Crypto Casino Olympic MEME

Article author: Peng Yong

Since the outbreak of DEFI, the cryptocurrency market has undergone tremendous changes and extensions. People have received a large number of airdrops in the DEFI market. The data wealth they have earned has made people excited and they have begun to seek another way to stimulate themselves, just like many people who have made money like to go to Las Vegas and Macau casinos. MEME has become the most popular absurd market sector after DEFI. They are now rampant in the market, converting every hot event into MEME tokens, flooding the entire cryptocurrency market. The Paris Olympics on July 26 this year may also be converted into a hype object of MEME tokens and become a new big event casino.

The Beginning of Crypto MEME Coin

In 2013, Jackson Palmer, the founder of Dogecoin (DOGE, full name Dogecoin), named Dogecoin after a popular Japanese Shiba Inu combined with Bitcoin in order to mock the cryptocurrency at that time. He used the photo of the popular Shiba Inu as the logo of Dogecoin, which received a lot of exposure on social media. Therefore, Dogecoin became a popular cryptocurrency. After 2013, Dogecoin has been used as a tip token and a satire. Many crypto institutions will give DOGE as a gift to participants in their activities, including many crypto wallet operation demonstrations are displayed through DOGE.

The Rise of MEME

Until the appearance of Musk, Dogecoin and the community's MEME coins began to rise, and earth-shaking changes have taken place since then. Musk is a super entrepreneur with 100 million fans, and he is also the empire helmsman of Tesla and Spacex. Musk's contribution to Dogecoin has had a huge impact. Because of Musk's promotion, Dogecoin has become the largest MEME coin in terms of market value (up to $88 billion market value). In 2021, Musk frequently mentioned Dogecoin on Twitter (X), and his tweets often triggered strong reactions in the trading market, leading to sharp fluctuations in the price of Dogecoin. For example, he has posted various jokes, pictures and comments about Dogecoin, which spread quickly and attracted a lot of attention. Musk not only sent funny pictures of dogs on Twitter, but also talked about Dogecoin with community members in Twitter's Space many times. His participation and support brought great confidence and motivation to the community, further increasing the influence and appeal of Dogecoin. Including speeches in real public places, Musk expressed a positive view of Dogecoin. For example, in the American comedy show Saturday Night Live (SNL), Musk's speech once again triggered market attention and discussion on Dogecoin, as well as a surge in DOGE tokens. Later, Tesla's peripheral products also supported DOGE payments.

Second only to DOGE, SHIB (Shiba Inu), Musk also made an indispensable publicity contribution. On October 4, 2021, Musk tweeted, "I'm going to name my Shiba Inu Floki Inu". SHIB rose 57% that day. Because of Musk's tweet, the crypto community launched the Floki token, which rose 1425% that day. SHIB's increase reached an all-time high in October 2021, becoming the password for getting rich and the peak of despair in the minds of many people.

Musk, who pushed MEME to be even crazier, was teased by the community as the Pope of MEME, and the MEME coin sector has been like riding a rocket since then.

Post-MEME era

Today, the volume of MEME coins has even surpassed the L2 infrastructure. The current market value of MEME is 45.2 billion US dollars, becoming a force that cannot be ignored. The market value of L2 infrastructure is 19.7 billion US dollars, which is less than half of the total market value of MEME coins. Seeing the data of L2 makes people think.

In the past few years, the influence of MEME coins has continued to expand, and various hot event MEME coins have emerged in the market. These currencies are usually highly volatile and highly speculative, but it is precisely this feature that has attracted countless investors to speculate. Now for many people, buying MEME coins is not only a way of investment, but also a fun way to participate in Internet MEME (network "stalks") culture and community activities. Just like when we see others buying a popular peripheral product about "Cai Xukun" on the Internet, people who are infected by emotions will also want to own this product. No one cares about the practicality of "Cai Xukun" peripheral products. The same is true for buying MEME coins, for fear of missing the opportunity to get rich.

In addition, social media plays a vital role in the spread of MEME coins. Through platforms such as Douyin, TikTok, Telegram, Twitter, Reddit, etc., MEME coin community members can quickly share information, push up the price of the coin, and even trigger a short-term trading market frenzy.

The combination of the Olympics and MEME coins

Wherever there is a big event or online MEME, there will be MEME tokens launched, and they are everywhere. On July 26, 2024, the Paris Olympics will kick off under the attention of the world. As a global sports event, it will attract a lot of eyeballs to the Olympics.

Under this background, MEME coins, combined with the hot spots of the Paris Olympics, will attract a large number of sports users and viewers in front of mobile screens, thus generating trading opportunities for MEME coins. Some MEMEs have begun to issue MEME tokens with the theme of the Paris Olympics. For example, the MEME coin issued with the mascot "Phryges" of the Paris Olympics has issued tokens on Ethereum and Solana respectively. SOL/PHRYGES, market value 5M, pool liquidity 340K, number of holders 2.6K; Ethereum/PHRYGES, market value 224K, pool liquidity 63K, number of holders 2.5K. The advantage of Ethereum/PHRYGES is that it is closely based on Ethereum, which has the most active on-chain user base, world recognition and a large developer community. Although the market value and liquidity are small, it has huge growth potential and rich ecological resources.

Some MEME coins may sponsor athletes or specific events, or launch NFT (non-fungible token) collections related to the Olympic theme. In addition, the MEME coin community is also actively involved in it, enhancing interactivity and entertainment by guessing the results of the game, making emojis related to athletes, etc.

This combination not only brings more exposure opportunities for MEME coins, but also injects new elements and fun into the Olympics. In this way, MEME coins not only show their unique charm, but also prove their influence and innovation in the cryptocurrency market.

Conclusion

From a joke to today's market phenomenon, the rise of MEME coins shows the powerful force of Internet culture. At the upcoming Olympic Games, MEME coins will further expand their influence and popularity through various creative activities and marketing strategies. Although its high volatility and speculation still exist, it is undeniable that MEME coins have brought new vitality and possibilities to the cryptocurrency market. Over time, MEME coins will continue to leave their unique mark around the world.