TROLL leads, the meme season is coming again, a red flag for the market?

Original | Odaily

Author | loopy

Recently, with the landing of ETFs, the upward trend of BTC has temporarily come to an end.

At the time of the market turmoil in recent days, the meme frenzy led by TROLL once again opened the myth of wealth creation.

And among the several meme coins that have attracted much attention, we can see the obvious concept of celebrity.

Musk’s concept: It’s time for a troll to slaughter a dog?

AT THE TIME OF THE LAST BULL MARKET, DOGE, LED BY MUSK, BECAME A WEALTH-MAKING MYTH SOUGHT AFTER BY COUNTLESS PEOPLE. And this week, the rapid rise of TROLL (originally meaning troll, also meaning troll in the online context) has caused some investors to take great interest in trolls, and this token is highly expected by the community to become a new generation of DOGECOIN.

On January 9, Musk changed the profile of the X account to “(CTO)Chief Troll Officer,” or “Chief Troll Officer.”

This joking appellation doesn’t seem to make any sense. But as the “dog king” of the crypto market, Musk’s every move is enough to trigger a new meme. After Musk modified the information, a number of meme coins named TROLL were born for a while.

In the end, a TROLL coin with a contract ending in eb3a became the winner of the Token of the same name. The Token rises rapidly under the troll concept.

What’s more interesting is that TROLL’s rise is a mistake, and the Token is not the Musk concept meme coin that came into being recently, but has been deployed as early as April 2023. Before Musk became chief troll officer, the Token price had already fallen 98% from its peak. This is a veritable “zero-to-zero coin”.

TROLL Trend: Before Musk became a “troll officer”.

And after Musk took office as a “troll official”, the rapid rise of TROLL triggered people’s FOMO. At last week’s day off, TROLL’s Market Cap was only about $1 million. After a weekend of skyrocketing, TROLL now has $2.2 million in liquidity and a Market Cap of $85 million.

After just one weekend, the TROLL price has risen about 7 times.

This is not the first meme coin that has become popular in recent days with the help of Musk’s concept.

On January 10, X user Tim Urban posted an X post commenting on the aviation industry. In the post, he quoted United Airlines CEO Scott Kirby.

Musk made a jokingly casual comment under the post, "Kirby is the CEO. This also makes Kirby of the Stars a meme concept that has exploded in a short period of time.

For a while, Kirby also became a popular meme. GeckoTerminal data shows that the largest carbicoin has grown from 0 to $3.37 million in Market Cap in 6 days.

Vitalik Buterin: meme coin hard rubbing innovative concept

In addition to Musk, Vitalik Buterin is another major source of inspiration for meme coins.

Over the weekend, an earlier concept of Zuzalu by Vitalik Buterin was brought back to the community.

The Zuzalu Co-Living Experiment is a unique and groundbreaking project for social innovation and community-driven progress. The project was initiated by Vitalik Buterin and is carried out in Montenegro. Zuzalu is a makeshift city-like neighborhood where about 200 people lived together for about two months. Participants include a wide range of individuals, including students, professionals, and leaders in various fields, and they also provide financial assistance to those in need.

Zuzalu offers a Decentralization living experience, with impromptu conversations and breakout sessions driving the pace of activity. It is a gathering place for intellectuals and innovators in areas such as Crypto Assets, artificial intelligence, governance, and decentralization science. The community cultivated at Zuzalu is not only diverse in terms of nationality, but also focuses on areas such as biotechnology innovation and the philosophy of the state of the network.

As a Decentralization Community, Zuzalu itself doesn’t seem to be widely discussed in the crypto world. But after the meme frenzy began this week, the concept of Zuzalu quickly gained acceptance from the crypto community and several meme tokens were born.

The Zuzalu Inu is one of the brightest performers. This Token was born in March 2023.

GeckoTerminal data shows that before January 14, its price was only $0.000008 a piece, and recently it has risen as high as $0.012, a maximum increase of 1,500 times. Even at current prices, the increase is still more than 1000 times.

In front of the throne of meme, will there be a bloody battlefield?

In addition to the above-mentioned memes, Solana’s co-founder’s Silly Dragon Concept Coin has also received a lot of attention from the community. Many meme coins are flying all over the sky in this round of market, competing for the throne of the king of meme under the leadership of their respective celebrity “spokespersons”.

Meme is there every year, and it is not the same every year

At present, the market has entered the meme mania season in full swing. The Blockchaincenter.net Copycat Index shows that the current Copycat Index is as high as 76. The indicator shows that 75% of the top 50 AltCoins have outperformed Bitcoin over the past 90 days.

TradingView data shows that Bitcoin’s total crypto market share is currently 47.56%, and it has been declining for nearly a week.

The question that has now sparked investor anxiety is, how long can this continue?

However, if we adopt the method of “carving the boat for the sword”, the scene of copycats flying is often a danger signal to the entire crypto market from the perspective of historical experience. The more important question may be: is the popularity of copycats the beginning of a new round of Bitcoin rise, or the prelude to the next round of big falls? Odaily Planet Daily reminds investors to pay attention to the risk of high Fluctuation currencies, and always pay attention to their news and on-chain data changes, beware of being trapped.