Meme Coin Sector Heats Up: A Look at Potential Meme Coins on Different Public Chains
Introduction:
In the cryptocurrency market this year, a unique trend is emerging. This phenomenon can be described as “creating assets when there are none, and creating narratives when there are none.”
This is the best depiction of the craze in the cryptocurrency market this year. In this process, the attitude against traditional venture capital (VC), the creation of new assets, and the shaping of consensus have contributed to an irresistible FOMO phenomenon.
Beyond the craze, another force is spreading, and that is Meme Coins. These coins are usually based on animal motifs, such as chickens, dogs, monkeys, frogs, etc., and have emerged continuously, achieving astonishing gains in the recent bull market. The popularity of the Meme sector is also on the rise. Surprisingly, some Meme Coins have seen their prices increase by more than 100 times in just one week.
CoinGecko: AI, GameFi, and Meme Coins are the three major cryptocurrency narratives for 2023.
This phenomenon reflects the high popularity of the Meme sector and implies the underlying motivations behind this market trend. In the following sections, we will take a detailed inventory of Meme Coins on different chains and explore their characteristics and market performance.
Silly Dragon:
In the Solana ecosystem, the Meme Coin Silly Dragon has recently gained widespread attention, especially after the unique connection between it and its founder Toly (aeyakovenko) emerged. Last Saturday, the Meme project Silly Dragon suddenly attracted Toly’s attention. This attention went beyond social media interactions and extended to his personal image presentation. In Toly’s Twitter profile picture, he is wearing a dragon costume similar to the cartoon image of Silly Dragon. This detail has been interpreted by the community and the market as suggestive support for the Silly Dragon project.
This connection is not limited to online interactions. Toly even cosplayed as a dragon during a public meeting, further solidifying his connection with Silly Dragon. The green dragon costume he wore astonishingly matched the cartoon image in his Twitter profile picture. Although these fragmented pieces of information do not directly prove substantive connections between the founder of Solana and Silly Dragon, the existence of these elements visually strengthens the association between Silly Dragon and Toly.
Another factor driving the popularity of Silly Dragon is that next year is the Year of the Dragon in China, making this narrative more popular in the Chinese community. It is worth noting that within 1-2 hours of Toly expressing his attention to Silly Dragon, the price of Silly tokens nearly increased tenfold, indicating the market’s sensitivity to this association.
Currently, Silly Dragon has increased by more than 80 times, with a price surpassing 0.13 USDT. The total supply of Silly tokens is 1 billion, with a market value of approximately 118 million USD and a 24-hour trading volume of 36.14 million USD. There are over 6,000 addresses trading on the chain, and currently, there are more than 13,000 addresses holding SILLY tokens. Among them, the address “bitgetzero.sol” holds the highest proportion at 6.78%, ranking first; the address “HRgsV 5…zhjg” closely follows with a proportion of 5.77%, while the address “12 eC 4 Ew…KgkW” ranks third with a proportion of 2.19%.
This phenomenon demonstrates the cryptocurrency market’s ability to quickly react to specific events and highlights the unique position and influence of Meme Coins in the cryptocurrency ecosystem. Although the market’s interest in Silly Dragon may be driven by specific factors, its long-term performance still needs further observation.
COQ:
The Meme representative on the Avalanche chain, self-proclaimed completely useless for entertainment
AVAX tokens have recently shown significant growth momentum. According to data from OKX, AVAX’s price recently reached a new high of 46 USDT within the year. This growth not only highlights AVAX’s strong performance but also reflects the overall vitality of the Avalanche ecosystem. In this ecosystem, besides AVAX, other types of tokens are attracting market attention, including Meme Coins.
In the Meme Coin field, the COQ (Avalanche Chicken) token is particularly noteworthy. This chicken-themed Meme token was launched on December 8 last year and has rapidly grown in market value, reaching as high as 230 million USD. Interestingly, despite the impressive market performance of the COQ token, its developers explicitly state that the token has no intrinsic value and should not be expected to provide any financial returns. This seemingly contradictory phenomenon is not uncommon in the cryptocurrency field. The official website of COQ even declares, “This token is completely useless, only for entertainment.”
However, despite the developers’ low-key evaluation of COQ, it still attracts significant attention in the market. Currently, COQ is listed on the well-known cryptocurrency exchange Kucoin. The growth in market value and the high trading volume demonstrate that even tokens touted as “useless” can attract significant investor attention in specific market environments. The success of COQ partly indicates that a portion of the driving force in the cryptocurrency market comes from the interests and participation of community members rather than purely economic value.
In the Avalanche ecosystem, COQ has become a notable emerging token with over 30,000 holders and a daily trading volume of 30 million USD.
ZeekCoin:
The Meme Coin in the ZKSync ecosystem, the project team retains only 10% of the total assets
In the ZKSync ecosystem, a Meme Coin called ZeekCoin has recently attracted market and founder attention. Although ZeekCoin has not received official recognition, it is regarded as a symbol of the unofficial mascot “Zeek” for zkSync. This unique positioning has given ZeekCoin a place in the ZKSync ecosystem, attracting the attention of investors and community members.
From the perspective of token economics, ZeekCoin has adopted some unique strategies. Firstly, it did not conduct any presale, meaning that all tokens are distributed through market trading rather than pre-set sales. Secondly, ZeekCoin sets a limit of 2% of the total supply for each transaction, which may aim to prevent market manipulation and excessive influence from single large holders. Additionally, ZeekCoin imposes a 2% tax fee on each sale, a mechanism commonly used to support long-term project operations or provide funds for community incentive plans.
In terms of token distribution, ZeekCoin demonstrates its emphasis on market liquidity by allocating 80% of the tokens to the liquidity pool, ensuring market liquidity and stability. The project team only retains 10% of the tokens, reflecting their confidence and commitment to the project’s future. Additionally, 10% of the tokens are used for community rewards, incentivizing community members’ participation and contributions.
ZeekCoin also introduces a limitation where each wallet can hold a maximum of 2% of the total supply, which helps promote token distribution among a wider user base and avoid excessive concentration risks.
The positioning and strategies of ZeekCoin in the ZKSync ecosystem, while unique, also bring market uncertainty. As a Meme Coin, it may not be seen as a traditional investment tool but more as a form of community culture and participation. For investors, this means they need to keep an eye on ZeekCoin and its market performance while maintaining a clear awareness of its potential risks and volatility.
LONK:
Homophonic with LONG, the Meme Coin representative in the NEAR ecosystem
In the NEAR ecosystem, the LONK token has become a representative Meme Coin.The first widely recognized meme coin, LONK, has garnered attention from NEAR officials and related ecosystem members. This unique meme coin is not only creative in its name – LONK, pronounced as “LONG,” evokes associations with the Chinese word for dragon, “long.” It also incorporates elements of humor and entertainment.
The design concept and community culture of LONK are filled with fun and creativity. Its slogans, “LONK IS LONG, LONK IS 龍, LONK IS DRAGON,” as well as “LONK IS FREN WITH BONK,” “LONK IS LOVE,” embody a relaxed and friendly community atmosphere. LONK is explicitly described as different from general meme coins; it emerges from collective friendship and is deeply rooted in the fields of memetics and humor.
In terms of supply, the total supply of LONK is set at 42.069 billion, with 83.058% allocated to liquidity pools (LPs) and the remaining 16.9420% reserved for airdrops, exchange listings, and other purposes. It is worth noting that LONK adopts some unconventional strategies, such as no taxes, no team allocation, no venture capital (VCs), no presale, and no BS (no unnecessary talk). These strategies indicate that LONK operates fundamentally differently from many other cryptocurrency projects.
LONK token is defined as a purely entertainment-oriented meme coin with no intrinsic value and no commitment to financial returns. Its management is informal, with no dedicated team or defined roadmap. It serves purely as a symbol of entertainment. These characteristics make LONK present a unique style in the NEAR ecosystem, becoming a project based solely on community participation and entertainment.
For market participants, the existence and operational approach of LONK provide a window into the diversity of the meme coin space. It showcases that in the cryptocurrency market, in addition to traditional investment and financial returns, there are unique projects based on community culture and entertainment. However, investors need to recognize that meme coins like LONK may bring high volatility and uncertainty, so caution should be exercised when participating.
Minu: Born in the Manta Pacific ecosystem, the project is still in its early stages.
In the Manta Pacific ecosystem, Minu, as the first meme token, bears the token name $MNU, marking a new development stage for the ecosystem. However, as an exceptionally early project, the specific details and tokenomics of Minu have not been fully disclosed, presenting some challenges in fully assessing and understanding it.
Currently, information about Minu is relatively limited. As an emerging project in the Manta Pacific ecosystem, its launch has aroused curiosity and attention from the community. Since the project is still in its early stages, many crucial project details, including its long-term vision, goals, and integration into the existing Manta Pacific ecosystem, have not been fully clarified.
Regarding Minu’s economic model and strategy, the known information is that it will not implement any form of transaction tax (No tax). This strategy may indicate that the project hopes to promote wider participation and liquidity by reducing transaction costs. However, the absence of transaction taxes may also mean that the project needs to sustain its long-term operation and development through other means.
Although Minu is a new project in the Manta Pacific ecosystem, its development potential and influence are currently difficult to accurately assess. However, its emergence undoubtedly brings new vitality and possibilities to the ecosystem. With more information disclosed, Minu may demonstrate its unique position and role in the Manta Pacific ecosystem. For observers of the cryptocurrency market and the meme coin space, the development of Minu will be a point worth noting.
AIDOGE: The first meme asset in the Arbitrum ecosystem, combining AI technology.
ArbDoge AI, as an important project in the Arbitrum ecosystem, is not only the first meme coin in the ecosystem but also combines artificial intelligence (AI) technology, Arbitrum technology, and popular Doge elements, injecting new vitality into the Arbitrum ecosystem.
The project distributed 2.1 trillion AIDOGE tokens fairly to the community from April to May this year. The circulating supply is currently about 183.15 trillion tokens, with a market value of approximately $38.39 million. The launch and operation of AIDOGE have not only created FOMO in the market but also opened up new narrative gameplay.
AIDOGE’s distribution method combines a decreasing airdrop and lucky draws, which increases market participation and introduces a certain element of speculation. Addresses eligible for ARB token airdrop can receive 95% of the tokens for free, while the remaining 5% is used to reward new users invited. This distribution mechanism not only incentivizes early community participation but also effectively slows down market sell-offs by gradually reducing the token distribution.
Additionally, AIDOGE introduces a transaction burning tax mechanism, meaning that 15% of tokens are used for various purposes with each on-chain transaction, including ecosystem development, token burning, rewarding liquidity providers, purchasing ARB tokens for subsidy, protocol gamification and voting, as well as providing staking dividends and lucky drop rewards for AIDOGE holders. This complex tax structure aims to stimulate market activity and support the development of the entire ecosystem.
AIDOGE also provides opportunities for mining and liquidity provision, with extremely high annual yields in compounded scenarios. At the same time, the project further stimulates user participation through lucky drop activities with specific conditions. After purchasing a certain quantity of AIDOGE, users are eligible to participate in a draw held every half hour. This frequent reward distribution increases market activity.
These characteristics of ArbDoge AI not only demonstrate the application of innovative strategies in the cryptocurrency market but also reflect the market’s acceptance of new incentive mechanisms. Although these strategies may bring high volatility and uncertainty, they also provide new motivation and development directions for the Arbitrum ecosystem and the overall cryptocurrency market.
With the development of the cryptocurrency market in late 2023, we have observed a change in trends: a shift from technology-driven innovation to market speculation driven by emotions. This shift reflects the characteristics of the cryptocurrency market in different periods and the evolution of investor mentality.
Looking back at the ICO craze in 2017, projects at that time would mostly provide detailed technical whitepapers, emphasizing their technological advantages and future visions. These projects typically attracted attention based on their technical innovation and potential market applications. In the DeFi boom of 2020, most projects focused on elucidating their potential economic returns and liquidity advantages to attract investors and liquidity providers.
However, by 2023, we see emerging trends in the cryptocurrency market, particularly projects related to meme coins, which seem to rely more on emotion-driven market hype. These projects may no longer emphasize technological innovation or specific application scenarios but instead drive price increases by attracting community attention and utilizing market hotspots. This phenomenon may reflect some market fatigue, where investors, after experiencing a long period of technology-oriented projects, seek more direct and simple market participation methods.
This shift also poses some questions about the future development of the cryptocurrency market. While emotion-driven market speculation can bring significant price volatility and attention in the short term, it lacks a solid foundation for long-term stability and sustainable growth. Without strong technical support and practical applications, such trends may quickly fade.
Therefore, for participants in the cryptocurrency market, understanding the dynamics of the market’s changes is crucial. Although following market hotspots and emotions may bring short-term gains, long-term market health and stability rely more on genuine technological innovation and practical application scenarios. Maintaining focus on project fundamentals and rational analysis of market trends in investment decisions will be key to avoiding risks and achieving long-term value appreciation. Whether the future of the cryptocurrency market can achieve true prosperity and stability may depend on finding a balance between technological innovation and market sentiment.
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