The Rise and Fall of Meme Coins: The Evolution from DOGE to KUSDT

Meme coins, as a unique phenomenon in the cryptocurrency market, have experienced multiple ups and downs in recent years. These types of coins typically attract attention through internet culture, trending events, or popular elements, and may experience explosive market activity in the short term, but they also face significant risks.

Recently, with the release of the movie "All In", a meme coin called "Kota Coin" has rapidly gained popularity. The same-named Kota Coin trading has emerged on multiple blockchains. Among them, the Uniswap v2 platform on the Ethereum network has become the main trading venue. The price trend of Kota Coin can be described as a roller coaster - it skyrocketed more than 3000 times within two days after the movie's premiere, but then quickly fell back, almost returning to its issuance price a week later.

This dramatic price volatility is actually the norm for Meme coins. To trace the origin of Meme coins, one must mention DOGE. In 2013, two developers created this coin, featuring a popular meme, as a satire of the cryptocurrency craze at the time. Unexpectedly, DOGE quickly gained popularity due to its humorous elements and community culture, even attracting the attention and promotion of celebrities like Musk.

The success of DOGE has led to a large number of imitators. Early Meme coins often borrowed elements from popular internet culture and spread through social media. Over time, some Meme coins began to attempt to construct grander narratives and application scenarios. For example, BAT(Basic Attention Token) raised funds through ICO and tried to find its position in the advertising ecosystem.

The bull market of 2021 pushed Meme coins to their peak. Driven by the surge of DOGE and the popularity of Shiba Inu coin, various "animal-themed" Meme coins emerged one after another. Even in the recent bear market, the Meme coin craze has not completely faded. For example, Pepe coin sparked heated discussions this spring, reaching new highs in trading volume and the number of holders.

However, the current Meme coins have deviated from the original cultural dissemination attributes and have become more of a speculative tool. Many projects no longer bother to build a complete story or community, but simply rely on hype and investors' FOMO mentality. For example, the BALD coin that went viral on the Base chain this July had almost no substantial content, yet it soared temporarily due to various rumors.

The "short and quick" characteristic of meme coins makes it a double-edged sword. On one hand, it brings vitality and innovation to the market; on the other hand, it exacerbates speculative risks. For most investors, remaining cautious and avoiding impulsive investments may be a wiser choice in the current market environment.

The future direction of Meme coins remains uncertain. They may continue to exist with the fluctuations of the cryptocurrency market, but their forms and influences may constantly change. Regardless, this phenomenon will be a unique chapter in the evolution of cryptocurrency culture and the market.