Meme coins defy market downturn with impressive surge
Despite the recent downturn in the overall cryptocurrency market, meme coins have showcased resilience and attractiveness.
While Bitcoin reached a historical high of $74,000 in March before dropping to $57,000, it has since rebounded to $59,000. However, amidst this volatility, meme coins like $PEPE, $BONK, and $WIF have shown strong upward momentum.
According to data from CoinGecko, $PEPE emerged as the biggest winner, with a price surge of over 22% in the past day, while $BONK also saw a rise of over 18%.
Other popular meme coins such as $WIF (Dogwifhat) and $FLOKI also experienced respective increases of 14% and 12%, while early meme coins Dogecoin ($DOGE) and Shiba Inu ($SHIB) rose by approximately 9% each within 24 hours, further fueling the meme coin market.
Even though Eddy Lazzarin, the Chief Technology Officer of prominent venture capital firm a16z, openly criticized meme coins as a “high-risk casino” causing harm to the crypto industry last week, the meme coin market has maintained its heat and vitality, unaffected by his remarks.
Further reading:
Degen Chain, the new meme coin paradise, surges by 500%! But why are industry leaders like Polygon CEO criticizing it?
Is Bitcoin the first meme coin?!
It is worth mentioning that Brock Pierce, co-founder of Tether ($USDT) and a crypto OG, once proposed at a meme coin summit in Dubai that “revolutions won’t be launched 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?
Despite many people not acknowledging Bitcoin as a meme coin, there are still many who believe that Bitcoin is indeed a meme coin.
Bitcoin is seen as the “first meme coin” not because of frivolous or absurd content, but because of the process of being “understood” and “spread.”
The term “meme” originates from biology, referring to messages that can be “replicated” and “transmitted.” Bitcoin, in a similar manner, strengthens its influence, concepts, and consensus among other meme coins through continuous storytelling and community activities.
This is a meme that circulated in the early days of the cryptocurrency community.
The reason Bitcoin quickly established a firm position within the crypto community is because its emergence coincided with the global financial crisis, utilizing the dissatisfaction of the people towards centralized financial systems to rapidly promote the idea of decentralization. Early Bitcoin supporters were primarily crypto enthusiasts who valued decentralization and technological innovation, and their support allowed Bitcoin to gain recognition both technologically and culturally.
Therefore, from a cultural perspective, Bitcoin can represent a meme culture that not only changes the financial system but also alters people’s perception of currency and value storage. However, more time is needed to prove Bitcoin’s status and cultural development.
References: Decrypt, Cointelegraph
