"I now identify as a memecoin."

Written by: jk, Odaily Planet Daily

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 rally alongside Bitcoin, the market's FOMO sentiment towards meme coins continued to accumulate, and Litecoin's breakout 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, all of which have joined this craze, much like a popular video on Douyin (or a trending 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 drop of 7.5%; Manta has a 24-hour drop of 11.9%. This decline is largely unrelated to their tweets and mainly stems from a correction led by Bitcoin.

At the same time, established meme coins in the market have shown a trend of increase + correction due to this meme craze: PEPE and WIF began to surge at some point yesterday, and although there was a correction within 24 hours, the 7-day increase still hovers around 90% and 50%, respectively. As for PNUT, which is leading this wave, its price has already reached $1.6 at the time of writing.

Meme performance, Source: Coingecko

Even more absurdly, this trend has clearly begun to break out of its niche: this morning, KLM Royal Dutch Airlines, with 2.2 million followers, also posted an identical tweet on its official account:

Source: X

It’s worth noting that KLM Royal Dutch Airlines (once) had no connection to the crypto market, leading to suspicions of a hacked account. Litecoin replied below: "Looks a bit bumpy, but ok!" Someone even commented, "Is it possible that the intern managing Litecoin's Twitter account is 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 about shouting slogans, and no one is actually buying (though buying isn't directed at the stock market).

Even more surprisingly, a token meme coin has already been launched on Pump.fun regarding this event: INIAAM (I now identify as a memecoin), and at 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 meme: "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, such as the famous phrase "I now identify my gender as a Walmart shopping bag," etc. This 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 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 memes. 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 ones picking up the pieces for VCs and project parties; memes at least represent a fairer market—nothing more than being quick and attentive.

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