Since we want to talk about memes, we must not forget the first ancestor of memes that squeezed into the top ten market capitalization, Doge. Doge was issued at a price of US$0.0006 in 2013. It is the second largest digital currency in the world after Bitcoin in the number of users. There are more than 132 billion Dogecoins in circulation on the market. The market value exceeds 34 billion U.S. dollars. In addition to Dogecoin, the Shib Shiba coin, known as the "Dogecoin killer", also emerged after October, with its market value skyrocketing and even surpassing Dogecoin at one time. More than 500,000 people have petitioned to list Shiba inu on the Robinhood platform of the online brokerage. For several weeks in a row, the spot trading volume on Coinbase has been ranked first, surpassing Ethereum and Bitcoin. People can't help but wonder, is it just a game of "music passing"? Who is the last mouse in the end? Or is there something hidden in it?
What is a meme?
With the rapid development of the cryptocurrency industry, the financial elements combined with MEME network images, animation, and games, the age of players continues to decline. The term I use here is "player" rather than investor, because this group of users does not enter the market from the perspective of investment. What is investment? They don't want to understand. But they simply want to find all kinds of money-making opportunities, but at the same time they want to be fun and novel. So what is the meme? Why are memes so attractive?
Meme refers to the cultural transmission of language, ideas, beliefs, behaviors, etc. from one person to another, which is similar to the transmission process of genes in biological evolution. This is the concept proposed by the animal behaviorist and evolutionary biologist Richard Dawkins in the book The Selfish Gene published in 1976. In this book, he imitated the word gene and created the new word meme, which means the gene of culture. Dawkins hopes to understand the evolutionary trajectory of human society from both biological and cultural aspects: biological evolution is based on the duplication of genes, and cultural evolution is based on the duplication of human behavior.
The meme effect can effectively explain the phenomenon of internet meme. Memes have common characteristics such as short and easy to understand, interesting and playful, short bursts, and storytelling. A joke, a rumor or a certain image, a screenshot of a video, or even a certain website can all become internet memes. Internet memes have distinctive communication characteristics: all communication processes are spontaneous, without any compulsion; what fascinates netizens is often not what is spread, but the process of participating in the communication itself; therefore, the network replication power and reproductive power of memes Strong, viral spread is unstoppable.
Memes and Memes NFT
Since the popularity of the Doge coin, the meme coin has been followed by Shiba Inu coin and DogeElon Mars named after Elon Musk, and a series of disciples and grandchildren. When the Shiba Coin (SHIB) was launched in August 2020, 50% of the total supply of SHIB provided liquidity in Uniswap, and the other 50% was sent to the public address of Ethereum founder Vitalik. The subsequent Musk Dogecoin (ELON) and Akita Dogecoin (AKITA) also transferred most of the issuance to Vitalik at the time of issuance. The surge of Shiba Inu coins seems to make V God dissatisfied with these useless tokens occupying the resources of the Ethereum network to cause the "Dogecoin chaos". In the early morning of May 13, 2021, Vitalik will sell or donate all airdrop tokens , It is estimated that it will bring billions of dollars in income to the recipients, which also makes people feel shocked by the super power of memes.
And with the NFT (non-homogeneous token) began to be known. The original memes that are already well-known on the Internet will also generate extremely high value for the original creator! Atsuko Sato, the owner of the original image of "Doge", began to publish photos and life details of his dog Kabosu on his blog since 2010, and immediately spread widely on social platforms and websites such as Tumblr and Reddit. The "Doge" meme NFT was recently sold on the auction site Zora. After fierce bidding, it was sold for 1696.9 ether, with a market value of about 7 million U.S. dollars (1ETH=4100), making it the most expensive meme NFT so far. In addition, the well-known meme "disaster girl", 21-year-old American female college student Zoe also auctioned the original image in the form of NFT a few days ago, and finally sold for 180 ether, worth about 73.8 thousand US dollars. Zoe still holds the copyright to memes, and in the future she can make a 10% profit from each transaction.
Why are memes so valuable? According to statistics, 40% of the information on the Internet is pictures. Most people pay attention to sharing pictures or text with pictures. Things with visual effects are easy to read. The retweet rate of posts with pictures on Twitter is 94% higher than those without pictures. "A good picture is worth a thousand words" because a picture has stronger expressive ability and visual performance. Studies have shown that a person can remember 10% of what he hears, 20% of what he reads, and 80% of what he sees. Humans’ ability to understand images is 60,000 times that of words. However, even if these meme images have extremely high commercial value, they were limited by the difficulty of copyright claims in the past, and the images are extremely difficult to grasp on the Internet. It is difficult for the owners of meme images to profit from the popularity. The emergence of NFT gives free creations on the Internet in the past, with the opportunity to become a meme classic because of widespread circulation, and have the opportunity to realize it.
Meme community
The well-known cryptocurrency information platform CoinMarketCap even sets up a special classification for memes, and this classification has actually become an alternative meme treasure map. By duplicating the dog and Shiba Inu popular models, players can also find opportunities to double their assets in a small amount. For example: the previous Dogecoin used its own blockchain, while the Shiba Dogecoin used Ethereum. Since it can be done on a separate chain or Ethereum, the same model can be copied to the BSC Binance Chain or Will Solana succeed? The first out of the circle is the Samoyed Dog Coin (SAMO), which was established in Solana in April 2021. The Samoyed breed originated from Eastern Europe and came from the same region of the world as Anatoly Yakovenko, the co-founder and CEO of Solana. Anatoly has worked in Qualcomm, Dropbox, Mesosphere and other companies in the past. It created SAMO with the goal of becoming an ambassador for Solana. According to CoinMarketCap's data, the earliest price of SAMO was 0.0095, and the most recent price was around 0.19. In other words, the increase was as high as 20 times in five months. The market value has also come to 470 million US dollars. Jumping from the co-founder of Solana to make memecoins can remind us that perhaps this is not just a game of collecting money. Solana is a rapidly expanding ecosystem. How to absorb as many users or users as possible has become an important milestone in the initial stage of ecological development. It seems that it is much easier to achieve this through an affinity dog than to ask for the scalability, security, and cryptographic principles of any technology.
Solana's current profit has exceeded ten times and I still continue to hold it, so naturally I am very concerned about his ecological development. But before, I actually wanted to introduce friends to use Solana's NFT or DeFi through some methods. I have to say that it was really hard to use Sollet wallet at the beginning, and it was very uncomfortable to use. Later, after switching to the Phantom wallet, the experience was much better, but still not many people are willing to try it. Changing the usage habits is a high threshold. SAMO quickly became a fan on Twitter. It has been followed by 47,000 in the past five months. There are 14,000 users on the Discord channel. The average transaction volume in the past 7 days has reached 70 million U.S. dollars. The results are quite impressive. It seems that many people are really willing to try Solana for the cuteness of dogs or for copying the myth of Shiba Inu coin's wealth. When I got here, I suddenly realized that Meincoin plus Meme NFT will be easy to start because of its low price, and it will become a powerful tool for all public chains to "pull new" in the future. Even with the rapid development of the cryptocurrency industry, the growth rate of users still cannot keep up with the pace of industry development. Most people feel that opening an account and depositing funds is a bit troublesome, and the barriers to entry are not low. The wallets of this chain and that chain are different. A cute dog can quickly attract the attention of new users, and at the same time gather a group of netizens with common hobbies and interests. This is actually a community business model.
Community refers to a network formed by a group of interrelated people, in which people and people need to have cross-relationships and deep emotional links before they can be regarded as a community. Most of the projects in the currency circle, if they are rigid white papers and technical documents, no one is actually looking at them. As long as the currency price drops, the birds and beasts will be scattered. If you want to create emotions in a community, you have to make everyone understand each other, pay attention to each other's behaviors and preferences, and enhance the emotional degree between community members. And this is exactly the strength of memecoin, because it has nothing but a sense of identity and emotion.
conclusion
Since the market is so new and investors are still learning the ropes, it is possible that there will be massive profits made and massive losses made. That is why it is important for new investors to stay invested for a while and build their net worth. There will be losers and winners over time, but those who are persistent will see a large profit eventually. Those who get in early will have the best chance at being able to sell for the longest period of time and make the most profits.
The current trend in the market seems to favor investors being patient and picking up when the market is showing a bullish sign. The best time to get in now is as opposed to when it is too late. The best time to invest is right now because it is bottoming out and the prices are falling. The best time to sell is soon after the bubble bursts and the prices begin to rise again.
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