meme coin development history review and analysis

This article systematically sorts out the development history of meme coins, analyzes typical cases and reveals their unique value logic: unlike traditional financial assets, the core value of meme coins is expressed as “cultural dissemination power × community consensus,” rather than relying solely on technology or utility value. Based on their evolutionary characteristics, they can be divided into three key development stages:

1. Breaking Ground / Foundation (2013-2016) - Barbaric Growth, the Sands of Time

1.1 Ephemeral Type

Projects of this type have high short-term popularity but lack cultural depth, ultimately leading to their rapid extinction. Typical examples include:

• Mooncoin: An entertainment meme coin with the slogan “Moon Landing”, which saw an increase of over 300% in its first year, but the lack of practical use cases led to a rapid evaporation of its market value.
• Fedoracoin (TIPS): Targeting specific subcultures on Reddit, the initial community was active but struggled to break out of niche circles, ultimately becoming a “dead project.”
• Nyancoin: Based on the “Nyan Cat” meme, although it has official authorization, its cultural influence is far less than that of DOGE, and low community support has led to its decline.

1.2 Generalissimo Type

The representative project is Dogecoin (DOGE). Originally just a parody of the Bitcoin craze, it unexpectedly became a phenomenon meme coin. Its success factors include:

• Originating from the widely known “Doge” meme, it has a natural cultural dissemination power.
• The community-driven grassroots nature attracts a large number of ordinary users to participate.
• Celebrity Effect (, like Musk ), continues to empower it, maintaining long-term popularity.
• Continuously expand application scenarios, such as payment, tipping, charity, etc.

The development history of DOGE showcases the characteristics of “emotional pricing” in meme coins, and also provides important experiences for future entrants.

2. Dormancy/Outburst (2017-2021) - In the era of smart contracts, meme coins are ushering in a qualitative change.

2.1 Meteor Shining Type

Projects of this kind rely on short-term speculative sentiment and lack long-term value support. Typical examples include:

• Useless Ethereum Token (UET): A so-called “totally worthless” satirical project that raised 310 ETH in 48 hours, revealing the irrationality of the market.
• Hoge Finance (HOGE): Attracts investors through a deflationary model and community governance, but struggles to break through speculative attributes, resulting in significant price volatility.

2.2 Starlight Type

Taking Shiba Inu (SHIB) as a representative. SHIB started by imitating DOGE and achieved breakthroughs through the following strategies:

• Build the “Shib ecosystem”: including the decentralized exchange ShibaSwap, Layer2 network Shibarium, etc.
• Scarcity Narrative: Vitalik Buterin's destruction of a large number of tokens has attracted market attention
• Brand Restructuring: Transitioning from a pure meme coin to a “utility token”

The success of SHIB demonstrates the possibility for meme coins to achieve long-term value through ecosystem development.

2.3 Transformation Breakthrough Type

These projects attempt to break through the limitations of meme coins and explore broader development spaces. Typical cases include:

• Floki Inu (FLOKI): attempts to build a large ecosystem that includes DeFi, NFT, and metaverse, but faces difficulties in implementation.
• Samoyedcoin (SAMO): Positioned as the “official mascot of Solana”, but the binding of the public chain brings a double-edged sword effect.

3. Precipitation/Reconstruction (2022-2025) - The Rise of New Narratives, the Market Begins to Shuffle

3.1 Short-term Speculation Type

Represented by Trump (TRUMP). Combining political hotspots with cryptocurrency creates short-term market cap miracles but also faces huge risks:

• Highly dependent on the personal IP of political figures, which poses compliance risks.
• Lack of practical application support, price fluctuations are severe.
• Political attributes lead to polarization, making it difficult to continuously attract mainstream users.

3.2 ecological-driven

Typical cases include:

• Dogwifhat (WIF): Relying on the rapid rise of the Solana ecosystem, but also facing potential risks associated with binding to public chains.
• BONK: Launched during the crisis of the Solana ecosystem, it successfully promoted ecosystem recovery through strategies such as airdrops, demonstrating the meme coin's role in supporting public chains.

3.3 Narrative Innovation Type

Represented by Goatseus Maximus (GOAT). Create a new type of meme coin narrative by combining AI hotspots:

• Maintaining popularity through AI-generated content, but authenticity is questionable.
• Exposed the current “AI coin” essence is still a human-manipulated speculative game
• Provides ideas for the integration of AI and cryptocurrency in the future.

3.4 cultural symbol type

Taking MOODENG as an example. Based on the issuance of real internet celebrity IP, it demonstrates the传播力 of cultural symbols:

• Quickly gain market recognition and achieve a high market value
• Obtain endorsements from celebrities such as the founder of Ethereum.
• But it also faces sustainability challenges after the peak of enthusiasm.

Future Outlook

The meme coin market is undergoing a transition from frenzy to rationality. Future development trends may include:

1. Technological Innovation: Exploration of new concepts such as AI+meme, DeFAI, etc.
2. Community Building: How to Maintain Long-term Activity Becomes Key
3. Actual Application: Transitioning from Pure Speculation to Real-World Scenarios
4. Regulatory Adaptation: How to Seek Balance Between Compliance and Innovation

Meme coin, as a typical product of the attention economy, will still maintain its unique position and influence in the cryptocurrency field. Whether it can break through the current predicament in the future depends on balancing “speculation” and “substance,” and truly achieving the integration of cultural value and financial value.