A government department named after the DOGE code made a grand entrance with Musk's chainsaw and lofty rhetoric about reshaping America, but quietly exited the historical stage 294 days later.
The Department of Government Efficiency, established on the first day of Trump's presidency (DOGE), was quietly dissolved eight months before the end of his term. Recently, Scott Cooper, the director of the U.S. Office of Personnel Management, publicly acknowledged for the first time: "It no longer exists."
To be honest, the lifespan of DOGE is almost identical to those fleeting meme coins – it comes quickly and goes quickly as well. It directly borrows the code from 狗狗币(Dogecoin), with the official website featuring a Shiba Inu avatar, and Musk posing with a chainsaw saying he wants to cut down bureaucracy. This highly symbolic play is less about government institutions and more like a narrative-driven political experiment.
From the birth of the meme
On January 20, 2025, on the day of his inauguration, Trump will

Today, while sorting through the recent market sentiment, I particularly noticed a phenomenon: memes are hot again. However, behind this wave of enthusiasm lies an easily overlooked truth—traffic does have power, but don't expect it to have wisdom.
The "End of History Theory" has seen multiple bankruptcies in the crypto circle.
Do you remember the Japanese-American scholar Fukuyama? His "The End of History" has been played over and over again in this circle.
In every round of bull and bear market transitions, there are always a group of people who leave quietly:
- Too many coins have been issued.
- There are no more opportunities in the track.
- This market is done.
Similar rhetoric is emerging endlessly:
"After BTC, there are no real cryptocurrencies"
"After ETH, the narrative of public chains is dead"
"After the XX meme, the memes have lost their novelty"
But the fact is? It's all wrong.
BTC is not the end point, it is the starting point. It can simultaneously understand the "non-replicability of Bitcoin" and "the market will always have new

Meme coin is, to put it bluntly, the magical realism of the encryption world.
No technology, no white paper, no practical use, just relying on a meme, a sentence, or even an emoji, and within a few days the market value can soar to hundreds of millions of dollars. Sounds absurd? But this is what really happened.
In October 2025, the BSC chain staged an even more magical act. This time, it wasn't just the community having fun; even exchanges got involved. From He Yi's Chinese blessing to CZ's frequent interactions, and then the official platform "Meme Rush" emerging out of nowhere—when cultural memes meet capital power, the chemical reaction is more intense than anyone expected.
This is not a random outbreak. It is a precise collision between top-level design and grassroots enthusiasm.
What did a joke spark?
On October 4th, He Yi replied to a post in Chinese on social media: "I wish you hold BNB to drive a Binance car, live in a Binance community, and enjoy being a Binance person."

When the Shiba Inu avatar coin surged into the top ten by market capitalization, everyone was stunned.
Do you remember that surreal reality in May 2021? A "joke coin" with a Shiba Inu avatar, born in 2013, suddenly squeezed into the top ten of the cryptocurrency market capitalization list. The surge of Dogecoin left Wall Street veterans in collective silence—why on earth is this thing worth hundreds of billions of dollars?
The answer is actually quite shallow: in every forwarded meme, under every "To the Moon" comment, there is the cultural identity formed spontaneously by millions of coin holders. Today, let's uncover the true nature of Meme coins and see why spreading memes is more effective than staring at K-lines.
From a parody experiment to a cultural miracle that has endured for ten years.
The story begins in 2013. Programmers Billy Markus and Jackson Palmer just wanted to satirize the speculative chaos in the coin world, casually using the popular Shiba Inu.

The frenzy of Meme coins reflects the power of traffic but lacks wisdom. Opportunities always exist in the market; it is not the coins that are scarce, but the opportunities to acquire wealth. Hot money chases the fantasy of getting rich quickly, leading to a continuous emergence of new games and investment opportunities, forming a constantly cycling new situation.

The Meme War of Three Public Chains: Who is Leading?
Ethereum, this big brother, has always had a community-oriented Meme gameplay. With the Pectra upgrade landing in 2025, coupled with the trump card of spot ETFs, the ecosystem is indeed warming up. But the problems are also obvious—Gas fees are still painfully expensive, Layer.

There is a status code 402 in the HTTP protocol, which was established in 1997, meaning "Payment Required." However, because there were no suitable payment methods at that time, this feature has remained unused for nearly thirty years.
The situation is different now. Stablecoins have matured, Layer 2 has reduced transaction fees, and more importantly - AI Agents have become popular, and they need to pay real money for services. A leading exchange has seized this opportunity, reactivated a "dust-collecting" button, and created a protocol called x402: when AI or users access paid content, there is no need to register, no need to navigate pages, payment is done directly on-chain.
It sounds like an "automatic payment" feature? In fact, it is a whole ecosystem that is being rebuilt. From the underlying protocol standards, to the intermediate infrastructure, and to the top-level application products, x402 may rewrite the payment logic of the internet.

Recently, meme coins have surged in popularity again. Looking at the screen full of wealth myths, I suddenly thought of something quite heart-wrenching – the market has never lacked coins, but rather the illusion that makes people feel "this time it can really make money."
The "end of history" theory has never been realized in the coin circle.
Do you remember when the American scholar Fukuyama proposed the "End of History" theory? The same goes for the crypto space: at the end of each cycle, there are always some who leave in silence, saying things like "There are too many coins, there won't be any new opportunities."
After BTC came out, it was said that there would be no more cryptocurrencies.
After ETH became popular, it is said that there are no more opportunities for public chains.
After a certain meme exploded, it was said that the memes were dead.
But what is the truth? BTC is not the end point; it is the starting point.
There is a subtle contradiction here: you have to acknowledge the uniqueness of BTC while also accepting that the market is always creating new opportunities. To understand this point, you have to think in several circles.
Oversupply? No, always chasing scarcity.

He never touches memecoins.
It's not that I missed out; it's that I never intended to get in.
The Alternative Wealth Perspective of a 14-Year-Old Dropout
Karnika E. Yashwant, known in the circle as "Mr. KEY." He dropped out of school at 14, and now? He is the owner of several companies in Dubai, with over 150 employees, and serves as an advisor for a number of blockchain projects.
In his eyes, Dubai is "the capital of digital freedom's future."
Unlike those players who chase after rising or falling prices, Mr. KEY never chases after hundredfold coins. He only believes in one thing: understanding exactly what you are buying.
"I buy things, not looking at how much it will rise tomorrow. What I look at is how much it will be worth in ten years."
Bought Ethereum at 100 dollars, still buying at 3500 dollars.
I recently had a chat with him and found that his understanding of the market is completely on a different wavelength from most people.
His approach? Filter out the noise, focus on the fundamentals, and use the thinking of institutions.

The vibe on the BSC chain has been a bit surreal lately.
This public chain, once dismissed as a "knockoff hub," has now become a cultivation sanctuary for Meme players. That's right, just like the cultivation in "A Record of a Mortal’s Journey to Immortality" or "A Will Eternal"—foundation building, alchemy, tribulation crossing, ascension, not a single step missing.
From the classic totem coins like $PEPE, $DOGE, and $BONK, to the new cultivation, alchemy, and spirit pet-themed Memes popping up on BSC, the entire style of the chain has changed. Tokens are no longer called tokens, but "spiritual roots." Holding tokens is now referred to as "cultivating." When a price rises, it's not just "pumping," it's "breaking through realms."
Players no longer call themselves investors, but "wandering cultivators."
Why BSC, though?
It actually makes a lot of sense that BSC has become the main battlefield for the Meme cultivation universe.
First of all, it's cheap.

During the National Day holiday, the A-shares market is closed, and stock investors are packed into tourist attractions. But in the crypto world? An event even more thrilling than a roller coaster is unfolding.
Several meme coins you may have never even heard of—Meme4, PALU, and that thing called "Some Platform Life"—have seen their market caps multiply dozens of times in just a few days. Early entrants are seeing account profits starting at millions of dollars. The Chinese-speaking community is in an uproar, and all kinds of KOLs on Twitter are acting like they've struck gold.
And the result? Before the frenzy could even reach its peak, starting October 9, the coins collectively nosedived. Some fell as much as 95% in a single day, with over 100,000 trading accounts liquidated, totaling $621 million.
The dream of getting rich overnight turned into a nightmare of retail investors' losses.
Does this scene feel familiar? Think back to the GameStop incident in 2021. Reddit retail investors banded together to push the stock price of a nearly bankrupt game store to the top...

Polish trader Barry experienced the craze of Chinese meme coins. He observed a surge in trading volume on the BSC chain, with European and American players feeling confused about Chinese tokens. The Chinese community promotes the token through emotional resonance and storytelling, while the West relies on luck and community support. New exchange competition and cultural integration indicate that in the future, Chinese and English will continue to dominate the market, with cross-cultural opportunities gradually emerging.

The article discusses the similarities between the Meme coin PING and the BTC inscription, pointing out that both rely on on-chain data and off-chain adjudication mechanisms. PING mints tokens by transferring USDC to a specific Address, while its validity is determined by the x402scan indexer. Furthermore, the article suggests that PING will trigger a new ecological evolution, and although it faces centralization issues, its narrative and potential development are worth following.

The current market liquidity is severely lacking, and investor sentiment support is merely a short-term rebound. Altcoins are heavily indebted, with holders and developers leaving in droves. Although MEME coins were once popular, they lack technical support and cannot maintain long-term value. Exchanges are facing competition from new platforms and are increasingly "internalizing" to survive. The entire industry urgently needs to achieve rebirth through on-chain innovation.

From community jokes to a speculative battlefield worth hundreds of billions of dollars, the evolution of Meme币 has been ridiculously fast over the past two years.
In 2024, the entire Meme coin sector saw a capital surge of over 500%. By early 2025, speculative funds began to crazily withdraw from mainstream coins and poured into various alt Meme coins. How insane was this craze? A certain former president-themed token reached a market capitalization of $27 billion in less than 24 hours after its launch. In the following weeks, over 700 imitation tokens emerged in the market, 192 of which directly used the names of family members, and 67 even dared to claim "official" status.
Who is leading this game?
The current market cap of Meme coins is around 63.6 billion USD, with a daily trading volume reaching 7.6 billion. However, there is quite a bit of inflation in these numbers— the top 10 coins account for 90% of the entire market share. Dogecoin alone occupies 31.59 billion USD, followed by Shiba Inu at 6.29 billion, and PEPE takes up.

Recently, I've been bombarded with questions: what on earth is $PING and $PAYAI up to?
A MEME coin actually wants to create a Launchpad platform, while another project claiming to be a utility token suddenly wants to migrate and change pools - does this operation look like a scam? To be honest, with the current market situation, I'm also not sure. But at least some logic can still be figured out.
Why do these two projects need to "struggle"?
Actually, if you think about it carefully, their actions are quite reasonable. If placed in a better market environment, these adjustments would definitely be considered positive.
Where is the problem?
- MEME is most afraid of lacking follow-up empowerment, relying entirely on emotions and consensus to sustain it.
- What about technical tool projects like Facilitator? The ceiling is low, and the technical threshold is not high.
The result is: both sides lack a "core story" that can continuously inspire belief.
So what about the current operation? Just right to supplement each other's shortcomings:

From a joke to a 100 billion market, what happened to Meme coins?
When it comes to Meme coins, many people's first reaction might still be "Aren't they just those Dogecoin and Shiba Inu coins?" But if you are still stuck in this perception, you may have already missed out on a market change that is crazily outrageous.
In 2024, the total market value of the Meme coin sector skyrocketed by more than 5 times. By early 2025, speculative funds surged crazily from mainstream coins to various bizarre Meme altcoins. Even more exaggerated, the US SEC classified many Meme coins as "collectibles" rather than securities—what does this mean? Regulatory protection significantly decreases, and players bear their own profits and losses.
How big is the current Meme coin market? The total market value is approximately $63.6 billion, with a 24-hour trading volume of $7.61 billion. This figure accounts for 5-7% of the total value of the global crypto market. Doesn't sound like much? But it's important to note the volatility of this sector.

In the three main battlefields, who is the true arena for Memes?
Ethereum has recently been in a bit of an awkward position—with the Pectra upgrade and the positive news about ETFs, theoretically it should be a carnival for Meme coins. However, high gas fees and the fragmented ecosystem of Layer 2 have deterred retail investors. Established projects still have some heat, but the incubation period for new projects is absurdly long, and the whole ecosystem has a vibe of "the elite circle enjoying themselves." In simple terms, if ordinary people want to participate? The barriers are right there.
Solana is another extreme. Low gas fees and high TPS have made it a fast track for memes, and everyone has witnessed the surge of BONK and PENGU. The frequency of on-chain transactions crushes traditional public chains. But here comes the problem—over-speculation in the ecosystem, PVP competition leading to existential doubts, and technical stability occasionally faltering with outages. Once this label is solidified, how much momentum can it have?
On the contrary, it is BSC, from last October "Binance people