Musk, the Guru of Meme Tokens, from the intentional Doge to the unintentional ClosedAI, has become the undisputed Meme Godfather. The following is an introduction to typical Musk concept Meme coins. This article is sourced from Jinse Finance and compiled and written by PANews.
Article:
(Previous Summary: “Twitter Logo Changes to Dogecoin”: Shanzhai Project Rugs in 3 Hours; NFT “Memes by 6529” Soars with Musk’s Support)
(Background Supplement: Why Can Airdrops and Memes Lead New Adoption and Speculation Cycles?)
Table of Contents:
Doge
FLOKI
TROLL
GROK
SMILEY
Conclusion
Musk concept meme coins have skyrocketed again, this time with “ClosedAI”. On March 6th, Musk criticized OpenAI multiple times on Twitter, mentioning “ClosedAI”. This meme token surged over 2800% within three hours.
Musk can be considered an expert in promoting meme tokens, from the intentional Doge to the unintentional ClosedAI. Musk has become the deserving godfather of memes. He not only actively promotes individual meme coins but also has people monitoring his Twitter to discover blockchain projects or mass-produce meme coins as soon as possible. The following is an introduction to typical Musk concept meme coins.
Further reading: Musk Deletes Twitter “Chief Troll Officer” Bio, Meme Coin $TROLL Plummets 50%
Doge
Doge was born in 2013 and was initially used for small online tips. During the bull market in 2021, Musk frequently made comments about Doge on his Twitter. He publicly endorsed Dogecoin during his appearance on a TV show. The latest high-profile endorsement was in April 2023 when Twitter’s icon was changed to a Shiba Inu, causing Doge’s price to increase by 30% on that day.
It can be said that Doge is now deeply linked with Musk. There are rumors that Musk wants to use Doge as a payment token on Twitter and as a token for circulation on Mars… Under various speculations, Doge’s popularity has remained high.
Currently, Doge has a market value of $22 billion and ranks 9th.
Further reading: Is X-Pay Coming? Musk Unexpectedly Creates “@XPay” Account, Dogecoin Jumps 13%
FLOKI
Another member of the dog family, in 2021, Musk posted pictures of his pet Shiba Inu named FLOKI on Twitter. Subsequently, someone created a meme token with the same name. Currently, FLOKI is not just a meme coin. Starting from the meme coin, the team has also established NFT, DeFi, and blockchain games, as well as crypto-related education courses. Its market value and number of holders are among the top in the meme coin market due to the previous bull market in the zoo sector. However, its other projects established within its ecosystem are not as popular as its meme project.
Currently, its market value is $1.28 billion, ranking 82nd.
Further reading: FLOKI Appears on China’s CCTV! Becomes Sponsor of Ping Pong Tournament “Not Afraid of Mosaic”, Trading Volume Soars 400%
TROLL
On January 9, 2024, Musk changed his Twitter bio to “Chief Troll Officer (CTO)”, and the price of TROLL token soared. However, TROLL was actually a token deployed on Ethereum a year ago, but it didn’t make much waves until Musk changed his Twitter signature. After Musk deleted his Twitter signature, TROLL also plummeted by 50%.
However, in this round of Meme craze, it has also doubled in price. Compared to SMILEY, TROLL is a more vibrant meme coin.
Currently, its market value is $68.36 million, ranking 2366th.
GROK
In December 2023, Musk announced the launch of the first AI model, GROK, and a meme token with the same name was subsequently created. Its price increased fivefold in two days. However, when it was revealed that GROK was created by a fraudulent artist, its price plummeted.
Currently, GROK has a market value of $67 million, ranking 2401st.
SMILEY
On January 16, 2024, Musk released a meme image on which the price of the previously deployed token, SMILEY, on Ethereum surged due to the inclusion of meme and smiley elements in the text. The price rose by 895% in one day.
However, like most meme tokens, the price of SMILEY plummeted after experiencing a surge. Although it has experienced this round of Meme craze again, its price has not experienced another surge.
Currently, its market value is $2.13 million, ranking 2619th.
Conclusion
Just a week ago, Musk stated on Twitter, “Fine, I will get back on the meme grindstone!” As a result, the Meme token market has once again stirred up. Meme coins themselves are driven by emotions in the market, and celebrity endorsements of meme coins are always influential due to their popularity. In addition to Musk, meme tokens related to Vitalik have also experienced significant growth. However, these celebrity-related meme coins are also affected by the words and actions of celebrities, and the risks are higher. For example, Musk’s statement on a TV show that “Doge is a scam” caused a significant drop in its price.
Most meme tokens that ride on the concept of celebrities have a short lifespan. After experiencing a surge, they usually plummet and become neglected. Only meme coins like Doge, which Musk continuously endorses, will continue to remain popular. For investors, what they need to do is to discover early opportunities related to meme and actively invest, and then exit when the market is buzzing.
Looking forward to Musk actively embracing meme culture, which will give rise to the birth of more meme coins with hundredfold or thousandfold returns in this bull market.
Further reading: Is Investing in Meme Tokens the Dumbest Choice during a Bear Market?