"All In" Sparks Crypto Assets Craze, Discussion on Meme Coin Phenomenon

The movie "All In" that exposes telecom fraud features some Crypto Assets elements, among which "Ketaicoin" quickly became popular in the market following the film's release. Currently, there are trading pairs of the same name on multiple blockchains, mainly concentrated on the Ethereum, BSC, and Base chains. On the Ethereum chain, Ketaicoin has the largest liquidity on Uniswap v2. After the film's preview on August 5, Ketaicoin's price surged over 3000 times, but started to decline on August 8, nearly falling back to its issuance price by the 19th.

KTCoin belongs to a type of Crypto Assets known as "Meme coins". The term Meme was first proposed by Richard Dawkins in 1976, referring to cultural factors that can spread at the level of human thought. On the internet, Memes often appear in the form of images that satirize current events. This content is easy to spread and forms a cultural consensus within groups.

The combination of memes and Crypto Assets began with Dogecoin in 2013. At that time, Jackson Palmer created Dogecoin by combining the Doge Meme with Crypto Assets to satirize the hype around Crypto Assets. Software engineer Billy Markus then developed the Dogecoin code. Dogecoin quickly became popular through Reddit, becoming an early representative of Meme coins.

In December 2020, Musk began to post information related to Dogecoin on social media, driving its price up. In May 2021, Dogecoin reached a peak of $0.74. Musk became the most influential figure in the Dogecoin community.

The success of Dogecoin has led to the emergence of more Meme coins. Early Meme coins were mostly based on the re-creation of internet cultural materials. Subsequently, Meme coins began to adopt grander narratives, such as BAT(Basic Attention Token). In 2021, with the popularity of "animal-type" tokens like Shib, the Meme coin market reached its peak.

Recently, some Meme coins like ArbDoge AI and Pepe have sparked a small wave in the bear market. However, the current Meme coins have strayed far from their original cultural dissemination significance and rely more on investor sentiment to drive prices.

For Meme coin projects, due to mostly anonymous teams, there is insufficient motivation to maintain the projects. The BALD coin incident is a typical case, where the project team significantly increased and decreased liquidity in a short period, causing market fluctuations.

Although Meme coins are developing in a "short and quick" trend, they will still be closely linked to the Crypto Assets market. For investors, in the current market environment, it may be wiser to invest cautiously and control risks.