The Trend of KTA Coin in "All In" and the Meme Phenomenon in the Crypto Assets World

"Gambling Everything" is a film that exposes the theme of telecom fraud and introduces elements from the Crypto Assets field, such as "coin" and KOTAI coin. With the film's release, KOTAI coin was quickly issued in the crypto market. Currently, KOTAI coin trading pairs can be found on multiple blockchains, primarily concentrated on Ethereum, BSC, and Base chains. Among them, a decentralized exchange on the Ethereum chain has the highest liquidity. The price of KOTAI coin skyrocketed rapidly after the film's premiere, increasing more than 3000 times within two days. However, it began to decline less than 24 hours later, and by August 19, it had almost dropped back to its issuance price.

Kota coin belongs to a category of Crypto Assets known as "meme coins." The term meme was first introduced by Richard Dawkins in his 1976 book "The Selfish Gene," referring to a cultural factor that can spread continuously at the level of human thought. On the Internet, memes often appear in the form of satirical images or memes, carrying interesting information that is easy to spread, ultimately forming a cultural consensus among a wide audience.

The most famous case of the combination of memes and Crypto Assets is Dogecoin. In 2013, Jackson Palmer combined the Doge meme with Crypto Assets to satirize the hype around Crypto Assets at the time, creating Dogecoin. Software engineer Billy Markus then forked the Bitcoin code to create 1 billion Dogecoins and launched it. Dogecoin quickly became popular through social media, gaining its initial use case on Reddit. In December 2020, a well-known entrepreneur began posting information about Dogecoin on social media, driving its price up. In May 2021, Dogecoin peaked at $0.74.

The success of Dogecoin has attracted attention in the crypto world, and many meme coins that imitated Dogecoin appeared between 2013 and 2017. These coins were mostly based on internet cultural materials for secondary creation, applying stories to Crypto Assets. As development progressed, meme coins began to choose grander narratives as their foundation. From 2017 to 2020, some meme coins obtained financing through ICOs and explored more use cases.

In 2021, with a certain decentralized finance project driving the bull market, the crypto ecosystem experienced rotation, and Dogecoin saw a crazy surge. Another token featuring a Shiba Inu also quickly became popular. After that, the meme coin market was dominated by the "animal series".

In the bear market, the meme coin market briefly warmed up. Projects combining AI with dogs sparked heated discussions. Another token featuring a frog image became a dark horse, with over 1.5 million transactions and more than 200,000 holders as of August 20, 2023.

The current meme coin is no longer limited to its original meaning. It can be a simple story, or it may not have any story at all. Unlike conventional projects, the price increase of meme coins primarily stems from investors' FOMO (fear of missing out).

As market liquidity decreases, the new generation of popular meme coins hardly spends time building active communities or formulating future plans. Most are created by centralized teams collaborating with stakeholders to create market focus. For speculators, the wealth myths of early participants are more appealing than any story.

Taking a meme coin on a certain blockchain as an example, its price once skyrocketed by 450% in a short period of time. Subsequently, the project's abnormal operations attracted market attention and many speculations. Ultimately, the project party withdrew liquidity and transferred funds, causing losses to investors.

Due to the fact that the meme project teams are mostly anonymous, it is easy to disconnect from the project, and there will be no burden after leaving, resulting in insufficient motivation to maintain the project.

The development of meme coins is increasingly tending towards "short, flat, and fast", but they will still be closely linked to the Crypto Assets market. In the current market environment where stablecoins are flowing out in large quantities, cautious investment and avoiding risks may be the wiser choice.