Meme coins defy market downturn with impressive surge
While the overall cryptocurrency market has been in a slump recently, meme coins have shown resilience and attractiveness.
Bitcoin, after reaching a historic high of $74,000 in March, dropped to $57,000 at one point but has since rebounded to $59,000. However, amidst this volatility, meme coins like $PEPE, $BONK, and $WIF have shown strong upward momentum.
According to data from CoinGecko, $PEPE has emerged as the biggest winner, with its price surging over 22% in the past day, while $BONK has seen a growth of over 18%.
Other popular meme coins like $WIF (Dogwifhat) and $FLOKI have also experienced respective increases of 14% and 12%, while early meme coins Dogecoin ($DOGE) and Shiba Inu ($SHIB) have each risen by around 9% within 24 hours, further fueling the meme coin market.
Despite Eddy Lazzarin, the Chief Technology Officer of prominent firm a16z, publicly criticizing meme coins as a “high-risk casino” that damages the crypto industry, the meme coin market has continued to thrive unaffected.
Further reading:
“Degen Chain,” the new meme coin playground, surges by 500%! But why are industry leaders like the CEO of Polygon criticizing it?
Is Bitcoin the first meme coin?!
It is worth mentioning that Brock Pierce, co-founder of Tether ($USDT), and a crypto OG, once proposed at a meme coin summit in Dubai that “revolution doesn’t happen through traditional media, but through memes.”
He further shared that once people understand the concept that “Bitcoin is the first meme coin,” they can truly grasp the essence of meme coins.
Why is Bitcoin considered a meme coin?
While many do not acknowledge Bitcoin as a meme coin, there are still many who believe it is.
Bitcoin is seen as the “first meme coin” not because of its frivolous or absurd content, but because of the process of being “understood” and “spread.”
“Meme” originates from biology, referring to messages that can be “copied” and “transmitted.” And Bitcoin does exactly that, continuously reinforcing its influence, concepts, and consensus among the meme coin community through storytelling and community activities, no different from other meme coins.
This is a meme image that circulated in the early days of the cryptocurrency community.
The reason Bitcoin quickly became deeply rooted in the crypto community is because it emerged during a global financial crisis, utilizing people’s dissatisfaction with centralized financial systems to rapidly promote the concept of decentralization. Early Bitcoin supporters were primarily cryptocurrency enthusiasts who favored decentralized ideals and technological innovation, and their support allowed Bitcoin to gain recognition in both technical and cultural aspects.
Therefore, from a cultural perspective, Bitcoin can represent a meme culture that not only transforms the financial system but also changes people’s perception of currency and value storage. However, more time is needed to prove Bitcoin’s status and cultural development.
References: Decrypt, Cointelegraph