Meme coins defy market downturn with strong surge!
Despite the recent overall slump in the cryptocurrency market, meme coins have shown resilience and attractiveness.
While Bitcoin, after reaching its all-time high of $74,000 in March, briefly dropped to $57,000, it has now rebounded to $59,000. However, amidst this volatility, meme coins like $PEPE, $BONK, and $WIF have exhibited strong upward momentum.
According to CoinGecko data, $PEPE emerged as the biggest winner, with its price skyrocketing over 22% in the past 24 hours, while $BONK also saw a surge of over 18%.
Other popular meme coins such as $WIF (Dogwifhat) and $FLOKI also experienced respective increases of 14% and 12%. Additionally, early meme coins Dogecoin ($DOGE) and Shiba Inu ($SHIB) each rose by approximately 9% within 24 hours, further driving the meme coin market.
Even after Eddy Lazzarin, the CTO of prominent venture capital firm a16z, publicly criticized meme coins as being akin to a “high-risk casino” causing harm to the crypto industry, the meme coin market has maintained its fervor and vitality, completely unaffected.
Further reading:
“Degen Chain,” the new meme coin paradise, surges by 500%! But why are industry giants like the Polygon CEO criticizing it?
Is Bitcoin the first meme coin?!
It is worth mentioning that Brock Pierce, co-founder of Tether ($USDT) and a cryptocurrency OG, once stated at a meme coin summit in Dubai that “revolution won’t unfold through traditional media, but through memes.”
He further shared that once people understand the concept of “Bitcoin being the first meme coin,” they can truly grasp the essence of meme coins.
Why is Bitcoin considered a meme coin?
Although many people do not acknowledge Bitcoin as a meme coin, there are still many who believe it is.
Bitcoin is seen as the “first meme coin” not because of frivolous or absurd content, but because of its process of being “understood” and “spread.”
“Meme” originates from biology, referring to messages that can be “replicated” and “spread.” Bitcoin, in a similar manner, strengthens its influence, concepts, and consensus among meme coins through ongoing narratives and community activities.
This is a meme image that circulated in the early days of the crypto community.
The reason Bitcoin quickly became deeply rooted in the crypto community is because its emergence coincided with the global financial crisis, capitalizing on people’s dissatisfaction with centralized financial systems and rapidly promoting the idea of decentralization. Early Bitcoin supporters were primarily crypto enthusiasts who appreciated the decentralized ideology and technological innovation, and their support rapidly gained recognition for Bitcoin in both technical and cultural aspects.
Therefore, from a cultural perspective, Bitcoin can represent a meme culture that not only revolutionizes the financial system but also alters people’s perception of currency and value storage. However, further time is needed to prove Bitcoin’s status and cultural development.
References: Decrypt, Cointelegraph