Review and Analysis of the Development History of Meme Coin

Meme coin, as one of the most unique existences in the field of cryptocurrency, combines cultural attributes and financial characteristics. Reviewing the history of meme coins is also a review of the collision between internet culture and financial speculation. From the initial sarcastic jokes to the virtual currency that now occupies a place in the market, meme coins are telling us through their experiences - in today's era, cultural resonance and community belief may drive value creation more than technical white papers.

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

1. Breaking Ground/Foundation (2013-2016) - Barbaric Growth, The Tide Washes Away the Sand

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

Meme coins in this stage can be mainly divided into two categories:

1.1 Ephemeral

Projects like Mooncoin, TIPS, and Nyancoin have sparked market interest in the short term, but ultimately they struggle to escape the fate of being "flash in the pan." They lack sustained cultural depth and community drive, quickly fading away once the hype dissipates.

1.2 General Winning Type

Represented by DOGE, these projects successfully combine internet cultural symbols with cryptocurrencies, establishing a strong community consensus, thereby surviving and continuing to develop in the long term.

2. Dormancy/Outbreak ( 2017-2021) - In the era of smart contracts, meme coins usher in a qualitative change.

These five years have witnessed the transformation of meme coins from a fringe subculture to mainstream financial assets. The maturity of smart contracts has completely restructured the issuance logic of meme coins, giving rise to the craze of "everything can be a meme."

Meme coins in this stage can be divided into three categories:

2.1 Meteor Flash Type

Projects like UET, HOGE, etc., rely on short-term speculative sentiment and quickly collapse after the hype fades.

2.2 Stellar Bright Type

Projects like SHIB have successfully built a complete ecosystem, breaking the limitations of meme coins.

2.3 Transformation Breakthrough Type

Projects like FLOKI and SAMO are attempting to rebrand and expand their ecosystems, but progress is slow due to various constraints.

3. Precipitation/Reconstruction ( 2022-2025 ) - The Rise of New Narratives, the Market Begins to Reshape

At this stage, meme coins rely more on public chain ecosystems and new narratives such as political finance ( PolitiFi ), AI, etc. They are mainly divided into the following categories:

3.1 Short-term Speculation Type

Like TRUMP, it relies on political hotspots, but the risks are extremely high.

3.2 Ecological-driven

Such as WIF, BONK, relying on the public chain ecosystem, achieving explosive growth in a short period.

3.3 Narrative Innovation Type

Like GOAT, it is hyped up by combining AI concepts, but it faces a trust crisis.

3.4 cultural symbolic type

For example, MOODENG uses influencer IP to achieve short-term popularity, but its sustainability is questionable.

Looking to the future, meme coins will continue to face the balance test of "speculation versus substance." Technological innovations like AI, DeFAI(, and community building will be 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 space.