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. The department will be managed by Elon Musk and Indian-born entrepreneur and former Republican candidate Vivek Ramaswamy, aiming to Provide external advice and guidance to promote large-scale structural reforms and create unprecedented entrepreneurial methods.

Although this news is not directly related to encryption, because the department's abbreviation "DOGE" has the same name as a digital asset backed by Elon Musk, it has made a big splash. Promoting the market price of this digital asset (i.e. Dogecoin) to soar to the highest level in 2024, and the market value reached its highest value in the near future on November 23, 2024. Compared with the "establishment The market capitalization the day before the "Efficiency Ministry" news was announced increased by approximately 56%.

About Dogecoin

Dogecoin (DOGE) was founded in December 2013 by software engineer Billy Markus Developed and created by Jackson Palmer, it was originally just a product to tease the BTC market. Its name comes from the misspelling of "dog" in English on the Internet, and its image is based on the popular Shiba Inu emoticon Kabosu.

In 2021, thanks to Elon Musk’s promotion on social platforms, the price of Dogecoin ushered in a historic peak, once becoming the top trend on Reddit and Twitter They are representatives of Internet culture on social media platforms and have led to the birth of many similar products. Therefore, they are all given a common and interesting name called Meme Coins.

imToken now supports Dogecoin accounts

In version 2.16.1, imToken has added It supports Dogecoin and Osmosis accounts, optimizes the account recording function, and comprehensively upgrades the interaction design related to digital assets. You just need to click "Add Account" on the "Wallet Management" page and select Dogecoi from the listn to add.

Reviewing the development history of Meme Coins

1. Origin

2013: Dogecoin became the first Meme Coin.

2014 ~ 2019: Meme Coins began to be active in the crypto community and were often used in scenarios such as rewards and donations.

2. Detonation

After 2020: With With the growing influence of social media, Meme Coins has been supported and promoted by many opinion leaders on social media.

2021: Elon Musk frequently publicly expressed support for Dogecoin on the Twitter platform, causing its price to skyrocket, and finally officially detonated the trend of Meme Coins. At the same time, Meme Coins such as Shiba Inu are also rapidly rising to compete with Dogecoin.

3. Prosperity

2022~2023, Themed Meme Coins are rapidly emerging (such as Baby Doge, Floki Inu, etc.) and are beginning to be integrated with DeFi projects.

Since 2024, with the launch of the Layer2 project Base, Meme Coins has ushered in a prosperous era, and the market value of the new Meme Coins has grown rapidly. It is extremely fast, almost increasing by more than 100 times in less than half a year.

Today, among the top ten Meme Coins by market value, 3 were newly launched 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 has performed particularly well, with its market value increasing more than 177 times since its release, becoming a new highlight in the Meme Coins market.

△Popular Meme Coins

Picture source: coingecko.com / Screenshot on December 19, 2024

Cultural identity of Meme Coins

Meme It is a trend culture whose essence emphasizes equal participation, self-expression, and wide dissemination. It 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 with the decentralized model and community enthusiasm of the Web3 world. A large number of personalized and interesting Meme Coins were born, and a unique decentralized cultural identity of Meme Coins was formed. Therefore, it was favored by users. Sought after, this cultural identity includes:

● Creative and entertaining: such as Dogecoin and Shiba Inu, using cute images such as Shiba Inu, lowers the psychological threshold through humorous packaging, making more people willing to try it.

●Decentralization and community creation: Meme Coins are usually combined with popular Internet culture, are highly creative, and are more sustainable than traditional digital assets. Some feel fun and a sense of belonging.

●Low threshold for participation and collective resonance: Meme Coins have a low threshold for holding, but because they are often associated with specific events or cultural symbols, they can quickly trigger The group resonates, so the market value soars rapidly and the community promotion force is strong.

Meme culture needs to be wary of the other side

People with creativity, personality and humor Display is the essence of Meme culture, but at the same time, Meme culture, as a kind of trend culture, also has the common problems of trend culture, such as being superficial, amplifying prejudice, creating discrimination or misinformation.

As for Meme Coins, because they need to rely on trend culture to release value, they are deeply dependent on market sentiment, have greater market value volatility, and greater speculation risks. If the popularity of the trend culture they rely on recedes, Meme Coins will be extremely Yi has experienced huge rises and falls, such as in 2021, Meme Coins SQUID, which is based on the popular Korean drama "Squid Game". In just a few days, the price surged thousands of times, but then the price instantly returned to zero, causing heavy losses to the holders.