Original - Odaily
Author - loopy
Recently, with the launch of ETF, the upward trend of BTC has temporarily come to an end.
As the market has been turbulent in recent days, the meme craze led by TROLL has once again started the myth of wealth creation.
Among the several meme coins that have attracted much attention, we can see the obvious concept of celebrity.
Musk concept: Is it time for trolls to kill dogs?
During the last bull market, Dogecoin, which Musk took the lead in calling for orders, became a wealth-making myth pursued by countless people. This week, the rapid rise of TROLL (originally meaning troll, also meaning troll in the Internet context) has made some investors very interested in trolls. This token has high hopes from the community and is looking forward to its future. Become the new generation of Dogecoin.
On January 9, Musk changed the profile of the X account to (CTO) Chief Troll Officer, that is, Chief Troll Officer.
This playful title seems to have no meaning. But as the “King of Dogs” in the crypto market, Musk’s every move is enough to trigger new memes. After Musk modified the information, multiple meme coins named TROLL were born.
In the end, a TROLL coin with a contract ending number of eb3a became the winner of the token of the same name. The coin rose rapidly on the troll concept.
What’s even more interesting is that TROLL’s rise was due to a combination of circumstances. This token is not a Musk concept meme coin that came into being just recently, but has been deployed as early as April 2023. Before Musk became Chief Troll Officer, the price of the token had already fallen 98% from its peak. This is a veritable zero coin.
TROLL Trend: Before Musk took over as “Troll Officer”
After Musk took office as the Troll Officer, TROLLs rapid rise triggered peoples FOMO. On the day off last week, TROLL had a market capitalization of only about $1 million. After experiencing a weekend of surge, TROLL currently has a liquidity of US$2.2 million and a market value of US$85 million.
After just one weekend, TROLL price has increased approximately 7 times.
This is not the first meme coin to become popular based on Musk’s concept in recent days.
On January 10, X user Tim Urban posted an X post evaluating the airline industry. In the post, he quoted United Airlines CEO Scott Kirby.
Musk jokingly commented under this post, Kirby is the CEO. This also made Kirby a meme concept that exploded in a short period of time.
For a time, Kapicoin also became a popular meme. GeckoTerminal data shows that the largest one, Kabicoin, has completed its growth from 0 to a market value of $3.37 million in 6 days.
Buterin: Innovative concept of meme currency hard rubbing
In addition to Musk, Buterin is another major source of inspiration for meme coins.
This weekend, Buterin’s earlier concept of Zuzalu regained the attention of the community.
The Zuzalu co-living experiment is a unique and groundbreaking project of social innovation and community-driven progress. The project was initiated by V God and carried out in Montenegro. Zuzalu was a makeshift city-like community where about 200 people lived together for about two months. Participants include a wide range of individuals including students, professionals and leaders in various fields, while they also provide financial assistance to those in need.
Zuzalu offers a decentralized lived experience, with impromptu conversations and breakout workshops driving the pace of the event. It is a gathering place for intellectuals and innovators in areas such as cryptocurrency, artificial intelligence, governance, and decentralized science. The community fostered at Zuzalu is not only diverse in nationality, but also focused on areas such as biotech innovation and network state philosophy.
As a decentralized community, Zuzalu itself does not seem to have caused widespread discussion in the crypto world. But after the meme craze started this week, the concept of Zuzalu quickly gained recognition from the crypto community and several meme tokens were born.
Zuzalu Inu is the one that stands out the most. This token was born in March 2023.
GeckoTerminal data shows that before January 14, its price was only US$0.000008 per coin, and it has recently risen to a maximum of US$0.012, a maximum increase of 1,500 times. Even at current prices, the increase is still more than 1,000 times.
Will there be a bloodbath in front of the throne of memes?
In addition to the above-mentioned meme, the Silly Dragon concept coin of Solana co-founder has also received widespread attention from the community. Many meme coins are flying in the sky in this round of market conditions, vying for the throne of the meme king under the leadership of their respective celebrity spokesmen.
Meme exists every year, but it’s not the same every year
At present, the market has fully entered the meme mania season. Blockchaincenter.net’s 2019 Copycat Season Index shows that the current Copycat Season Index is as high as 76. The metric shows that 75% of the top 50 altcoins have outperformed Bitcoin over the past 90 days.
TradingView data shows that Bitcoin’s total crypto market share is currently 47.56%, which has continued to decline in the past week.
The question now causing investor anxiety is, how long can this situation last? Chasing highs or hunting new ones?
However, if we look at it with the approach of carving a boat for a sword, the scene of flying copycats is often a dangerous signal for the entire encryption market based on historical experience. The more important question may be: Is the popularity of copycats the beginning of a new round of Bitcoin’s rise, or the prelude to the next round of collapse? Odaily hereby reminds investors to pay attention to the risks of highly volatile currencies, and always pay attention to changes in news and on-chain data to avoid being trapped.
