From Digital DOGE to the Collision of Technology and Culture: A Comprehensive Analysis of the Development History of Meme Coins
1. Overview
The development history of Meme coin reflects the unique integration of digital culture and financial innovation, with its core value represented as "cultural dissemination power × community consensus", rather than relying solely on technology or practical value. Throughout its evolutionary history, it can be divided into three key development stages:
1.1. Breaking Ground/Foundational Expansion (2013-2016) — Period of Rapid Growth
Ephemeral type: Lacks deep cultural accumulation, has a short-lived popularity, and quickly fades away (e.g., Mooncoin, TIPS, Nyancoin)
The Ever-Victorious General Type: Survives for a long time relying on strong cultural symbols and an active community (such as DOGE)
1.2. Dormancy/Outburst (2017-2021) — Smart Contract Empowerment Period
Stellar Everbright Type: Successfully built ecology, breaking limitations (such as SHIB's ShibaSwap)
Transformation Breakthrough: Attempting innovation with slow progress (such as FLOKI's metaverse layout, SAMO's public chain binding)
1.3. Precipitation/Reconstruction (2022-2025) — Rise of a New Narrative
Short-term speculation type: Leveraging hot events, with extremely high risk (such as TRUMP's political narrative)
Ecological driven: Relying on the advantages of public chains, with strong explosive power (such as WIF, BONK)
Narrative Innovation: Combining AI technology, concept first (such as GOAT)
Cultural Symbol Type: Influencer IP driven, popularity fluctuations (e.g., MOODENG)
Despite the adjustment in the Meme coin market, its unique value and influence as a typical product of the attention economy still hold an important position in the crypto space. Technological innovations (such as AI, DeFAI) and community building will become key factors for its future development.
2. Historical Context Review
Meme coins represent a wonderful collision of internet culture and financial speculation. From the initial internet joke to an important player in today’s market, meme coins are challenging people’s traditional understanding of "value." In an era dominated by social media, a popular meme can gain hundreds of millions of exposures globally within a few hours, and this viral spread is being directly converted into financial value.
2.1. Breaking Ground/Foundational Expansion (2013-2016) - Genesis Era
This period is the innovative stage of Meme coins from zero to one, marked by the birth of DOGE in December 2013 and ending with the maturity of Ethereum's smart contract technology in 2016. On a technical level, with a few exceptions, almost all Meme coins in this stage were based on code forks of Bitcoin or Litecoin.
Market data shows that the average active life cycle of Meme coins born during this period is only 11.7 months, but survivors like DOGE exhibit remarkable vitality. The innovations of this period are significant, preserving the most precious rebellious genes and innovative spirit in the world of cryptocurrency.
2.2. Dormancy/Outburst (2017-2021) — Qualitative Change Turning Point
These five years have witnessed the transformation of Meme coins from a fringe subculture to a mainstream financial asset. The maturity of smart contracts has restructured the issuance logic of Meme coins, reducing the issuance cost to less than one-thousandth of the original, sparking the craze of "everything can be a Meme."
In December 2017, the market value of DOGE first surpassed $1 billion; during the peak period in 2021, the overall daily trading volume of the Meme coin sector exceeded $30 billion, accounting for 12.3% of the entire cryptocurrency market. However, data shows that in 2020, an average of Meme coin projects died every month, with the rate of extinction even surpassing the rate of new project creation.
The most profound transformation during this period lies in the reconstruction of value perception, as revealed by the Massachusetts Institute of Technology report: "The value capture mechanism of assets like Dogecoin essentially transforms network attention into liquidity premiums."
2.3. Deposition/Reconstruction (2022-2025) - Value Reassessment Period
Since 2022, the Meme coin market has undergone a deep adjustment from frenzy to rationality. Chainplay's research report "State of Memecoin 2024" points out that "97% of Meme coins are already dead," with different blockchain platforms showing varying death rates: Base at 66.91%, Solana at 54.03%, and Ethereum at 36.59%.
As the head of digital assets at Goldman Sachs stated: "Meme projects that can still secure funding after 2023 must demonstrate their ability to capture long-term value beyond simple speculation." Meme coins that can transcend cycles will ultimately become the key bridge connecting the crypto world with popular culture.
As an entertainment meme coin with the slogan of "moon landing", Mooncoin has performed brilliantly: in the first year of its launch, it set a record of a single-day increase of more than 300%, and the Reddit community discussed more than 5,000 posts in a single month, which was called "the most serious joke coin" by Coindesk.
However, the delisting from mainstream exchanges in 2015 led to a market value drop of over 90%; in 2016, the development team announced an "indefinite hibernation"; in 2018, the project experienced a brief resurgence, but failed to seize the opportunity and completely faded from the stage as market enthusiasm waned.
FedoraCoin targets the "top-hatted keyboard warrior" subculture on Reddit, using the Scrypt algorithm to support GPU mining. Two months after its launch, the daily discussion volume on its Reddit subreddit exceeded 2000 posts.
However, the lack of practical application scenarios makes it difficult to break through the limitations of cultural symbols. Since 2015, with mainstream exchanges delisting it, its liquidity has plummeted sharply. In 2019, TIPS was officially included in the "dead list".
Nyancoin —— Brief "rainbow" light shadow
As the second Meme coin after DOGE, Nyancoin holds the title of "the first officially licensed cryptocurrency in history," but its cultural gene's influence is far less than that of DOGE's "Shiba Inu." Nyancoin's community has only 1.5k subscribers, and the last active post dates back two years, confirming the market rule that "the endorsement of top IP is more decisive than project technology."
3.1.2. The Invincible General Type
Dogecoin (DOGE) —— The miracle of "grassroots carnival"
Launched in December 2013, Dogecoin was initially just a parody of the Bitcoin frenzy culture, but it has become the most enduring phenomenon Meme coin. Its market value peaked in 2021, reaching $80 billion under the influence of Musk.
Despite a price drop in recent years, the overall market trend remains stable and continues to hold significant influence. In November 2024, when Trump announced that Musk would lead a government efficiency department called "DOGE", it sparked another round of market discussions. Even during the sluggish period of the entire Meme coin market, DOGE still maintains a daily trading volume of over $1 billion, with a market cap consistently ranked in the top ten.
3.2. Dormancy/Outburst (2017-2021)
3.2.1. Meteor Shining Type
Useless Ethereum Token (UET) —— "Honest Scam"
UET's public statement released in June 2017: "This is a worthless token, buying it is a waste of money." Nevertheless, it still raised 310 ETH (approximately $93,000) within 48 hours.
UET adopts a simple ERC-20 standard with no minting or burning, and all raised ETH is transferred to the developer's address without any promised use. In the early days of its launch, the price briefly surged by 800%, but in early 2018, it was exploited due to a contract vulnerability, causing the price to plummet, and it was ultimately marked as a "failed project" in 2020.
HOGE, born in 2021, builds a unique economic system through a deflationary model (1% of each transaction is burned and 1% is distributed to coin holders) and community governance. Its community-driven approach and charitable activities have attracted significant attention.
However, the lack of actual application scenarios has led to a long-term reliance on speculative sentiment. During the market winter of 2022, the price of HOGE dropped over 90% from its peak. Its rise and fall reveal the core contradiction of deflationary Meme coins: short-term speculative consensus is difficult to convert into long-term value.
3.2.2. Stellar Long-lasting Type
Shiba Inu (SHIB) —— From Meme Craze to Ecological Ambition
SHIB, which was born in August 2020, was initially a meme coin that spoofed DOGE on the Ethereum chain, with a total supply of up to 1 quadrillion coins. In May 2021, Musk's tweets and the token donation and burning event by the Ethereum founder elevated it to stardom.
The key to SHIB's success lies in the "Shib ecosystem" built by the team: the decentralized exchange ShibaSwap, Layer 2 network Shibarium, etc., achieving a strategic transformation of "Meme shell + practical core."
3.2.3. Transformation Breakthrough Type
Floki Inu (FLOKI) —— A Tug of War Between Ambition and Reality
Launched in June 2021, FLOKI originated from the name Musk gave to his Shiba Inu. Its ambitions go far beyond mere hype, attempting to build a vast ecosystem encompassing DeFi, NFTs, the metaverse, and more.
Although the FLOKI team is constantly seeking brand rejuvenation and ecological implementation, the slow progress of the Valhalla game and the limited adoption rate of FlokiFi expose its transformation shortcomings. In 2024, FLOKI seeks breakthroughs through partnerships with trading platforms and improvements in gaming.
Samoyedcoin (SAMO) —— Solana ecosystem's "mascot"
Launched in 2021, SAMO rapidly gained popularity with the image of the Samoyed dog and is regarded as the "official mascot of Solana". Compared to other meme coins, SAMO places more emphasis on practicality, introducing staking mining, NFT series, and adopting a "burn + buyback" economic model.
The 2022 Solana chain outage severely impacted SAMO. Its predicament reflects the double-edged sword effect of Meme coins being deeply tied to public chains: benefiting during the prosperity of public chains and being the first to suffer during a crisis.
3.3. Precipitation/Reconstruction (2022-2025)
3.3.1. Short-term speculation type
Trump (TRUMP) —— The Controversial Union of Politics and Cryptocurrency
In January 2025, U.S. President Donald Trump launched his personal meme coin, TRUMP, which is inspired by his iconic image at the time of his assassination attempt. Proponents, who call themselves the "MAGA Army", see the token holdings as political support, pushing the market cap above $10 billion at one point.
However, with changes in the election situation and diversion effects, price fluctuations have been severe. The project party failed to fulfill its promises of a "decentralized political donation platform" and was questioned for "profiting from presidential authority." In April 2025, TRUMP saw a rebound in price through promotional activities (such as "dinner with the president") and the recovery of the public chain ecosystem.
3.3.2. Ecological-driven
Dogwifhat (WIF) —— "absurdism" market miracle
Launched in December 2023, WIF relied on the image of a cute pink knit hat and soared to $3 billion in market value in 104 days, much faster than DOGE's growth. Its official account quickly amassed 200,000 followers, forming a strong community culture.
Although WIF has successfully ranked among the top meme coins, it still faces a classic dilemma: over-reliance on the public chain ecology and lack of practical application support, and its future development depends on whether the team can break through the existing framework.
BONK - The "savior dog" of the Solana ecosystem
In December 2022, as the Solana ecosystem was on the verge of collapse due to the FTX crisis, BONK was launched and airdropped 50% of its total token supply to active users. With its extreme community-driven approach and anti-VC narrative, BONK surged from 0 to a market cap of $3 billion, driving a 487% month-over-month growth in active addresses on the Solana chain.
BONK successfully facilitated the return of developers, promoting the revival of the NFT ecosystem and expanding payment scenarios (over 200 offline merchants accepted). In the face of regulatory challenges, the BONK team actively planned for technological upgrades and ecological expansion, demonstrating the potential of Meme coins to build practical application scenarios.
3.3.3. Narrative Innovation Type
Goatseus Maximus (GOAT) - Crypto "Wrapper" in AI Mania
In October 2024, the GOAT, predicted by the "Truth Terminal" AI chatbot, surpassed a market value of $700 million in just two weeks. Its success is built on the perfect combination of AI hype, subcultural memes, and venture capital endorsements.
However, when "AI autonomy" was proven to be a marketing gimmick (such as AI accounts making spelling mistakes that humans would make), the price of GOAT was halved in a single day. This case reveals the essence of the current "AI Meme": it is still a human speculative game packaged as technological innovation.
3.3.4. Cultural Symbol Type
MOODENG —— The Internet Celebrity Hippo That Broke Into the Crypto World
MOODENG is based on a popular pygmy hippo from a Thai zoo, showcasing an incredible viral spread in the Web2 world, attracting brands like IMAX and McDonald's to participate in interactions. In September 2024, the MOODENG token on the Solana chain surpassed a market value of 270 million USD within 20 days of its launch.
In December of the same year, the founder of Ethereum publicly took on the role of "foster father" for MOODENG, holding 40 billion tokens, which propelled its ERC-20 version market value to surge. Despite facing criticism regarding chip centralization and lack of applications, the MOODENG team is attempting to transform through methods such as DAO governance and charitable foundations.
Future Outlook
The Meme coin market is undergoing a transition from barbaric growth to rational development. Technically, the low threshold for issuing coins and trading platforms (such as PumpFun, BlockMiner) continues to optimize; in terms of innovation, the integration of "AI+Meme" (such as GOAT, AI16z, etc.) shows unlimited possibilities; in terms of community building, the celebrity effect and social capital remain important driving forces.
In the future, Meme coins will continue to face the balance test of "speculation versus substance." Projects that can capture cultural value in the attention economy while building actual application scenarios will be able to survive market fluctuations and become bridges connecting the crypto world with popular culture.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
History of Meme Coins: From DOGE to AI Ecosystem, Analyzing the Cultural Phenomenon of the Encryption World
From Digital DOGE to the Collision of Technology and Culture: A Comprehensive Analysis of the Development History of Meme Coins
1. Overview
The development history of Meme coin reflects the unique integration of digital culture and financial innovation, with its core value represented as "cultural dissemination power × community consensus", rather than relying solely on technology or practical value. Throughout its evolutionary history, it can be divided into three key development stages:
1.1. Breaking Ground/Foundational Expansion (2013-2016) — Period of Rapid Growth
1.2. Dormancy/Outburst (2017-2021) — Smart Contract Empowerment Period
1.3. Precipitation/Reconstruction (2022-2025) — Rise of a New Narrative
Despite the adjustment in the Meme coin market, its unique value and influence as a typical product of the attention economy still hold an important position in the crypto space. Technological innovations (such as AI, DeFAI) and community building will become key factors for its future development.
2. Historical Context Review
Meme coins represent a wonderful collision of internet culture and financial speculation. From the initial internet joke to an important player in today’s market, meme coins are challenging people’s traditional understanding of "value." In an era dominated by social media, a popular meme can gain hundreds of millions of exposures globally within a few hours, and this viral spread is being directly converted into financial value.
2.1. Breaking Ground/Foundational Expansion (2013-2016) - Genesis Era
This period is the innovative stage of Meme coins from zero to one, marked by the birth of DOGE in December 2013 and ending with the maturity of Ethereum's smart contract technology in 2016. On a technical level, with a few exceptions, almost all Meme coins in this stage were based on code forks of Bitcoin or Litecoin.
Market data shows that the average active life cycle of Meme coins born during this period is only 11.7 months, but survivors like DOGE exhibit remarkable vitality. The innovations of this period are significant, preserving the most precious rebellious genes and innovative spirit in the world of cryptocurrency.
2.2. Dormancy/Outburst (2017-2021) — Qualitative Change Turning Point
These five years have witnessed the transformation of Meme coins from a fringe subculture to a mainstream financial asset. The maturity of smart contracts has restructured the issuance logic of Meme coins, reducing the issuance cost to less than one-thousandth of the original, sparking the craze of "everything can be a Meme."
In December 2017, the market value of DOGE first surpassed $1 billion; during the peak period in 2021, the overall daily trading volume of the Meme coin sector exceeded $30 billion, accounting for 12.3% of the entire cryptocurrency market. However, data shows that in 2020, an average of Meme coin projects died every month, with the rate of extinction even surpassing the rate of new project creation.
The most profound transformation during this period lies in the reconstruction of value perception, as revealed by the Massachusetts Institute of Technology report: "The value capture mechanism of assets like Dogecoin essentially transforms network attention into liquidity premiums."
2.3. Deposition/Reconstruction (2022-2025) - Value Reassessment Period
Since 2022, the Meme coin market has undergone a deep adjustment from frenzy to rationality. Chainplay's research report "State of Memecoin 2024" points out that "97% of Meme coins are already dead," with different blockchain platforms showing varying death rates: Base at 66.91%, Solana at 54.03%, and Ethereum at 36.59%.
As the head of digital assets at Goldman Sachs stated: "Meme projects that can still secure funding after 2023 must demonstrate their ability to capture long-term value beyond simple speculation." Meme coins that can transcend cycles will ultimately become the key bridge connecting the crypto world with popular culture.
3. Key Project Analysis
3.1. Breaking Ground/Foundation Laying (2013-2016)
3.1.1. Ephemeral
Mooncoin —— The Unfulfilled "Moon Landing" Dream
As an entertainment meme coin with the slogan of "moon landing", Mooncoin has performed brilliantly: in the first year of its launch, it set a record of a single-day increase of more than 300%, and the Reddit community discussed more than 5,000 posts in a single month, which was called "the most serious joke coin" by Coindesk.
However, the delisting from mainstream exchanges in 2015 led to a market value drop of over 90%; in 2016, the development team announced an "indefinite hibernation"; in 2018, the project experienced a brief resurgence, but failed to seize the opportunity and completely faded from the stage as market enthusiasm waned.
Fedoracoin (TIPS) —— Niche "gentleman" recognition
FedoraCoin targets the "top-hatted keyboard warrior" subculture on Reddit, using the Scrypt algorithm to support GPU mining. Two months after its launch, the daily discussion volume on its Reddit subreddit exceeded 2000 posts.
However, the lack of practical application scenarios makes it difficult to break through the limitations of cultural symbols. Since 2015, with mainstream exchanges delisting it, its liquidity has plummeted sharply. In 2019, TIPS was officially included in the "dead list".
Nyancoin —— Brief "rainbow" light shadow
As the second Meme coin after DOGE, Nyancoin holds the title of "the first officially licensed cryptocurrency in history," but its cultural gene's influence is far less than that of DOGE's "Shiba Inu." Nyancoin's community has only 1.5k subscribers, and the last active post dates back two years, confirming the market rule that "the endorsement of top IP is more decisive than project technology."
3.1.2. The Invincible General Type
Dogecoin (DOGE) —— The miracle of "grassroots carnival"
Launched in December 2013, Dogecoin was initially just a parody of the Bitcoin frenzy culture, but it has become the most enduring phenomenon Meme coin. Its market value peaked in 2021, reaching $80 billion under the influence of Musk.
Despite a price drop in recent years, the overall market trend remains stable and continues to hold significant influence. In November 2024, when Trump announced that Musk would lead a government efficiency department called "DOGE", it sparked another round of market discussions. Even during the sluggish period of the entire Meme coin market, DOGE still maintains a daily trading volume of over $1 billion, with a market cap consistently ranked in the top ten.
3.2. Dormancy/Outburst (2017-2021)
3.2.1. Meteor Shining Type
Useless Ethereum Token (UET) —— "Honest Scam"
UET's public statement released in June 2017: "This is a worthless token, buying it is a waste of money." Nevertheless, it still raised 310 ETH (approximately $93,000) within 48 hours.
UET adopts a simple ERC-20 standard with no minting or burning, and all raised ETH is transferred to the developer's address without any promised use. In the early days of its launch, the price briefly surged by 800%, but in early 2018, it was exploited due to a contract vulnerability, causing the price to plummet, and it was ultimately marked as a "failed project" in 2020.
Hoge Finance (HOGE) —— Community-driven deflationary experiment
HOGE, born in 2021, builds a unique economic system through a deflationary model (1% of each transaction is burned and 1% is distributed to coin holders) and community governance. Its community-driven approach and charitable activities have attracted significant attention.
However, the lack of actual application scenarios has led to a long-term reliance on speculative sentiment. During the market winter of 2022, the price of HOGE dropped over 90% from its peak. Its rise and fall reveal the core contradiction of deflationary Meme coins: short-term speculative consensus is difficult to convert into long-term value.
3.2.2. Stellar Long-lasting Type
Shiba Inu (SHIB) —— From Meme Craze to Ecological Ambition
SHIB, which was born in August 2020, was initially a meme coin that spoofed DOGE on the Ethereum chain, with a total supply of up to 1 quadrillion coins. In May 2021, Musk's tweets and the token donation and burning event by the Ethereum founder elevated it to stardom.
The key to SHIB's success lies in the "Shib ecosystem" built by the team: the decentralized exchange ShibaSwap, Layer 2 network Shibarium, etc., achieving a strategic transformation of "Meme shell + practical core."
3.2.3. Transformation Breakthrough Type
Floki Inu (FLOKI) —— A Tug of War Between Ambition and Reality
Launched in June 2021, FLOKI originated from the name Musk gave to his Shiba Inu. Its ambitions go far beyond mere hype, attempting to build a vast ecosystem encompassing DeFi, NFTs, the metaverse, and more.
Although the FLOKI team is constantly seeking brand rejuvenation and ecological implementation, the slow progress of the Valhalla game and the limited adoption rate of FlokiFi expose its transformation shortcomings. In 2024, FLOKI seeks breakthroughs through partnerships with trading platforms and improvements in gaming.
Samoyedcoin (SAMO) —— Solana ecosystem's "mascot"
Launched in 2021, SAMO rapidly gained popularity with the image of the Samoyed dog and is regarded as the "official mascot of Solana". Compared to other meme coins, SAMO places more emphasis on practicality, introducing staking mining, NFT series, and adopting a "burn + buyback" economic model.
The 2022 Solana chain outage severely impacted SAMO. Its predicament reflects the double-edged sword effect of Meme coins being deeply tied to public chains: benefiting during the prosperity of public chains and being the first to suffer during a crisis.
3.3. Precipitation/Reconstruction (2022-2025)
3.3.1. Short-term speculation type
Trump (TRUMP) —— The Controversial Union of Politics and Cryptocurrency
In January 2025, U.S. President Donald Trump launched his personal meme coin, TRUMP, which is inspired by his iconic image at the time of his assassination attempt. Proponents, who call themselves the "MAGA Army", see the token holdings as political support, pushing the market cap above $10 billion at one point.
However, with changes in the election situation and diversion effects, price fluctuations have been severe. The project party failed to fulfill its promises of a "decentralized political donation platform" and was questioned for "profiting from presidential authority." In April 2025, TRUMP saw a rebound in price through promotional activities (such as "dinner with the president") and the recovery of the public chain ecosystem.
3.3.2. Ecological-driven
Dogwifhat (WIF) —— "absurdism" market miracle
Launched in December 2023, WIF relied on the image of a cute pink knit hat and soared to $3 billion in market value in 104 days, much faster than DOGE's growth. Its official account quickly amassed 200,000 followers, forming a strong community culture.
Although WIF has successfully ranked among the top meme coins, it still faces a classic dilemma: over-reliance on the public chain ecology and lack of practical application support, and its future development depends on whether the team can break through the existing framework.
BONK - The "savior dog" of the Solana ecosystem
In December 2022, as the Solana ecosystem was on the verge of collapse due to the FTX crisis, BONK was launched and airdropped 50% of its total token supply to active users. With its extreme community-driven approach and anti-VC narrative, BONK surged from 0 to a market cap of $3 billion, driving a 487% month-over-month growth in active addresses on the Solana chain.
BONK successfully facilitated the return of developers, promoting the revival of the NFT ecosystem and expanding payment scenarios (over 200 offline merchants accepted). In the face of regulatory challenges, the BONK team actively planned for technological upgrades and ecological expansion, demonstrating the potential of Meme coins to build practical application scenarios.
3.3.3. Narrative Innovation Type
Goatseus Maximus (GOAT) - Crypto "Wrapper" in AI Mania
In October 2024, the GOAT, predicted by the "Truth Terminal" AI chatbot, surpassed a market value of $700 million in just two weeks. Its success is built on the perfect combination of AI hype, subcultural memes, and venture capital endorsements.
However, when "AI autonomy" was proven to be a marketing gimmick (such as AI accounts making spelling mistakes that humans would make), the price of GOAT was halved in a single day. This case reveals the essence of the current "AI Meme": it is still a human speculative game packaged as technological innovation.
3.3.4. Cultural Symbol Type
MOODENG —— The Internet Celebrity Hippo That Broke Into the Crypto World
MOODENG is based on a popular pygmy hippo from a Thai zoo, showcasing an incredible viral spread in the Web2 world, attracting brands like IMAX and McDonald's to participate in interactions. In September 2024, the MOODENG token on the Solana chain surpassed a market value of 270 million USD within 20 days of its launch.
In December of the same year, the founder of Ethereum publicly took on the role of "foster father" for MOODENG, holding 40 billion tokens, which propelled its ERC-20 version market value to surge. Despite facing criticism regarding chip centralization and lack of applications, the MOODENG team is attempting to transform through methods such as DAO governance and charitable foundations.
Future Outlook
The Meme coin market is undergoing a transition from barbaric growth to rational development. Technically, the low threshold for issuing coins and trading platforms (such as PumpFun, BlockMiner) continues to optimize; in terms of innovation, the integration of "AI+Meme" (such as GOAT, AI16z, etc.) shows unlimited possibilities; in terms of community building, the celebrity effect and social capital remain important driving forces.
In the future, Meme coins will continue to face the balance test of "speculation versus substance." Projects that can capture cultural value in the attention economy while building actual application scenarios will be able to survive market fluctuations and become bridges connecting the crypto world with popular culture.