Introduction

With the gradual maturity of the encryption market and the continuous evolution of the industry structure, Meme currency has its unique The value capture model and community consensus have developed into an emerging track with a market value of over 100 billion US dollars. Against the background of market fluctuations and a tightening regulatory environment, its resilience and vitality have triggered in-depth thinking in the industry about its core values.

In order to fully grasp the development context and future trends of the Meme track, LBank Labs, together with MetaEra and Bee Network, jointly released the "2024 Meme Track Research: Breaking the Circle and new life, moving from controversial narratives to a 100 billion track" research report. This in-depth research report, through a systematic analysis of market size, ecological pattern, infrastructure construction, exchange layout and other dimensions, presents in detail the evolution trajectory of the Meme market from a retail game to a 100 billion track, comprehensively showing its ecology value and development prospects.

TL;DR

As of November 29, 2024, the overall market value of Meme coins has climbed to US$116.82 billion, accounting for 3.5% of the market share, and showing a growing trend;

Overall, the Meme currency market will perform well in 2024, with a Benchmark index performance of 279.8%, surpassing mainstream currencies such as Bitcoin and Ethereum. It has become a new investment target and is welcomed by retail investors, institutions, and funds;

The prosperity of the Meme coin market is largely based on the continuous improvement of the underlying infrastructure, especially the introduction of new products such as launch platforms Pump.fun, Sunpump, and Moonshot, which have greatly reduced the costs of token issuance and player participation;

Memes of Solana, etherum and other chains are more competitive. Although the launch of Sunpump on the Base chain in Q2 and Q3 on the Tron chain ushered in a short-lived boom, the narrative is obviously weak and the long-tail effect is insufficient;

In 2024, the Meme wave will be influenced by narrative, social hot spots, technology, etc. In the current narrative, animal Meme and CThe majority of ult culture is Meme, and it has a deep cultural foundation and a loyal fan base;

Meme has become a new battlefield for crypto CEX competition, intensifying the pressure on top exchanges In the user traffic dispute with radical exchanges, LBank has become the new Meme King with the advantage of being "the first to launch Meme and the Meme wealth effect is concentrated";

Although Meme was quite controversial in the early days, and institutions, retail investors and KOLs had mixed opinions on it, with the significant market effect of Meme in the second half of the year, the attitudes of some institutions have changed;

1: Overall market performance of Meme Outperforming Other Narratives Meme Market Outperforming Other Narratives

According to Artemis According to Terminal data, from the beginning of the year to November 29, Memecoin’s Benchmark index performance was 279.8%, far exceeding Bitcoin’s 118.9% and gold’s 27.4%. Among them, in the first half of 2024, AI Token led the way, but starting from March, Memecoin caught up and bucked the trend and strengthened, with the Benchmark index firmly ranking top1, with the data remaining above 40%; in the second half of 2024, as the market recovered, Memecoin, Bitcoin and gold trends are positively correlated, with Memecoin’s Benchmark index performing significantly better than Bitcoin, gold and the Outerlands fundamental index.

(Data source: Artmis Terminal)

CoinMarketCap data shows that as of November 29, 2024, the total market value of Meme coins has grown significantly, jumping from US$22.28 billion at the beginning of the year to US$116.82 billion, an increase of 424%. At the same time, its daily trading volume has also experienced a significant climb, from a low of approximately $685 million in early February to a high of $71.91 billion on November 14.

Meme coin market value and daily trading volume

(Source: CoinMarketCap)

It is worth noting that compared with the trading peak in March, November once again ushered in the Meme Summer craze, with daily trading volume remaining stable at about 30 billion U.S. dollars, and once exceeding the 70 billion U.S. dollar mark. The market is optimistic about this Interest and confidence in Meme have rebounded strongly to levels close to March, and this trend continues.

In 2024, the entire encryption market has undergone natural selection and evolution. The long-respected encryption narrative has been questioned, and financial nihilism has prevailed. Meme currency relies on its super communication attributes and its own absurd, spontaneous and dramatic history. The performance occupied the headlines in the encryption market, and was officially recognized as a single track and gained wide recognition and audience base, becoming a new "growth point" pursued by the encryption market

Annual Meme Market Dynamic Review

Beginning in mid-March 2024, BOME’s Meme coin pre-sale detonated the market. Pepe Meme artist Darkfarm’s BOOK OF MEME (BOME) triggered a surge in gas fees on the Solana chain, with a market value of three days. Reaching US$1.9 billion. At the end of March, Slerf adopted a pre-sale model, but due to the founder’s mistake, the liquidity tokens were destroyed and became “Fair”. Launch” social experiment, the market value quickly exceeded 100 million U.S. dollars, becoming the new king. Since June, the TVL of the Base chain has increased to 8 billion U.S. dollars. The Meme coin project has gained popularity on the Base chain. In July, Mister Miggles’ Meme coin soared 900 times. As the U.S. election approaches, PolitiFi-themed Meme coins such as People and MAGA (TRUMP) have also set off a speculative boom.

In Q4, Neiro led the frenzy of dog-themed Meme coins and experienced dramatic ups and downs. Neiro on the Solana chain soared 50 times due to Vitalik's dumping of MEME tokens, and the capital NEIRO on Ethereum relied on exchanges. The exchange once pushed the market value back to US$180 million, but encountered a crisis of trust due to the "Rat Warehouse" incident. At this time, the community version of $Neiro was listed on Binance and skyrocketed 30 times, becoming an emerging force in Meme. Goatseus Maximus), an AI-themed meme, rose 70 times in four days and was listed on the Binance contract. At the end of October, $Ban quickly exceeded US$20 million in market value based on the banana artwork auctioned by Sotheby’s, becoming a hot spot for performance art. < /p>

At the same time, $ACT and $PNUT becomeIt is a representative of the AI ​​Meme and the "rescue theme" Meme, the latter originating from the tragic story of the Peanut squirrel and becoming a symbol intertwined with culture. The two Memecoins $RIF and $URO listed on pump.science soared 20 times in just two days, and Binance Labs deployed in the DeSci field for the first time, once again triggering a wave of market innovation. In mid-to-late November, ChillGuy’s market value exceeded US$600 million through tweets from the President of El Salvador and Musk, becoming a rising star in the Meme field, demonstrating the seamless integration of Meme and social media hype.

2: Solana and Ethereum have become the main battlefields for Meme players to participate in

In this Meme wave, Solana and Ethereum have become the main battlefields for Meme players to participate, including Most popular and top projects including BOME, Neiro, MOODENG, and GOAT were also born here.

CoinGecko data shows that as of November 29, Meme’s total market value has increased to more than 116.82 billion U.S. dollars, and the daily transaction volume has remained at the level of 10 billion U.S. dollars, of which The market value of Meme on Ethereum has exceeded US$34 billion, and the market value of Meme on Solana has exceeded US$20.4 billion. The two occupy a majority of the overall market. 46.56%. At the same time, most of the Top 10 Meme projects come from Ethereum and Solana, which also confirms the strong influence and appeal of Ethereum and Solana in Meme.

According to DexScreener data, a large number of Mmeme coins are created every day, especially during the Pump.fun and SunPump boom, the number of memes created every day can A staggering 100,000. Meme coins have shown vigorous development in multiple blockchain ecosystems such as Solana, Ethereum, Base and BNB.

Ethereum Meme Coin Ecology

As the birthplace of the earliest Meme, Ethereum has irreplaceable advantages. Among the top 10 Meme projects by market value, 4 of them are from Ethereum. As of November 29, their total market value reached US$26.2 billion, accounting for 20.85%.

From market share, development history, user scale and user type, etc.Judging from multiple data, Meme, the leading currency on the Ethereum chain, not only has significant market advantages, but also has strong community support. Judging from the time of launch, most of the Ethereum Meme coins with higher market value were launched earlier. The earliest of them was Shib, which was released in August 2020. Its current market value exceeds US$14.8 billion. These Meme coins have experienced long-term market testing, and the accumulation of time has further consolidated users' consensus on the project.

During this round of Meme coin craze, we have observed a significant trend: compared to Solana, the liquidity of the same projects on Ethereum is generally better . Taking MAGA as an example, its liquidity on Ethereum is actually 15.5 times that of Solana. This gap is particularly eye-catching. In addition, from the perspective of multiple key dimensions such as market value, transaction volume, and position size, Neiro on the Ethereum platform has also shown better performance than its performance on the Solana chain.

Ethereum occupies a certain advantage in the Meme currency market size, mainly due to the strong support of established Meme coins such as SHIB and PEPE. However, in this round During Meme Summer, Ethereum’s performance in creating new Meme “memes” was slightly insufficient, and its Meme content was still mainly focused on zoo themes and PEPE-derived themes.

Solana Meme Coin Ecology

Solana is the fertile ground for this wave of Meme craze. Most of the new leading Memes come from this chain, which provides a good foundation for Solana’s data growth and On-chain activity has injected strong momentum. Data from DefiLlama shows that daily transaction fees on the Solana blockchain reached a peak of $13.86 million on November 22 as the Meme coin hype heated up.

(Source: DefiLlama)

As of November 29, the total market value of meme coins on Solana exceeds 20 billion. Among them, Bonk ranks first in the market value of Solana Meme coins with a market value of US$3.3 billion, followed by: WIF (US$3.1 billion), POPCAT (US$1.2 billion), PNUT (US$1.19 billion), MEW (US$840 million) and GOAT ($840 million).

On November 17, for the first time, 6 Memecs with a market value of more than 1 billion US dollars appeared on Solana at the same time.oin, both ranked in the top 100 by market capitalization, setting a new record in history.

(Source: CoinGecko)

The Meme craze in the Solana ecosystem is largely due to the outbreak of BOME and SLERF in March. These two projects not only created the myth of wealth in a very short period of time, but also helped Solana flourish due to the prevailing FOMO sentiment in the market. In addition, the extensive interaction between Solana’s founders has enhanced the spread of this craze and further expanded its influence.

The Meme project on the Solana platform quickly attracted a lot of attention with its keen hot spot capturing ability, not only showing amazing price surge potential and strong attraction to capital , and it is extremely creative in terms of creativity, ranging from cute pets (cats, dogs), fun emoticons to cutting-edge PolitiFi and AI themes.

3: The infrastructure is constantly improving, and the Meme distribution platform dominated by Pump.fun accelerates the prosperity of the Meme market

Behind this round of Meme market boom, it is inseparable from the foundation The rapid development of facilities and on-chain robots provides multi-functional super sniper robots including fixed investment, limit orders, pool monitoring, etc., which can make more informed decisions based on real-time data and actionable signals. At the same time, the improvement of infrastructure such as "one-click coin issuance", "ultra-low cost", and "simplified process" have promoted the prosperity of the Meme market, and the emergence of distribution platforms such as Pump.fun, Moonshot, and SunPump have accelerated the arrival of Meme Summer. .

Among them, Pump.fun occupies an excellent ecological position by virtue of its first-mover advantage, continues to attract market attention, and forms a liquidity agglomeration effect, resulting in more traffic Will emerge in Pump.fun and achieve continuous attraction of liquidity through increments.

Pump.fun

Pump.fun was created by founder Alon in January 2024. It is a platform for creating and trading Meme coins based on the Solana blockchain. Allows anyone to launch their own Meme coin at the lowest cost (0.02 SOL). So far, Pump.fun has issued more than 1 million Meme coins, accounting for 67.5% of Solana’s daily token issuance, and has become the highest-earning protocol on Solana.

In 2024, most of the popular Meme coins were created on Pump.fun, including PNUT with a market value of US$1.19 billion, GOAT with a market value of US$840 million, etc.

Core functions:

Core mechanism: no team allocation, no pre-sale, automated liquidity injection, and unique Bonding Curve pricing model;

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Low cost of issuing coins and convenient operation: users do not need to have any programming skills or technical background, and only need to pay a fee of 0.02 SOL to create and issue their own Meme coins;

Pump.fun The market performance and wealth effect

Dune data shows that as of November 29, Pump.fun has deployed more than 4 million Meme coins since its launch in February, successfully capturing 1,527,143 Sol, with total revenue exceeding US$1.5 million.

(Source: Dune)

Among them, DefiLlama Data shows that Pump.fun is currently the eighth largest revenue-generating blockchain protocol, with fee income reaching US$86 million in the past 30 days and cumulative fee income exceeding US$225 million. On November 25, Pump.fun surpassed Tether for the first time. , with a daily revenue of US$14.49 million, becoming the agreement with the highest 24-hour revenue.

MoonShot

Moonshot is a mobile application built on the Solana network that focuses on Meme transactions. It supports users to purchase directly through Apple Pay, credit card, PayPal and other legal currency deposit methods. Meme coin. Moonshot has attracted a large number of traditional users to participate in Meme coin investment by simplifying the operation process of cryptocurrency.

Among them, Moonshot was incubated by Alliance DAO, the Pump.fun incubation team, and was recommended by Meme's new generation KOL Murad in the early days of its launch. After $MOODENG and $GOAT were launched, , all achieved an increase of more than dozens of times, and then entered the public eye.

Core functions:

Fiat currency deposit: Through payment methods such as Apple Pay, credit card and PayPal, users can quickly recharge funds.

Token screening and currency listing mechanism: Moonshot is strict Screen and quickly list popular Meme coins to provide users with potential profit opportunities

Convenient transactions: No wallet management or gas fees, all transactions are completed in seconds through Solana.

Moonshot’s market performance and wealth effect

Dune data shows that Moonshot has shown an overall upward trend in terms of transaction volume and transaction fees. Since September, Moonshot’s single-day fee income peaked at more than 270,000 US dollars, and the maximum number of single-day trading users was 13,856.

(Source: Dune)

Moonshot, as a mobile platform focused on Meme currency trading, maintains a low-frequency, high-quality currency listing rhythm with its rigorous token screening mechanism. On the platform, many potential Meme coins have become popular as soon as they are launched. Extraordinary, especially MOODENG and GOAT, they are in Moonsho After its launch, t recorded an astonishing 100-fold and 30-fold growth respectively, quickly attracting the attention of many retail investors and setting off waves of short-term value surges. Moonshot's "selected coins will trigger growth". model has become a highly sought-after highlight in the Meme coin market.

SunPump

SunPump is a TRON-based meme coin generator platform launched by Sun.io on August 9. Users only need to select an image, set the number of tokens and the theme. , and then as long as you pay a small amount of money, you can issue your own Meme coin.

Core functions:

One-click coin issuance: users only need to fill in the name of the token. , simple information such as symbols, descriptions and pictures, and pay a small amount of TRX Create a fee to issue your own Meme coins with one click

Bonding Curve Pricing Model: SunPump adopts the Bonding Curve pricing model, which ensures that. All participants trade in a fair environment, avoiding traditional ICOscommon price manipulation issues.

Automatic liquidity injection: When the market value of Meme currency reaches a certain standard, SunPump will automatically inject part of the funds into the SunSwap V2 liquidity pool and destroy the corresponding number of tokens. currency.

Gas fee reduction: SunPump has launched a gas fee reduction event of up to 99%.

Sunpump’s market performance and wealth effect

(Source: CoinGecko)

< p style="text-align: left;">According to CoinGecko data, as of November 29, the market value of the SunPump ecosystem exceeded US$220 million. Dune data shows that Sunpump has successfully issued 92,039 Meme coins, with total profits reaching 35,635.04 $TRX. Its on-chain gas fees and transaction volume reached historical peaks on August 21, and its revenue exceeded Pump.fun on that day, reaching $560,000.

(Source: Dune)

Meme projects on the SunPump platform have obvious short-term effects and often face challenges that are difficult to sustain in the long term. Among them, Sundog is SunPump’s most popular Meme. In less than a week since its launch, its market value has quickly climbed to a high of US$200 million. However, subsequent growth momentum gradually weakened, and the current market value has stabilized at around US$160 million.

4: Meme narrative is condensed by hot events, celebrity effects, cult culture and AI meme

Meme currency, as a unique phenomenon of the crypto market, presents itself in different cycles Diversified development trends. Meme Summer in 2024 has not only received multiple influences from market sentiment, market narratives, mechanism innovation, celebrity effects and technological progress, but has also become an important window for interpreting market sentiment. Meme has gradually evolved into a prism that reflects investor mentality, maps hot events, and leads market narratives.

There are currently four main types of Meme coins on the market:

The Cult culture department, represented by POPCAT, has gained market esteem through its unique community cultural cohesion;

Some such as DOGE have won the title of "Meme Godfather" The old Meme coins frequently endorsed by Elon Musk, as well as the zoo Meme coins of rising stars such as Neiro, continue to lead the way through celebrity effects and lasting market influence;

The hotspot mapping system represented by BAN quickly responds to and quantifies hot events;

The AI ​​theme system represented by GOAT and ACT combines new Technology narrative opens up a new arena;

Cult and zoo Meme in 2024 Meme Summer showed strong market resilience, especially after experiencing market washouts and long-term turmoil, it achieved an obvious rebound and sustained long-tail effect in early November.

Cult-based Meme coins, such as POPCAT, have gained strong market recognition in the market through specific cultural symbols and carefully constructed community spirit. Compared with the wide dissemination of the zoo-based system, the Cult culture-based Meme coins Meme coins are stronger They emphasize the cohesion and exclusivity of the community. They maximize user stickiness through a unique "inner circle culture", and this stickiness is not only reflected in the market's rising cycle, but also in the market downturn or increased uncertainty.

The Zoo Meme represents the most entertaining and social category, from Elon Doge and Shib, which are frequented by Musk, to rising stars Neiro, APU, etc., have maintained strong user stickiness for a long time through simple, easy-to-spread images and humorous marketing methods, although the initial performance of Meme coins often relies on it. Due to market sentiment fluctuations and short-term speculation boom, their unique culture and social image, as well as the blessing of celebrity effects, have given them a stronger market The ability to withstand market pressure. In 2024, the market rebounded, and the zoo Meme coin exploded again with its long-term accumulated cultural identity, especially the redemption story of PNUT, and its counterattack was another milestone for the animal Meme. It has successfully led to the rise of a series of memes with redemption concepts, which is the best proof of the strong resilience and inclusiveness of animal memes.

hotThe point mapping system and the AI ​​theme system are the products of the rapid changes in market hot spots and the development of new technologies. The value of Meme coins generated by hotspot mapping such as BAN is more reflected in its ability to quickly respond to market events and effectively convert the attention of market funds; Memes with AI themes are often "technology-driven" and "future potential" As a selling point, it attracts the attention of a large number of technology investors and AI enthusiasts.

Meme in 2024 The highlights of Summer are Cult culture, zoo concepts, hot events, and AI innovation, but we can foresee that as the Meme market continues to develop, Meme narratives will become more diverse, and under the catalysis of short video platforms such as Tiktok, The spread speed and influence of Memes have been significantly improved. For example, Chillguy and other Tiktok-concept Memes have taken the market by storm, showing the characteristics of the integration of hot events and celebrity effects. Looking to the future, this interweaving of multi-dimensional narratives will continue to inject new vitality into the Meme market and bring more possibilities to the creation of Meme.

5: Meme has become a pump pool for CEX to compete for traffic. Among them, LBank has become a new generation of Meme King with its significant wealth effect

In the current fierce competition between CEX and DEX, In the fierce market environment, traditional centralized exchanges are facing a situation of being continuously squeezed. In order to seek new sources of revenue and seize market share, CEX began to actively adjust its currency listing strategy and increasingly tended to cater to users' needs for Meme coins. Meme coins have become a key tool for attracting new users and stimulating capital inflows due to their high traffic and rapid wealth effects.

Essentially, similar to the duality of Bitcoin as a safe-haven asset and a risky asset, Meme coins are new to most exchanges and can be used as The category of a single sector, because of its skyrocketing wealth effect, satisfies investors' rigid demand for income growth and lowers the learning threshold for investors to allocate risky assets.

We have sorted out the information on competitive exchanges that currently have Meme coins online, starting with the popular Meme coins, through the launch time, maximum increase, etc. Data is used to measure the sensitivity of exchanges. The details are as follows:

1) The status of currency listings mainly counts the current number of meme assets on each exchange. Details are as follows:

Throughout 2024, LBank, Gate, and Bitget have the largest number of online memes, 281, 63, and 46 respectively. The proportion of meme coins is also very significant, with LBank reaching 34%, Gate 15%, and Bitget 9%

< p style="text-align: left;">2) Popular memecoin, mainly based on the listing time, current increase and market transaction volume ratio to compare data dimensions, the situation is as follows:

Data research shows that Binance still has the highest market share and still has a relatively strong currency listing effect. , but compared with second-tier exchanges such as LBank, Bitget, and Gate, its currency listing effect is weakening;

Secondly, LBank, Gate and Bitget, with their keener market sense and higher currency listing efficiency, have the earliest listing time and successfully captured the early dividends of the Meme market, becoming the best battlefield for PVP to gain Beta benefits. Among them, LBank launched MOODENG as early as September 23, and its maximum increase reached an astonishing 63 times. Its GOAT and PNUT set a record increase of 299 times and 81 times respectively on LBank.

It is worth noting that LBank’s special cooperation with SLERF in April attracted a large amount of traffic, among which Goat, Neiro and other transaction volume accounted for data It even surpassed Kucoin and was on par with OKX data. Especially in the early stages of the Meme coin craze, the trading platform attracted a large number of community users and transaction traffic by quickly launching hot projects, establishing strong competition barriers in this field;

The competitive landscape of the Meme market is gradually dividing. First-tier exchanges rely more on brand effect and existing user advantages, while second-tier exchanges such as LBank rely on faster currency listing speed and more close to market sentiment. Strategy to catch up from behind in the battle for traffic. This trend shows that the future competition of exchanges will not only rely on platform scale and brand strength, but also need to show higher flexibility and precision in terms of market timeliness and user demand satisfaction.

This strategic change of the exchange is not only an active catering to the Meme culture, but also to form a " The narrative of "the power of emerging retail investors" further strengthens its influence in the hearts of users. This trend also reflects market-driven Meme sentiment on exchangesan important part of revenue strategy.

6: Although Meme currency was controversial in the early days, with mixed opinions from institutions, retail investors and KOLs, as the Meme market effect gradually emerged in the second half of the year, the attitudes of some institutions began to change

VC coin was once regarded as the "future star" of the encryption industry because of its strong financial support and technical team. However, with the massive influx of private capital and overly aggressive valuations, many VC coins face the dual problems of low circulating supply and high fully diluted valuation (FDV), making it difficult to realize the long-term value of these projects.

In mid-to-late April, Eddy Lazzarin, the managing partner of a16z, publicly supported VC coins and criticized the impact and damage of Meme coins on the crypto market, triggering The siege and ridicule from a large number of retail investors has even become the trigger for the debate between VC coins and Meme coins. However, in October this year, a casual conversation between a16z co-founder Marc Andreessen unexpectedly gave birth to the first AI Meme coin-GOAT, marking the arrival of a new trend for Meme coins.

Unlike VC coins that rely on strong technical and financial support, the value of Meme coins does not come from actual applications, but from the enthusiasm of the community and the Meme culture spiritual resonance. Although this unique dynamic makes the market performance of Meme coins full of uncertainty and volatility, it also injects unprecedented vitality into the crypto market.

Different types of Meme coins show rich cultural connotations and fan bases, which directly affect their sustainability, dissemination and community participation. Animal Meme, Cult culture Meme and AI Meme continue to attract market attention with their profound cultural background, loyal fan base and new narrative features. In contrast, other types of meme coins often rely on short-term hot spots, and attention may quickly rise and then fall back quickly.

Although Meme currency was controversial in the early days, with mixed opinions from institutions, retail investors and KOLs, as the Meme market effect gradually emerged in the second half of the year, some institutions Attitudes began to change. With the promotion of decentralized issuance mechanisms, the transparency and credibility of Meme coins have continued to improve, and they have gradually gained more recognition.

Among them, large institutions have begun to accelerate their deployment in the meme field. Paul Veradittakit, a partner at Pantera Capital, concluded in an article that "Meme coins are a Trojan horse for cryptocurrency."Dark horse venture capital and market maker DWF Ventures once published an article on the X platform stating that "Meme currency will become the new GTM strategy of many ecologies and projects." VanEck's MarketVector launched the Meme currency index, and Franklin Templeton has also published a number of reports related to MEME currency, etc. .

While MEME is fanatical, it has also caused more market deviations and even more artistic abstraction. Chaos ranging from whether to give coins to V God, uppercase and lowercase distinctions, and blank symbols have created a situation where the market is crushed by speculation and short-term pull. Recently, the market has been occupied by the AI ​​meme - Goat, which has occupied most of the traffic. Compared with the previous long period of 6 months of precipitation and community consensus, its wealth effect has increased by a thousand times in just one week.

But if we look at the on-chain data and online celebrity effects, we may have fallen into the PVP trap again, which first started with a16z’s joint creation of $50,000 BTC. Escorted by the passionate orders from BitMEX co-founder Arthur Hayes, Goat’s market value jumped to 500 million, but in the face of Truth After Terminal announced that "the stock code is GOAT", GOAT fell in response, with a drop of 54%. In less than 24 hours, top trader Eugene posted an article claiming to have purchased Goat. The founder of Truth Terminal stated that "1.25 million GOATs are held by individuals." "Won't sell it yet." Goat then rebounded and exceeded 0.44, with an increase of more than 50% in one hour. As of November 29, the market value remained at around US$800 million.

This is hard not to be connected with the poker table effect behind it. Meme can attract a large amount of liquidity in a short period of time, and its rise and fall are driven by leading institutions, KOL’s comments are directly controlled, and it is unclear whether this behavior is controlled by an institution disguised as a meme currency, or whether it is repeated harvesting by the market makers behind it.

Frankly speaking, VC coins and Meme coins are not antagonistic or contradictory. The core issue lies in the expected redemption method. The two are not hostile, but each attracts user groups with different preferences.

VC coins and Meme coins represent two different economic models and market dynamics in the encryption market. With the support of capital and technology, VC coins can quickly attract capital and attention in the early stage. The value of Meme coins stems more from community culture and emotional resonance. Although its market performance is full of fluctuations, it also brings innovation and vitality. Overall, VC coins andMeme coins each have their own advantages and disadvantages. Their market development and risks coexist, and they all promote the progress and innovation of the encryption industry at different levels.

As 2024 comes to an end, the craze of Meme Summer continues and has become a force that cannot be ignored in the encryption world. From a simple social media joke in the early days to a potential project with a market capitalization of hundreds of millions, Meme coins are no longer just an object of short-term speculation in the market, but are gradually becoming part of the market structure. For retail investors, developers and even institutional investors, the emergence of Meme coins means that the power of culture, market sentiment and community is changing the traditional face of the encryption industry.

Looking forward to 2025, with the advancement of AI technology and the continuous expansion of the Web3 ecosystem, Meme currency has the potential to become the most representative and disruptive currency in the crypto world. One of the asset classes. A new round of innovation will continue to unfold at the intersection of Meme and social trends, and new narratives and projects constantly emerging in the market will also redefine the value and meaning of crypto assets.

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