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On November 12, 2024, Trump, who won the US presidential election, announced that he would establish the Department of Government Efficiency (DOGE) after taking office, which will be owned by Elon Musk andIndian-born entrepreneur and former Republican candidate Vivek Ramaswamy collaborates on the management to provide advice and guidance from outside the government, promote large-scale structural reforms, and create unprecedented ways of government entrepreneurship.
Although this news has no direct connection with encryption, the market price of this digital asset (Dogecoin) soared to the highest level in 2024 due to the abbreviation of the department “DOGE” and the same name as a digital asset supported by Elon Musk., and on November 23, 2024, the market value reached its recent highest value, which increased by about 56% compared with the market value the day before the announcement of the news of the “Setting up the Ministry of Government Efficiency” was announced.
About Dogecoin
Dogecoin (DOGE) was developed and created in December 2013 by software engineers Billy Markus and Jackson Palmer, and it was initially just a product to joking about the BTC market.Its name comes from the English word “dog” in the wrong spelling of “dog” on the Internet, and the image is based on Kabosu, a popular Shiba Inu emoticon package that was created at the time.
In 2021, thanks to Elon Musk’s promotion on social platforms, Dogecoin’s price ushered in a historic peak, once becoming a representative of online culture on social media platforms such as Reddit and Twitter, and has driven many similar products.Born, therefore,They are also given a common and interesting name called Meme Coins.
imToken now supports Dogecoin accounts
existVersion 2.16.1In the past, imToken has added support for Dogecoin and Osmosis accounts, optimized account record functions, and comprehensively upgraded the interactive design related to digital assets.You just need to click “Add Account” on the “Wallet Management” page and select Dogecoin from the list to add.
Review the development history of Meme Coins
1.origin
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2013: Dogecoin becomes the first Meme Coin.
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2014 ~ 2019: Meme Coins began to be active in crypto communities and is often used in rewards, donations and other scenarios.
2.Inflame
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After 2020: As social media influence grows, Meme Coins has been supported and promoted by many opinion leaders on social media.
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2021: Elon Musk frequently publicly expressed his support for Dogecoin on Twitter, causing its price to soar, and finally officially triggered the trend of Meme Coins.At the same time, Meme Coins such as Shiba Inu have also risen rapidly and compete on the same stage with Dogecoin.
3. Prosperity
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From 2022 to 2023, thematic Meme Coins are accelerating their emergence (such as Baby Doge, Floki Inu, etc.) and are beginning to integrate with DeFi projects.
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Since 2024, with the launch of the Layer2 project Base, Meme Coins has ushered in an era of prosperity. The market value of the new Meme Coins has grown extremely fast, and the increase can exceed 100 times in less than half a year.
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Today, three of the top ten Meme Coins in the market cap are launched recently in 2024, such as Brett (BRETT), BOOK OF MEME (BOME), and DOG•GO•TO•THE•MOON (Runes) DOG.Among them, BRETT on the Base chain performed particularly well, with market value increasing by more than 177 times since its release, becoming a new highlight of the Meme Coins market.
△ Popular Meme Coins
Source: coingecko.com / Screenshot on December 19, 2024
Meme Coins’ cultural identity
Meme is a trendy culture, its essence emphasizes equal participation, self-expression, widespread communication, and is usually spread with cultural symbols such as interesting, imitative or ironic pictures, videos or emoticons.When Meme culture was introduced into the Web3 world, it echoed the decentralized model and community enthusiasm of the Web3 world, and a large number of personalized and interesting Meme Coins were born, and a unique decentralized cultural identity of Meme Coins was formed, which was therefore supported by usersSought after, this cultural identity includes:
● Creativity and entertainment: For example, Dogecoin and Shiba Inu use cute images such as Shiba Inu, which lowers the psychological threshold through humorous packaging, making more people willing to try it.
● Decentralization and community creation: Meme Coins is usually combined with popular online culture, with strong self-creation and makes holders feel more interesting and belonging than traditional digital assets.
● Low threshold for participation and collective resonance: Meme Coins has a low threshold for holding, but thanks to its often associated with specific events or cultural symbols, it can quickly resonate with group resonance, so its market value soars rapidly and community promotion power is strong.
Meme Culture needs to be vigilant
Creative, personal and humorous presentation is the essence of Meme culture, but at the same time, Meme culture, as a type of trend culture, also has common problems with trend culture, such as the possibility of shallowness, amplification of prejudice, creation of discrimination or misinformation.etc.
Meme Coins, due to its need to rely on trend culture to release value, has a deep reliance on market sentiment, has high market value volatility and high risk of speculation.If the popularity of the trend culture we rely on fades, Meme Coins is likely to experience big ups and downs.For example, in 2021, Meme Coins SQUID, which is themed on the popular Korean drama “Squid Game”, soared thousands of times in just a few days, but then the price instantly returned to zero, causing heavy losses to holders.
