Original | Odaily Planet Daily

Author | jk

On the morning of November 14, Beijing time, Litecoin, which had faded from the market's view for a long time, suddenly released an official tweet:

Source: X

"Given the current market environment, I now identify as a Meme coin."

As soon as the tweet was posted, it immediately sparked a frenzy in the crypto market. The recent performance of Meme coins has been explosive, with a solid narrative of "resisting VC and exchange collusion projects" (aka projects that once had business support), and this playful tweet from the long-established PoW Litecoin further ignited market sentiment. Litecoin surged by 10% in a short time, rising from around $72 to $82. As Meme coins like Pnut, Pepe, and Bome began to gain momentum following Bitcoin's rise, the market's FOMO sentiment towards Meme coins continued to accumulate, and Litecoin's explosion undoubtedly proved this point.

Litecoin performance, source: Coingecko

Projects following the trend, source: X

In addition to Litecoin, all the projects shown in the image above claim to have become Memecoins; the screenshots barely cover the wave of this trend on the X platform, including well-known projects like Manta Network, AVA Foundation, Aleph Zero, and even Gate Exchange have all joined this craze, much like a popular video on Douyin (or a TikTok challenge), filling the feeds on the X platform yesterday.

So how are these "newly minted Meme coins" performing?

Overall, coins that are merely riding the wave of hype have not seen significant increases—IoTeX has not shown a noticeable rise, with a 24-hour decline of 7.5%; Manta has a 24-hour decline of 11.9%. This part of the decline is less related to tweeting and mainly comes from the pullback led by Bitcoin.

At the same time, however, established Meme coins in the market have shown a trend of increase + pullback due to this Meme craze: PEPE and WIF both started to surge at some point yesterday, although they experienced a pullback within 24 hours, the 7-day increase still remains around 90% and 50%, respectively. Naturally, the leading coin in this wave, PNUT, has reached a price of $1.6 by the time of writing.

Meme performance, source: Coingecko

Even more absurdly, this trend has clearly begun to spill over: this morning, KLM Royal Dutch Airlines, with 2.2 million followers on its official Twitter, also posted an identical tweet:

Source: X

It should be noted that KLM Royal Dutch Airlines (once) was a legitimate account that had nothing to do with the crypto market, and thus was initially suspected of being hacked. Litecoin replied below: "Looks a bit bumpy, but ok!" Someone also commented below: "Is the intern managing the Litecoin Twitter account also working two jobs?"

Of course, KLM's stock price showed no change, and even experienced a slight drop. It seems that marketing in the crypto circle is just shouting slogans, and no one is really buying (though buying isn't aimed at the stock market).

Even more, a token Meme coin has already been launched on Pump.fun regarding this event: INIAAM (I now identify as a memecoin), and by the time of writing, its market cap has reached approximately $32K.

INIAAM, source: Pump.fun

Returning to the original context, everyone is, of course, playing with the phrase: "I now identify as xx" is originally used in English contexts related to gender, where a person may now identify as another gender, and through the tug-of-war between supporters and non-supporters, it has been grafted onto other meanings multiple times, such as the famous phrase "I now identify my gender as a Walmart shopping bag," etc. This part corresponds perfectly to the core of Meme culture, which is to deconstruct an existing system, whether it be gender or once-serious classical crypto projects, and then completely trample the original meaning underfoot, allowing this contrast to bring more traffic to the project.

This is a market strategy and the core essence of Meme. Of course, we must also mention the most important catalyst: crypto investors may have long suffered from "high FDV and low circulation" tokens, unwilling to be the bag holders for VCs and project parties anymore; at least Meme represents a fairer market—nothing more than being quick and alert.

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