocurrencies: Meme coins are extremely volatile, and their value can change dramatically in a short period of time; Meme coins usually have a large or unlimited supply; the value of Meme coins is determined by the current hot topics surrounding the token, and the value of each token may be very low.
The growing interest of institutional investors in tokens with these characteristics is not just a pursuit of short-term gains, but may also mark a profound shift in market perception. Traditional investors are beginning to re-examine these tokens that were once considered "jokes" with very low per-token values, trying to dig out deeper value from them.
The founder of CreatorDAO said, "The current meme market is dominated by Internet celebrity cute pets and Internet celebrity vocabulary. Memes with strong community support have the greatest potential in the future due to their cultural identity and sense of belonging."
The new godfather Murad also said that meme coins have more functions than almost all altcoins. They provide fun, reduce loneliness, and identity.
Image source: x
In fact, meme coins originated from a Shiba Inu online meme, a joke, and unlimited supply. The change in market investors' understanding of the value of meme coins represents a change in market perception, and the market is beginning to pursue tokens driven by social media trends, community hype, and sometimes even celebrity endorsements, rather than being limited to the financial fundamentals behind them.
