As Trump won a landslide victory in the US political arena, the wind direction suddenly reversed and Bitcoin hit a new high. But in the crypto world, Bitcoin and other cryptocurrencies are actually two completely different fields. Under the banner of "Build", the "value coin" known as the cornerstone of the crypto world is now facing unprecedented application difficulties and FUD. At the same time, the craze of MEME coins has once again swept the market, which makes us wonder: In the upcoming bull market, should we continue to trust value coins, or is MEME coin the real future?

From tiny certainties to MEME madness

Before discussing MEME coin, we need to review its history. From the timeline, the history of MEME coin can be roughly divided into several stages:

1. Liquidity driven: The birth of MEME coins mostly occurs in bull markets, and the explosion of coin prices is often accompanied by the expansion of US dollar liquidity.

2. Celebrity effect: The surge in MEME coins such as Shiba and Doge is often driven by celebrity effects, such as Musk’s Twitter push.

3. Resonance with the mood of the times: MEME coins are not just simple jokes or pictures, but a reflection of the spirit of the times. With the development of AI technology, AI MEME has become the representative of a new wave of trends.

4. Short life cycle: Due to the emergence of platforms such as Pump.fun, the issuance cycle of MEME coins has become extremely fast, even reaching the minute level, and the life cycle is often only a few hours.

The moment Doge rose to prominence was a sign of the post-90s generation. In 2020, the post-00s generation became the new generation of the main force. They tend to be anti-authoritarian and anti-elite, and are keen on funny and absurd things, such as PEPE. In 2024, the leaders of AI technology are the post-00s generation, who quickly accepted technological changes and made money through AI.

The essence of MEME coin: youth culture and gaming spirit

MEME coins are rooted in the spiritual demands and new values ​​of the younger generation, who are not very interested in traditional grand narratives and prefer to experience happiness through small, concrete certainties. The spread of a meme is not just entertainment for them, it is also a form of identity recognition and social victory. In this process, MEME coins are seen as a game and a culture, rather than a traditional investment target.

However, although the culture of MEME coin originated from the younger generation, it became a target for speculation, which was more due to the capital of the older generation. For those born in the 1960s and 1970s, they are more accustomed to the attitude of "I don't understand, but I can make money", and promote the market of MEME coin through the power of capital.

The Dilemma of Value Coin: From Trust to Collapse

For old players who have experienced multiple cycles, a sharp drop is not terrible, the most terrible thing is the loss of trust. Value coins have not experienced the typical fluctuations of skyrocketing and plummeting, but have entered the so-called "value verification" stage. For ordinary retail investors, they usually enter the market at the high point of the price, and then watch the coin price fall step by step, and finally become the deep valley of the "Mariana Trench".

Currently, the biggest problem with value coins is that their product value is ignored, and there is almost no actual application of the tokens, but instead there is a lot of concept hype. Most projects are maintaining market popularity through airdrops, points, etc., but lack actual product support. In the end, these tokens are only used to attract short-term investment, not long-term application scenarios.

The failure of value coins is not just a plunge, but a systematic falsification. When the market does not have sufficient liquidity, the ecosystem is unhealthy, and the project narrative cannot be sustained, the false narratives of these value coins will be quickly dismantled, eventually leading to a market collapse.

MEME coin and the future of value coins

History always repeats itself, but it will not be repeated simply. The main idea of ​​the crypto market is still "tokenization". Before any token comes out, there is no essential difference between MEME coins and value coins. The difference only lies in the different implementation paths.

The advantages of value coins: from cold start to positive cycle of coin price, it follows a certain methodology and has a high certainty of success. But this also means that its upper limit is limited, and the ultimate goal is to solve the utility needs of users.

The advantages of MEME coin: its path is not fixed and has a high degree of randomness, but its upper limit is high and its capitalization operation is increasingly mature. Its purpose is to meet the needs of user community recognition, although this recognition relies more on entertainment and sociality.

From the perspective of the market, whether it is a value coin or a MEME coin, the ultimate criterion is whether it can make users make money. In a fair market environment, projects that can make money are truly valuable projects.

Who will dominate the future?

Regarding the future of value coins and MEME coins, the key lies in two questions: who can achieve relative fairness and who has a better profit and loss ratio?

Fairness: Institutional improvement is crucial.

Profit/loss ratio: Determined by the continued development and fluidity of the narrative.

From the current perspective, the narrative problem and liquidity bottleneck of value coins still exist. Although capital still tends to invest in value coins, it is difficult for investors to regain confidence if the narrative logic is not fundamentally improved. In contrast, MEME coins may have more opportunities due to their more flexible capital operation and community support, but it is still not so easy for retail investors to make money.

The final conclusion is that the value of the blockchain world is diverse, and the opposition between MEME coins and value coins is just a competition between different capitals. Whoever can gain wider community support is the real winner. We should not be too superstitious about which "value coin" or "MEME coin" is better, but should focus on how they survive and develop in the market, and who can ultimately win more recognition and support in the ever-changing cycle.

There are no universal values ​​that are eternal and unchanging. Only projects that constantly adapt to market demand and community recognition can stand out in long-term competition.