Meme coins are a type of cryptocurrency, named after a "meme," or internet culture phenomenon that describes the viral spread of popular images, videos, or concepts online.
The primary purpose of meme coins is to serve as entertainment and social tools, generating interest by creating fun crypto assets. The value of these coins often stems from community consensus and market demand, rather than traditional financial indicators.
From the initial Dogecoin (DOGE) to a subsequent menagerie of animal-themed crypto, to the constant emergence of meme coins nowadays, meme coins can be roughly categorized as follows:
1.1 Famous Image IP Type: Represented by Dogecoin (DOGE) and PEPE, these are tokens that tokenize images popularized early on the internet. Both DOGE and PEPE originated from viral meme tokens. LADYS is a well-known memecoin from the NFT Milady series.
1.2 Celebrity Effect Type: These are meme tokens named after celebrity-related things (such as pets). For instance, MAGA is named after the slogan of Trump's campaign for the US presidency; FLOKI is named after Musk's pet dog, and so on.
1.3 Inscription Type: Represented by SATS and RATS, these have different issuance methods compared to other types of meme coins. SATS pays homage to Satoshi Nakamoto and Bitcoin, while RATS satirizes the rat race in the crypto world.
Numerous Meme tokens are currently drawing attention in the market. We've selected a few popular Meme tokens that were either launched or gained popularity in mid-2024 to introduce.
BOME, which stands for BOOK OF MEME, was created by the Pepe Meme image artist Darkfarm. BOOK OF MEME is a permanent storage repository for memes and will also expand into a range of meme creation features.
The pre-sale mechanism for BOME was straightforward: users sent SOL to the Solana address provided by Darkfarm, and all participants in the pre-sale were allocated BOME tokens based on the proportion of SOL donated. The pre-sale exceeded expectations, raising over 10,000 SOL in total.
Subsequently, Darkfarm added all the raised SOL to the liquidity pool, with an initial price for BOME set at 0.000496 USDT. BOME began a price frenzy, with its price increasing by 50 times within a single day, and the total trading volume reaching $230 million USD.
BOME tokens started their pre-sale on March 12th and were listed on top-tier exchanges within just three days, setting a record for the fastest listing. The market capitalization of BOME surpassed 1.5 billion USD. As of now, the price of BOME tokens has fallen back to 0.017 USD.
Influenced by the BOME wealth effect, Slerf announced fundraising on March 17th, with the fundraising amount exceeding 50,000 SOL within 13 hours.
On March 18th, the founder of SLERF tweeted that due to their own operational errors, they had destroyed LP and airdrop reserve tokens, and were unable to refund $10 million to pre-sale users.
This mistake did not lead to the expected rug event. Users viewed it as "decentralized behavior," triggering a buying frenzy. The token price subsequently surged, breaking the record set by BOME by reaching a market cap of over a billion within 9 hours, and SLERF achieved this in just 30 minutes, becoming the new king of memes.
Previously, SLERF's price had peaked at $1.6, and the current price is $0.47.
The MAGA (TRUMP) token was created in August 2023, its name derived from the abbreviation of Donald Trump's presidential campaign slogan "Make America Great Again." After its creation and launch, it initially lacked market excitement and received minimal attention.
However, as Trump continued to win in the 2024 presidential primary elections, the popularity of the MAGA token gradually increased. By the end of February, after Trump was nominated as the presidential candidate, both the token's popularity and price reached new highs.
Currently, as the fervor subsides, the price of the MAGA token has also seen a corresponding pullback. The fluctuations of the MAGA token are closely correlated with Trump's news coverage. It's not difficult to imagine that if Trump wins the election in the future, the price of MAGA could also rise accordingly.
With the successive emergence of highly popular meme tokens on the Solana network, other networks are striving to imitate, hoping to gain a wave of popularity and traffic. DEGEN is a meme token that has achieved success on the BASE network.
DEGEN originated from the Farcaster community and is a community-driven meme project. Its fair distribution, grassroots atmosphere, bottom-up community growth drive, and unofficial DAO organization construction and operation have attracted a large number of users to pay attention to and join.
Recently, as the meme frenzy has shifted from the Solana network to the BASE network, the Degen project announced the launch of the low-cost Layer3 blockchain Degen Chain. DEGEN serves as the network's native gas token. After the news spread, the price of DEGEN surged by over 37% in 24 hours, followed by continuous price increases, repeatedly hitting new highs.
According to on-chain data, DEGEN reached a peak price of $0.065, and the current price has retraced to $0.04.
Dogwifhat (WIF) features an image of a Shiba Inu wearing a pink woolen hat. The project quietly launched on the Solana network in November 2023 without any promotion. By the end of December, influenced by the overall upward trend of the Solana network, the price of WIF saw some increase, attracting a certain level of attention. The official promotion first appeared with a meme image of a Shiba Inu wearing a pink woolen hat.
On January 11th, a mistaken transaction occurred for WIF, where $7.7 million worth of SOL was used to purchase WIF tokens, which at the time had liquidity worth only $2.7 million, causing the price of WIF to instantly soar to $3.99. A week later, Binance announced the listing of WIF futures trading. Subsequently, Backpack announced the listing of WIF spot trading.
On March 1st, Robinhood listing WIF caused widespread market attention, leading to a rapid increase in the price of WIF, breaking through $1. This marked the first dog-type meme token to break through $1.
On March 2nd, Arthur Hayes, the co-founder and CEO of the cryptocurrency exchange BitMEX, tweeted his optimism about WIF. As a result, the price of WIF immediately broke through $2. The highest price of WIF tokens reached $4.88, and it has currently retraced to around $4.05.
WIF has a total supply of 998.9 million tokens, with no common practices such as staking or burning, and no planned project prospects. It purely serves as an investment with its value attributes. The official operation is also very casual, mostly focusing on circulating meme images of a Shiba Inu wearing a pink woolen hat. This type of project mainly carries the emotional value of user investment.
WEN is the meme token of the Solana DeFi aggregation platform Jupiter, with its attributes originating from the community's desire and anticipation for potential airdrops.
Meow, one of the co-founders of the Jupiter project, frequently received questions from the community about "Wen Token" and "Wen airdrop," prompting him to respond with a poem. This poem was minted as an NFT and split into 1 trillion fragments, which are now circulating as WEN tokens.
Similar to WIF tokens, WEN tokens primarily carry the emotional value of user investment, with no further project development plans or roadmaps. The difference lies in the innovation of WEN being the first community token created from fragmented NFTs, making it the first NFT compliant with the WNS NFT standard.
MEXC offers a wide variety of cryptocurrencies for trading, including memecoins. Here is how you can trade memecoins on MEXC. Open the MEXC App homepage and click on [More]. Then, select the [Meme] section under [Trade] to view popular tokens of this type.
For demonstration purposes, we'll place a purchase order using the BOME token as an example.
Open the MEXC App and type "BOME" in the search bar at the top. Select BOME spot trading, then on the candlestick chart page, click [Buy]. Choose the order type, quantity, and other information, then click [Buy BOME] to complete the purchase.
If you're skilled in short-term futures trading, you can opt for BOME futures trading to profit from price fluctuations.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. The platform is not responsible for users' investment decisions.