TROLL leads the way, the meme season strikes again, is there a danger signal for the market?

Author: loopy, Odaily Planet Daily

Recently, with the launch of ETFs, the upward trend of BTC has temporarily come to a halt.

During the recent fluctuations in the market, the meme frenzy led by TROLL has once again opened the door to wealth creation.

Among the several meme coins that have garnered attention, we can see a clear celebrity concept.

Musk Concept: Is it the Right Time for Trolls?

During the last bull market, Dogecoin, which was promoted by Musk, became a wealth creation myth pursued by countless people. This week, the rapid rise of TROLL (which literally means troll, but also refers to internet trolls) has sparked great interest among some investors, and the community has high hopes for this token, expecting it to become the next Dogecoin.

On January 9, Musk changed his X account bio to "(CTO) Chief Troll Officer."

This playful title seems to have no real significance. However, as the "Dog King" of the crypto market, Musk's every move is enough to spark new memes. After Musk updated his profile, several meme coins named TROLL were born in a short time.

Ultimately, a TROLL coin with a contract ending in eb3a became the winner among the tokens of the same name. This token quickly rose under the troll concept.

Interestingly, TROLL's rise was somewhat accidental. This token was not a recent meme coin born from Musk's concept, but had been deployed as early as April 2023. Before Musk became the Chief Troll Officer, the token's price had already dropped 98% from its peak. It is truly a "zero-value coin."

TROLL trend: Before Musk took office as "Troll Officer"

After Musk took office as "Troll Officer," TROLL's rapid rise triggered FOMO among people. During the weekend last week, TROLL's market cap was only about one million dollars. After experiencing a weekend surge, TROLL's liquidity has reached 2.2 million dollars, and its market cap has risen to 85 million dollars.

In just one weekend, TROLL's price has increased by about 7 times.

This is not the first meme coin to gain popularity recently due to Musk's concept.

On January 10, X user Tim Urban posted a tweet evaluating the airline industry. In the post, he quoted the words of United Airlines CEO Scott Kirby.

Musk jokingly commented under this post, "Kirby is the CEO." This also made Kirby Coin a meme concept that exploded in popularity in a short time.

In no time, Kirby Coin also became a hot meme. According to GeckoTerminal data, the largest Kirby Coin has completed a growth from 0 to a market cap of 3.37 million dollars in just 6 days.

Vitalik: Meme Coins Riding on Innovative Concepts

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

This weekend, an earlier concept by Vitalik regarding Zuzalu has been brought back into the community's focus.

The Zuzalu co-living experiment is a unique and pioneering social innovation and community-driven progress project initiated by Vitalik in Montenegro. Zuzalu is a community similar to a temporary city, where about 200 people lived together for about two months. Participants include a wide range of individuals, including students, professionals, and leaders from various fields, who also provide economic assistance to those in need.

Zuzalu offers a decentralized living experience, with impromptu dialogues and group workshops driving the rhythm of activities. It is a gathering place for intellectuals and innovators, covering fields such as cryptocurrency, artificial intelligence, governance, and decentralized science. The community cultivated in Zuzalu is not only diverse in nationality but also focuses on areas such as biotechnology innovation and the philosophy of network states.

As a decentralized community, Zuzalu itself does not seem to have sparked widespread discussion in the crypto world. However, after the meme frenzy began this week, the concept of Zuzalu quickly gained recognition in the crypto community, leading to the birth of multiple meme tokens.

Zuzalu Inu is the standout performer among them. This token was born in March 2023.

According to GeckoTerminal data, before January 14, its price was only 0.000008 dollars per coin, while recently it surged to a maximum of 0.012 dollars, achieving a maximum increase of 1500 times. Even at the current price, the increase still exceeds 1000 times.

Before the Throne of Meme King, Will It Be a Bloodbath?

In addition to the aforementioned memes, the Shalang concept coin from the co-founder of Solana has also gained widespread attention from the community. Numerous meme coins are flying in this round of market, competing for the throne of meme king under the leadership of their respective celebrity "endorsers."

Meme coins come and go, but each year is different.

Currently, the market has fully entered the meme frenzy season. The altcoin season index from Blockchaincenter.net shows that the current altcoin season index has reached 76. This indicator suggests that in the past 90 days, 75% of the top 50 altcoins have outperformed Bitcoin.

TradingView data shows that Bitcoin's total crypto market share is currently 47.56%, continuing to decline over the past week.

The question that is causing anxiety among investors now is: how long can this situation last? Should they chase high or hunt for new opportunities?

However, if we adopt a "carving a boat to seek a sword" approach, the sight of altcoins flying around often serves as a warning signal for the entire crypto market based on historical experience. Perhaps the more important question is: is the explosive popularity of altcoins the beginning of a new round of Bitcoin's rise, or is it the prelude to the next major decline?