Evolution from Lighthearted Meme to Radical Ideology - Unravelling the Transformation in the Memecoin Landscape
Memecoins, once an amusing jest, have transcended into significant cultural entities within the cryptocurrency realm, thanks to several influential factors.
Let's dive into the hilarious and astonishing journey of memecoins, from their humble beginnings to their profound impact on politics, culture, and public sentiment.
A Harmless Prank That Grew Too Big
Memecoins can be traced back to Doge, first introduced by Billy Marcus and Jackson Palmer in 2013. In those days, crypto was a stuffy and serious space, so they concocted a light-hearted, ironic response—a coin featuring a silly dog[1][3]. The concept quickly became popular on Reddit and within two weeks, it processed more daily transactions than Bitcoin. This success served as the spark that ignited the memecoin phenomenon[5].
Other memecoins soon joined the party, including YeCoin (a nod to Kanye West) and MaxCoin (inspired by Max Kaiser)[3]. The entire genre was built upon references to well-known personalities, events, or concepts. Despite its early popularity, the memecoin movement took a backseat during the Ethereum boom and the ICO craze[2].
The Birth of an Underdog - UnderDOGE
Today, Doge is often considered a hype coin, but its community values empathy, unity, and kindness at its core. Nicknamed the underdog, it encourages charitable initiatives and giving a helping hand to the less fortunate[1].
For instance, in 2021, the community raised funds for Jamaican Olympians, trained service dogs for children with disabilities, built wells in Kenya, and sponsored Joshua Wise, an underdog NASCAR driver[1]. This nurturing spirit forms an integral part of Dogecoin's manifesto: to cultivate a culture of good deeds, always prioritizing people above profits and technological perfection.
The Marvelous Ascent of Dogecoin
Elon Musk's active involvement in the Dogecoin community helped catapult the memecoin into the mainstream in 2021[1]. High-profile figures like Mark Cuban followed suit, integrating Dogecoin into his businesses such as the Dallas Mavericks, allowing fans to pay for merchandise and tickets using Dogecoin[3].
At its peak in 2021, Dogecoin's market cap soared to over $80 billion—greater than many US banks[4]. Although the combined memecoin market cap is now significantly smaller, this case highlights how one influential figure can instantly turn a seemingly insignificant joke into a multi-billion-dollar currency.
An Unlikely Contender - Shiba
Following Dogecoin's success, Shiba emerged as another underdog, styling itself as an Ethereum-based competitor to Dogecoin. It went on to develop a sprawling ecosystem complete with its blockchain, decentralized exchange (DEX), token system, non-fungible tokens (NFTs), decentralized autonomous organization (DAO), metaverse, and burn mechanism[1].
With Elon Musk's support, Shiba displayed the potential to dethrone Dogecoin. However, despite its impressive growth, Dogecoin still holds the upper hand in the meme kingdoms[1].
Scrambled Eggs - Trash Coins
The trend of memecoins expanded with the advent of NFTs, carving a niche in the Web 3.0 universe where technical prowess isn't required, but rather, hilarious memes, viral humor, creative storytelling, and engaged communities reign supreme[5].
The NFT phenomenon has given birth to a subcategory of memecoins dubbed "trash coins." Solana facilitated the rapid invention of these " tokens," which can be used to transform anything, such as a manhole cover or a beer pennant, into an NFT with minimal effort[2].
Projects like BEER and systems like Kyoto Blockchain and Qorpo World have achieved astronomical growth by attracting tens of thousands of users within days, demonstrating that even projects with limited utility can gain traction through gamified interactions[3][5].
The Final Showdown - The Battle of Memecoins
As memecoins mature and develop, questions arise about whether they seek to evolve their underlying technologies or maintain their original, light-hearted nature. This divergent vision might eventually lead to a showdown between whimsical memecoins like Dogecoin and more evolved projects like Shiba[1].
The question remains—can these parody coins grow from a joke to a viable technology, or will they always be best known for their humorous origins?
Influencing Politics and Spreading Hate
Humor has proven to be an effective vehicle for conveying messages, mainly because laughter often results in the unconscious retention of the message. However, it's important to note that hidden within memecoins lies a hidden potential for propaganda, discrimination, conspiracy theories, and even hate speech[5].
Memes and post-irony have already dabbled in the politics sphere, playing a role in significant events such as Brexit and the Cambridge Analytica scandal[2]. Memecoins enable anyone to create a coin representing an opposition figure or ideology, thereby offering a freedom of expression untainted by censorship.
The subtle manipulation of voters through financial bribes is not inconceivable, using memecoins as a tool to financially incentivize support for a candidate or movement while benefiting from the financial success of the memecoin's holders[2].
Extremist Editions - Hate Coins
Movements like QAnon have harnessed the power of memecoins, with the creation of a coin linked to their ideologies[5]. Notably, a coin related to the phrase "Let's Go Brandon," a political slogan disguised as support for the NASCAR driver of the same name, also made its presence felt in the crypto world[2].
Thankfully, most modern screeners have begun to censor the issuance of memecoins. Conversely, some argue that hate speech and extremist views have no place in the crypto community, while others believe in the sanctity of free speech and the right to associate with obscure or controversial groups[2].
Are Memecoins the Future?
Memecoins are becoming powerful cultural, political, and ideological forces with unpredictable consequences. The rapid expansion of Web 3.0 enables the creation of coins representing emotions, beliefs, superstitions, and even hate.
The blurring boundaries of acceptable behavior beg the question: Where will memecoins take us next?
Perhaps we'll see more memecoins emerging, poking fun at various political figures and their policies. Or maybe marketers will adopt them as a strategic tool for guerrilla marketing campaigns.
The rise of humorous, memetic coins has undoubtedly added an exciting new dimension to the cryptocurrency landscape, leaving investors, traders, and enthusiasts alike on the edge of their seats, eagerly awaiting the next big thing in the world of crypto.
Sources
Authored by Yaroslav Kalynychenko on April 28, 2025 for HodlX
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- The memecoin movement, led by Dogecoin, has significantly impacted the finance world and culture, raising funds for charitable initiatives and reaching market caps greater than many US banks.
- Yaroslav, in a 2025 analysis for HodlX, discusses the potential of memecoins like Shiba, Ethereum-based competitors to Dogecoin, to challenge the meme kingdoms.
- Altcoins, such as Shiba, are utilizing the blockchain technology to develop complex ecosystems, complete with blockchains, decentralized exchanges, and NFTs, attempting to heat the competition against Dogecoin.
- After the success of Dogecoin and Shiba, other memecoins have emerged, such as BEER and Kyoto Blockchain, which have achieved rapid growth through gamified interactions and attracting large user bases.
