Author: Nancy, PANews

"Given the current market conditions, I now recognize LTC as a MEME coin." After the long-established mining coin Litecoin made this statement, it quickly sparked a marketing trend around MEME, with many institutions and projects following suit.

Litecoin and other crypto projects positioning themselves as MEMEs actually reveal a phenomenon in the current crypto market: many projects that once relied on complex and flashy technical jargon as selling points have, after falling out of favor, effectively become another form of MEME.

Litecoin's Transformation into a MEME? Self-deprecating Tweets Spark Market Trend

"Bitcoin Gold, Litecoin Silver," was once a widely circulated slogan in the industry, symbolizing Litecoin's former status. However, in this round of bull market, while Bitcoin continues to hit new highs, Litecoin has failed to rise in tandem. Surprisingly, after Litecoin humorously dubbed itself a MEME coin, it stimulated a short-term price increase and brought new topics and attention to this veteran project.

On November 15, Litecoin's official X account posted, "Given the current market conditions, I now recognize LTC as a MEME coin." This tweet not only provided a brief boost to the price but also sparked market interest and discussion. In the comments section of this tweet, many community users and projects offered their "advice," leading to the emergence of several MEME coins.

Among them, the leading MEME coin DOGE even designed a MEME mascot for Litecoin, and the internet celebrity greg, who frequently interacts with Musk, named it "LESTER." Greg is also recognized as the new "CEO" of DOGE.

Subsequently, the LESTER image quickly spread throughout the community. DEX Screener data shows that LESTER's market cap soared nearly $100 million within less than a day of its launch, demonstrating the market's enthusiasm for participation.

At the same time, various projects, institutions, and influencers such as Polygon, Yearn.finance, TRON DAO, Manta Network, IoTeX, OKX Wallet, Renzo, and Franklin have all followed Litecoin's tweet format to create memes.

It is worth mentioning that during its interaction with Litecoin, Coinbase also had the community design related MEME images, which received official recognition, and these MEMEs garnered some market attention.

Behind the Rise of MEME Culture, Traditional Crypto Projects Urgently Need Breakthroughs

The MEME culture, endowed with various interesting labels and narratives, is profoundly changing the gameplay of the crypto market. Although these assets lack substantial technological innovation, their value is rapidly soaring through extensive hype on social media, the promotion of community culture, and the amplification of network effects.

According to CoinGecko data, as of November 15, the market size of MEME has exceeded $140 billion. Among the top 20 overall trading volumes in the crypto market over the past 24 hours, aside from mainstream assets like Bitcoin and Ethereum and stablecoins like USDT, 7 are MEME coins, indicating that these projects occupy a significant portion of market liquidity.

Moreover, according to CryptoRank data, since the beginning of the year, in the top five narrative tracks by market cap performance, MEME coins have significantly outperformed RWA and AI assets in returns, with the similarly performing PolitiFi assets actually belonging to the political-themed MEME category.

With the "king of MEME" Musk making another "attack," driving strong rises in DOGE, Pnut, and other coins, as well as events like Robinhood listing PEPE, the MEME sector is gaining more market attention and participation. Musk recently commented in agreement with the notion that "MEME will prevail in the next four years."

The MEME coin trading application Moonshot recently disclosed that the platform's fiat inflow has set a new record, with a large influx of non-crypto native users. Top trader Eugene believes that the recent surge in DOGE indicates that the market cap ceiling for all other MEME coins will also rise proportionally. Previously, a $1 billion valuation was seen as a ceiling; now it is just the starting point. Crypto KOL Murad bluntly stated that millennials and Gen Z cannot afford houses, so they will turn to buy MEME coins, predicting that the current market is in the early stages of a MEME coin supercycle, which will give birth to 7-8 "digital tribes" with market caps exceeding $20 billion.

In stark contrast, many crypto projects that once thrived on technological innovation and promising blueprints have fallen into an embarrassing situation of being overlooked under the dual pressures of a cooling market and intensified competition. More seriously, many crypto projects are facing the challenge of selling pressure brought about by "unlocking periods," where the sell-off by numerous early investors and VCs not only exacerbates the continuous decline in project prices but also severely undermines investor confidence. The withdrawal of market funds and the depletion of user liquidity have made the sustained development of crypto projects increasingly difficult. To some extent, these once-hopeful crypto projects are gradually becoming MEMEs wrapped in a technological shell.

It is undeniable that MEMEs, through the amplification effect of social media and the emotional resonance of communities, are rapidly reshaping investor behavior and the market ecosystem. Litecoin's self-deprecating tweets also reflect that solely relying on technological innovation and long-term planning can no longer ensure the sustained and stable growth of crypto projects.

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