Some memes have transcended pure storytelling or traffic logic and have begun to serve as a means of value conveyance.

Written by: Blockchain Knight

In the past week, the biggest topic in the industry, aside from the sudden crash in the crypto market, has been the various chain liquidations. Although BTC has fallen from its peak of $100,000 to below $80,000, which is only a 20% retracement, it seems relatively mild compared to many Memecoins that have dropped over 80%.

Through the chart below, we can visually see the current state of the Memecoin market. As the main battleground, Pump.fun's trading volume on Ray has plummeted from a peak of over $3 billion in a single day to around $144 million now, a decline of over 95%, which naturally corresponds to the overall market's retreat.

Of course, in a certain sense, it is hard to imagine that this rate of decline could be so rapid, as it has only been a month since this six-month-long Meme craze seems to have hit rock bottom.

Faced with the decline in various trading data and the plummeting market value of related memes, the past week has been filled with mockery of memes, as well as various figures coming out to ridicule those once arrogant PVP players. So, does this grand narrative of memes, which started as an anti-VC movement, end only in death?

First, let's briefly review the "origin story" of memes and return to the point to see their value.

Memes themselves did not suddenly explode in the past year; they have existed since the dawn of BTC, coinciding with the rise of the internet. Memes have already taken root in people's hearts, with various quirky emojis and internet cultural phrases being labeled as memes.

The earliest Memecoin to enter the crypto market (in 2013) was DOGE, which still has a market value of $30 billion and has been popular for over a decade. Previously, memes were mainly mentioned in the crypto industry as single assets, lacking a cultural narrative similar to that of the internet, until last year when memes became a representation of anti-VC, suddenly growing into a topic worthy of attention and participation from the entire industry.

Subsequently, with various celebrities and traffic organizations joining the meme wave (especially due to the huge profit potential), we welcomed the "Meme Summer," gradually evolving from a single asset category to the largest and hottest narrative in the industry.

The chart below shows the market value changes of Memecoins over the past year, illustrating the significant impact of this narrative, with the overall market value skyrocketing from $36 billion to a peak of $137 billion in just three months, a terrifying growth rate, though it has also fallen back quickly.

By the end of 2024, we see the story of memes beginning to shift from pure traffic narratives to some empowering memes related to Agent, DeFAI, and Desci. Memes themselves have transformed from being perceived as worthless to becoming a means of issuance with certain specific functions.

Ultimately, the true climax for memes, but also the source of their "downfall," has been the political memes related to Trump, which have become a point of contention for many. Thus, this grand performance begins to draw to a close.

Looking back at this meme wave, we started from an anti-VC stance, but in the end, we fell victim to others, experiencing extravagance and stepping through countless puddles, yet ultimately failing to escape the fate of being washed out, merely falling into another form of VC harvesting.

From these starting points, people are still anti-VC and still hold respect for the industry's traffic. From this logic, the "breeding ground" for memes seems unchanged, so they will continue to exist, at least not to perish.

Secondly, since the end of last year, some memes have already detached from pure storytelling or traffic logic and have begun to serve as a means of value conveyance.

Therefore, whether it is IP topics, celebrity effects, or issuance methods, this asset category will not disappear and may even evolve anew, as what it carries is gradually changing. Memes have returned from mere speculation to innovative directions like "Meme+Agent," "Meme+Desci," and "Meme+DeFAI."

Finally, looking at the prices themselves, many Memecoins have already experienced or are currently undergoing a low period. So, in the words of the classic line from "Hamlet," they face only two paths: "To be, or not to be."

The direction of these memes is determined only by the community and the teams leading the community (including funding). As long as they have the courage to continue fighting, these fallen memes can gain hope for rebirth, just like DOGE did years ago. After all, what does not kill them will ultimately make them stronger. This is the spirit of crypto and true value, so let’s see which memes are still being built; that is the answer.

Postscript: The night after this article was completed (March 2), Trump announced on social media that "the presidential task force is advancing a strategic reserve of crypto assets including XRP, SOL, and ADA," which changed the market's continued downturn over the past week. Could this be a turning point? Even in the depths, one must remain hopeful; who knows if the market will "suddenly come like a spring breeze"?

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