The Rise and Fall of Meme Coins: A Look at the Crypto Assets Cultural Phenomenon from the Movie "All In"

In the recently released movie "All In", elements of "Ketaicoin" and other Crypto Assets have attracted market attention. With the release of the film, a trading pair of the same name, Ketaicoin, has also emerged in reality, primarily trading on the ETH, BSC, and Base chains. On the ETH chain, the price of Ketaicoin surged more than 3000 times shortly after the movie's premiere, but then quickly fell back. This phenomenon is not uncommon in the Crypto Assets market and is referred to as a Meme coin.

The concept of Meme was first introduced by Richard Dawkins in 1976, referring to cultural factors that can spread at the level of human thought. In the internet age, Memes often appear in the form of images, emojis, and other formats, carrying interesting information and being easy to share. Some entrepreneurs are adept at using Memes to spread values, such as certain statements made by the CEO of Tesla on social media.

The combination of Memes and Crypto Assets began with Dogecoin in 2013. Initially just a joke, it unexpectedly became popular, even attracting the attention of well-known entrepreneurs. The success of Dogecoin sparked a wave of Meme coins, which early on were themed around internet culture elements. As it developed, Meme coins began to pursue grander narratives, such as BAT(Basic Attention Token).

In 2021, with the bull market of Crypto Assets, Meme coins reached their peak. Animal-themed tokens like Shib became very popular, attracting widespread attention. Even during the bear market, Meme coins still occasionally sparked excitement, such as the AI-concept combining ArbDoge AI and the trending Pepe tokens.

However, current Meme coins have gradually deviated from their original meaning. Many projects no longer focus on interesting stories or culture, but purely pursue speculation. Some projects even rely solely on investors' FOMO emotions to drive up prices without any story.

Taking BALD on the Base chain as an example, its price surged 450% in a short period, sparking much speculation. However, the project team ultimately withdrew liquidity, causing losses for investors. This highlights the risks in the Meme coin market, where anonymous teams can easily disconnect from the project, lacking motivation for long-term maintenance.

Nevertheless, Meme coin will still be closely linked to the Crypto Assets market. For the current market, it is particularly important to invest cautiously and avoid emotional decision-making. The development of Meme coin reflects the characteristics of the Crypto Assets market and reminds investors to remain rational and carefully assess risks.