Analyzing the Crypto Assets Elements and Meme Coin Phenomenon in "All In"

Recently released movie "All In" features some elements from the Crypto Assets circle, such as "coin Coin" and KOTAI coin. With the release of the movie, the eponymous KOTAI coin has also rapidly appeared in the Crypto Assets market. Currently, there are trading pairs for KOTAI coin on multiple blockchains, mainly concentrated on Ethereum, BSC, and the recently popular Base chain. Among them, the Uniswap v2 platform on the Ethereum chain has the largest liquidity.

The price trend of KOTAI coin shows typical characteristics of explosive rises and falls. After the movie premiere on August 5, the price surged over 3000 times in just two days. However, less than 24 hours later, it began to decline, and by August 19, it had fallen back to the price level on the day of issuance. This phenomenon is known as Meme coin in the Crypto Assets circle.

The term meme first appeared in Richard Dawkins' 1976 book The Selfish Gene to describe cultural factors that can be propagated at the level of the human mind. In the age of the internet, memes are often presented as satirical images or memes that carry interesting information and are easy to disseminate, forming a cultural consensus among a wide range of people.

The most famous case of the combination of Crypto Assets and Memes is Dogecoin ( Doge Coin ). In 2013, Jackson Palmer combined the Doge Meme with Crypto Assets to create Dogecoin as a satire of the Crypto Assets hype. Software engineer Billy Markus subsequently forked the Bitcoin code, issued 1 billion Dogecoins, and launched it. Dogecoin quickly rose to prominence through Reddit, initially used mainly for tipping.

In December 2020, Tesla CEO Elon Musk began promoting Dogecoin on social media, causing its price to soar. In May 2021, Dogecoin reached a peak of $0.74, and Musk became the most influential figure in the Dogecoin community.

The success of Dogecoin has led to the emergence of a large number of Meme coins. Early Meme coins were often based on internet culture for secondary creation, such as Pepe Cash featuring the image of Pepe the Frog. Subsequently, Meme coins began to adopt grander narratives, such as BAT(Basic Attention Token). In 2021, Meme coins themed around animal images became very popular, such as Shiba Inu(SHIB).

Recently, ArbDoge AI and Meme coins like Pepe have sparked a new wave of excitement. The trading volume and number of holders for Pepe have both reached new highs. However, these coins often lack long-term development momentum, leading to significant price volatility.

Unlike traditional Web3 projects, the price growth of Meme coins mainly stems from the herd mentality of investors. The new generation of Meme coins usually does not take the time to build an active community or plan for future development; rather, they are more often created by centralized teams in collaboration with stakeholders to generate market hype. Investors are also no longer focused on the cultural connotations behind the coins, but are instead attracted by the wealth myths of early participants.

Taking BALD on the Base chain as an example, its price surged by 450% in a short period, sparking various speculations. However, the project team quickly withdrew a significant amount of liquidity, leading to a price collapse. Since the teams behind Meme projects are mostly anonymous, it's easy to sever ties with the project, lacking the motivation for long-term maintenance.

The development trend of Meme coins is "short and quick", but it will still be closely linked to the Crypto Assets market. In the current situation of insufficient market liquidity, it is particularly important to invest cautiously and avoid emotional decisions.