The Road to Creative Equality from DOGE to PEPE Memecoin

In the wild world of cryptocurrencies, nothing is more dramatic than meme coins – they were born as jokes, but they can soar a thousand times in a week, proclaiming “fair launch”, but leaving countless retail investors crying without tears.

In April 2023, PEPE coins swept the market with a fair attitude of “no pre-sale, no pre-mining”, with 93.1% of tokens directly injecting into the liquidity pool and permanently destroyed. This nearly paranoid transparent operation allowed it to attract 400,000 holders in two weeks.

But few people noticed that behind this seemingly perfect fair model, there is the cruelest truth in the meme currency industry: when the technical threshold is smeared by a code-free platform, when “decentralization” becomes a marketing rhetoric, what kind of “equality” are we pursuing?

From Dogecoin’s joke to “Fair Start” myth: meme’s creation code

In 2013, to mock cryptocurrency speculation, programmers Jackson Palmer and Billy Markus created Dogecoin with Japanese Shiba Inu emoticons. No one expected that this “joking coin” would spread like a virus in the Reddit community.

Netizens used it to reward jokers, crowdfund the Olympic funding for Jamaican sled teams, and launched the absurd activity of “Sending Dogecoin to the Moon”. This completely spontaneous community behavior unexpectedly gave birth to the purest fair model in the history of crypto, that is, there is no white paper or team distribution, and 100 billion tokens are generated entirely by mining, and everyone can participate on the same starting line.

Ten years later, Dogecoin’s market value stabilized at the level of 10 billion US dollars. Only then did people realize that the “equality” of meme coins was never in the code, but was in the hands of netizens who stayed up late to post and actively spread emoticons.

But capital quickly rewritten this idealistic experiment. In 2021, Musk, the “Godfather of Dogecoin” jokingly claimed that he was the “Father of Dogecoin” on the SNL program, yelling 34% on the day’s yournal price plummeted, and countless retail investors chasing highs were trapped at high levels. This black humorous twist reveals the fatal contradictions of meme coins. They survive on community emotions, but are easily manipulated by celebrity effects and capital.

Take the 2023 Bonk Coin as an example. It claims to distribute half of the 50 trillion tokens to Solana ecological contributors, hoping to copy Dogecoin’s decentralized gene, but the definition of “contributors” is vague. A large number of tokens eventually flow into early institutional wallets, and it fluctuated sharply to 70% on the first day of its launch.

Joint curves and liquidity traps: inequality wrapped by algorithms

A codeless platform like pump.fun simplifies token creation to “three minutes to get it done”, making the issuance of meme coins seem to be democratizing, but the “United Curve Pricing Model” prompt pops up before clicking the “Create” button hides mathematical traps that most people don’t understand.

This algorithm links price to circulation, creating a fair mechanism that “buying drives price to rise naturally” on the surface, but actually creates new inequality. Data from a cat-themed meme coin “fairly launch” in 2023 shows that the top 100 traders made an average profit of 300%, while the subsequent loss rate of participants was as high as 82%.

Meme coin startup model and its impact on equality

More hidden manipulation occurs in the liquidity pool. Everyone still remembers the SquidGame token crash in 2022. After the developer paired the tokens with Ethereum, he suddenly pulled out all liquidity when the price surged. The tokens in retail investors became worthless code. This “rugpull” (running away) scam has a standard process in the meme currency field.

First, use the promise of “100% liquidity lock-in” to attract funds, then use false community popularity to raise prices, and delete the social account late at night to run away. Data from CertiK Blockchain Security Company shows that in 2023, more than 1,200 meme coin projects “run away with buckets”, with an average life cycle of 4.7 days, and the amount involved reached US$4.3 billion.

The ideal and reality of DAO governance: When community votes become “Giant Whale Game”

In the face of endless scams, DAO (decentralized autonomous organization) was once regarded as the path to redemption of meme coins. The white paper of the NeoPepe project promised that “the community voted to decide every decision, and the developers had no privileges.” However, when the community voted on “whether to destroy 50% of tokens”, the early “big whale” holding 30% of tokens united to reject the proposal, and the 12,000 votes of ordinary holders became a decoration.

The governance difficulties of “seemingly decentralized but actually centralized” in the Meme currency field are everywhere. The “community destruction plan” of Shiba Inu Coin (SHIB) seems democratic. In actual operations, 90% of the destruction comes from ordinary retail investors, but the Giant Whale wallet he held in the early stage has not moved at all.

The irreconcilable contradictions in the Meme currency community have caused this governance failure. On the one hand, they have to rely on the “decentralized” label to attract believers, and on the other hand, if the core team guides the project, it is easy to get messy.

In 2023, a famous frog-themed meme coin community had differences on “whether to go online to a centralized exchange”, and supporters and opponents scolded each other on Discord. As a result, the project stagnated when seven core developers resigned together. Cryptocurrency researcher LauraShin once said: the meme coin community is like a carnival party, and no one knows when the music stops.

Regulatory gray area: When “non-security” identity becomes a fraud protection umbrella

The US SEC designated meme currency as “non-securities”. It wanted to make room for innovation, but was regarded as a talisman by scammers. In 2024, TRUMP currency was used to raise prices and shipped, and the SEC could not classify it as a securities and was difficult to intervene. 12,000 investors lost more than $80 million as a result.

The regulatory loopholes have given rise to more hidden manipulation methods. A team first produced 10 similar meme coins and deliberately let 9 run away. When investors trust the 10th one, they will then take away the money in the name of “cross-chain migration”, “contract upgrade” and so on.

What is even more ironic is that regulatory loopholes are used by some projects to actively carry out marketing. A so-called “compliance meme coin” launched in early 2024 marked the conspicuous white paper that “this project does not comply with the Securities and Exchange Commission’s (SEC) definition of securities”, but secretly added the small words “no guaranteed returns” in the disclaimer clause.

It is difficult for ordinary investors to identify the real risks behind this “compliance packaging + high-risk hint” rhetoric, former SEC commissioner Hester Pierce warned: “Saying meme coins are not securities does not mean they are safe investments, they may be a hundred times more dangerous than securities.”

Survival Guide for Adventurers: How to Save Yourself in Meme Coin Carnival

Although there are many risks, meme coins still make countless people join this carnival. If you have to participate, remember these bloody lessons: you cannot trust the promise of the “anonymous team”. 92% of the projects who run away hide their identities. You must carefully check the liquidity lock-up certificate. The fund pool must be escrowd by a third-party platform and cannot be controlled by the project party. You must also be wary of the “dark horse” that suddenly surges. After all, 87% of the meme coins with an increase of more than 1,000% in 2023 will be revealed within 72 hours.

There are real opportunities hidden in the not-so-noisy corners. Dogecoin has shown in ten years that the value of meme coins has never been in the price curve but in the cultural significance that the community has constantly created. PEPE traders use emoticons to communicate on Twitter and SHIB communities to spontaneously engage in charity activities. At this time, these seemingly meaningless behaviors may be the time when meme coins are closest to the ideal of “equality”.

The equality mentioned here is not the absolute fairness in the code, but a group of people who share common jokes and common beliefs have temporarily forgotten the greed and fraud in the crypto world and are simply enjoying this digital carnival.

Please always remember: When the music stops, you will never be the first one to leave.

Common red flags for unfair meme coin activation

The Democratic Revolution in the Memecoin 2.0 era: Reconstructing the Creative Ecology

While PEPE’s liquidity destruction mechanism is still regarded as a fair model, new evolution has quietly taken place in the crypto market. In 2025, the DJ.DOG project incubated by HashKey transformed Memecoin from a “speculation tool for a few people” to a “creation platform for most people”.

This team that won the championship in the Hangzhou Solana Hackathon relies on the combination of “top organization endorsement + community operation gene + technology competition verification” to perfectly solve the creative democratization problem that has plagued the industry for many years.

Identity Jump from Trader to Creator

The traditional Memecoin market has an invisible glass ceiling, and 99% of participants can only do passive transactions, and the creative rights are tightly held by a few people with the Cabal community identity, technical capabilities and knowledge of the gray areas of regulation.

The DJ.DOG team has experience in operating a community of 3 million users. They found that ordinary users have three fears about issuing coins, namely, fear of being called a scammer with psychological burden, lack of technical barriers in smart contract development capabilities, and community thresholds in which there is a 2-3-hour information difference with front-line players.

This shackle is about to be broken, and its upcoming “People Participation” function builds a unique solution: Solana’s on-chain detrustworthy team is implemented, and the system automatically matches 3–5 users with different skills with smart contracts (such as creators who understand design, communicators who are good at community operations, etc.), and all members must provide unrelated clean wallet addresses to ensure the decentralization of the creative process.

There is also a more innovative data feature cloning technology. When entering the theme of “Musk Tweet”, the system will automatically extract the characteristics of successful tokens such as PEPE and DOGE under similar narratives (such as the initial liquidity ratio, transaction frequency in the first 24 hours, and associated social account activity), and generate the optimized token parameters with one click. The original 3-day work of the veteran developer is now compressed to 5 minutes.

The business logic behind technological equality

The full-stack tool matrix built by DJ.DOG supports this democratic creation. Its self-developed aggregation engine at the transaction level can reach a transaction speed of 0.5 seconds, 3 times faster than the industry average. This speed is thanks to the team’s careful polishing of high-performance public chain optimization solutions in Solana Hackathon.

After the data layer connects to Musk’s real-time tweet stream, the narrative recognition speed is 2 minutes faster than traditional tools. When Musk released the content related to “Dogcoin Moon Landing”, DJ.DOG users can complete the entire process from token minting, liquidity injection to social dissemination in 120 seconds, and the speed advantage directly becomes a creative initiative.

Its regulatory compliance strategy is more worthy of attention. The team clearly positioned the product as a “on-chain entertainment tool”, embedded the “no investment commitment” disclaimer clause in the smart contract, and also hid the developer’s address through a trustworthy teaming mechanism.

This design not only fits the SEC’s 2025 Memecoin non-security attribute recognition guide and alleviates legal concerns for users. In the Hackson Award speech, the team emphasized: “What we are building is not financial products, but a digital creation field that allows ordinary people to participate.”

The essential difference from the traditional paradigm

Dogecoin is a community spontaneous model, PEPE is a fair start mechanism, and DJ.DOG is innovative compared to it. It extends “fairness” from the issuance link to the entire life cycle. However, the fairness of traditional meme coins is gone after token distribution. DJ.DOG continues to achieve fairness through three mechanisms:

  • Creative stage: Data feature cloning technology eliminates technical barriers, allowing non-technical users to copy the on-chain genes of successful tokens;

  • The stage of transmission: Decentralization of early communication is ensured by forced social tasks (such as Twitter retweets and community discussions);

  • Trading phase:15000+ The smart money tracking system can make the information transparency of retail investors and institutions equal.

The core definition of Memecoin 2.0 is the transformation from “pure speculative target” to “creative tools + social platforms” and this evolution echoes it. Beta users reported that sending coins in the past was like walking a tightrope, but now it is like playing a sandbox game.

Potential challenges and critical thinking

However, democratization of tools may not necessarily achieve creative equality. Although DJ.DOG’s AI narrative analysis function lowers the technical threshold, GrokAPI’s priority access rights are controlled by paid institutions, which may create a new “data privileged class”. The randomly matched creative teams have conflicts in terms of interest distribution, decision-making consensus, etc., which is still an unverified uncertain factor. These contradictions just show the essence of Memecoin’s evolution, that is, fairness is not the end point of static, but the dynamic process of constant game between technology and human nature.

If ordinary users can create their own meme coins with their mobile phones within 5 minutes and their creative income can be automatically distributed to each communication node through smart contracts, then Memecoin may be really shifting the paradigm from “a few people create bubbles” to “a digital cultural experiment involving most people”, and the DJ.DOG example shows that technological innovation can not only change the issuance method of meme coins, but also reshape its social value foundation.

Written at the end

The Memecoin market is a highly dynamic and rapidly evolving area in the cryptocurrency ecosystem characterized by the inherent tension between the ongoing innovation of mechanisms and governance models, the ideal of decentralization and equity and the actual need to ensure initial funding and long-term sustainability, which may drive the development of more complex hybrid models in the future.

As the market matures, even if not resulting in all memecoins being classified as securities, the increasing regulatory scrutiny may drive greater transparency, accountability and reduced fraud activities, which may indirectly help create a more equitable environment for participants, and the journey to achieve true equality in the memecoins field remains a continuous evolutionary process shaped by technological advances, community dynamics and regulatory developments.

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