Musk can be said to be an expert in promoting meme tokens, from intentional ones like Doge to unintentional ones like ClosedAI. Musk has become the undisputed father of memes. Here is an introduction to typical Musk concept meme coins.
Doge was born in 2013 and was initially used for micro-tipping on the internet. During the bull market in 2021, Musk frequently made comments about Doge on his Twitter and publicly endorsed it on television shows. The most recent endorsement was on April 2023 when Twitter changed its logo to a Shiba Inu and Doge saw a 30% increase in value on that day. It can be said that Doge is deeply connected to Musk now. There are rumors that Musk wants to use Doge as the payment token on Twitter and as the token for circulation on Mars. Doge’s popularity has remained high amidst various speculations. Its current market value is $22 billion and it ranks 9th.
FLOKI is another member of the dog family. In 2021, Musk posted pictures of his pet Shiba Inu named FLOKI on Twitter. Subsequently, someone created a meme token with the same name. Currently, FLOKI is not just a meme coin. The team behind it has also established NFT, DeFi, and blockchain gaming projects, as well as courses related to crypto education. It benefited from the previous bull market in the zoo market, so its market value and number of holders are relatively high among meme coins. However, its other projects in the ecosystem are not as popular as its meme project. Currently, its market value is $1.28 billion and it ranks 82nd.
On January 9, 2024, Musk changed his Twitter bio to “Chief Troll Officer” and the price of TROLL coin skyrocketed. TROLL is actually a token deployed on Ethereum a year ago, but it didn’t create much buzz until Musk changed his Twitter bio. After Musk removed his Twitter bio, TROLL also dropped by 50%. However, in this round of meme frenzy, it has also doubled in value, making it a more viable meme coin compared to SMILEY. Currently, its market value is $68.36 million and it ranks 2366th.
In December 2023, Musk announced the launch of the first AI model, GROK, and a meme token with the same name was created, which saw a five-fold increase in just two days. However, someone revealed that GROK was created by a scam artist, and the price of the token plummeted. Currently, GROK has a market value of $67 million and ranks 2401st.
On January 16, 2024, Musk released a meme image with elements of memes and smiley faces, causing the price of the SMILEY token deployed on Ethereum to skyrocket by 895% in one day. However, like most meme tokens, the price of SMILEY also experienced a sharp decline after the initial surge. Although it experienced another wave of meme frenzy, its price did not skyrocket again. Currently, its market value is $2.13 million and it ranks 2619th.
In conclusion, Musk’s recent tweet “Fine, I will get back on the meme grindstone!” has caused a resurgence in the meme token market. Meme coins are driven by emotions and the endorsement of celebrities like Musk can greatly influence the market. However, meme coins associated with celebrities also come with higher risks as their prices can be affected by their words and actions. Most meme tokens that ride on the concept of a celebrity have a short lifespan and experience a sharp decline after the initial surge. Only meme coins like Doge, which Musk consistently endorses, can maintain their popularity. For investors, the key is to identify early opportunities in meme-related projects, actively invest, and exit when the market is booming. We look forward to Musk embracing meme culture and giving birth to more meme coins with hundredfold or thousandfold increases in this bull market.