"If you can have a dialogue with culture, you can change the world," Musk said in an interview with The New York Times in July 2021. In this interview, Musk talked about how he uses social media to engage in a global cultural dialogue, especially how he uses Twitter to drive cultural phenomena, including the prevalence of Crypto Assets. Musk's position as a barometer in the crypto market is self-evident, driving the network dissemination of tech culture, political culture, and popular meme culture. This article will review and explore representative Musk concept coins.

一、King of Memes, the mutual achievements of DOGE and Musk

DOGE originated in 2013, with its prototype being the Shiba Inu Kabosu. It is the first cryptocurrency based on an internet meme, and has now become the oldest, highest market value, and most representative king of Crypto Assets. Along its development path, Musk can be said to have promoted each other, achieving mutual success.

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On April 1, 2019, April Fools' Day, Musk was elected CEO by Dogecoin fans. He subsequently changed his Twitter bio to 'Former CEO of Dogecoin', and the gears of fate began to turn. Since then, Musk has mentioned, commented on, and supported Dogecoin multiple times on Twitter, calling it 'the people's cryptocurrency' and 'the most interesting cryptocurrency'.

Starting in 2022, Elon Musk, the founder of payment giant PayPal, began hinting at Dogecoin's payment plans. On the variety show Saturday Night Live, Musk referred to DOGE as the future of currency, an unstoppable financial tool that will take over the world.

Subsequently, Tesla had announced that it would accept Dogecoin as a form of payment for some of its products. It also indicated that its subsidiary, SpaceX, also plans to accept Dogecoin payments.

After acquiring Twitter, Musk has also mentioned several times that the platform will support cryptocurrency payments. He hinted that Dogecoin may become part of the payment system of Platform X. Since then, DOGE has gradually introduced payment expectations under Musk's promotion.

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After Trump takes office in 2024, there will be a wave of cryptocurrency political and regulatory benefits. DOGE has huge positive expectations with the support of the "Father of Dogecoin". Nate Geraci, President of The ETF Store, stated in a post on X in November that "the arrival of a spot DOGE ETF application seems inevitable... 2025 will be a crazy year."

DOGE has grown to become the most important Meme and trendsetter in the entire cryptocurrency industry. In this process, Musk's every interaction will broaden the public's attention to Dogecoin and the crypto market. On the other hand, the increasingly expanding global crypto asset investor community has strengthened his position and influence as an opinion leader in the entire industry. The two complement each other, leading the cultural dissemination and capital flow of the crypto market.

Two, A Squirrel That Saves America - PNUT

More than seven years ago, mechanical engineer Mark Longo brought home a small squirrel named 'Peanut' who had lost his mother, and shared many interesting interaction videos with Peanut on his social media during its growth. Quickly, Peanut attracted the attention of hundreds of thousands of fans and became an animal internet celebrity. However, on October 30th, during the 2024 US presidential election, without a search warrant, officials from the New York State Department of Environmental Conservation (DEC) broke into Mark Longo's home and arrested Peanut. Soon after, Peanut was euthanized for illegal possession of wildlife. This news instantly caused a huge uproar online, and countless netizens expressed strong dissatisfaction and anger. The DEC also got caught up in the vortex of public opinion.

On October 31st, the first tweet was posted by @pnutsolana, launching the on-chain PNUT token and calling for signatures on a petition to urge everyone to stand together and speak up for peanut. At this moment, PNUT became a meme symbol of the event and began to ferment across the entire internet. As the event spread, Musk and Trump, as part of the Republican campaign team, quickly rallied for PNUT, leveraging meme power to boost political influence. On November 3rd, Musk tweeted hinting at "X is for Peanut," and the official Dogecoin account also posted "RIP Peanut" with a picture of a dog and PNUT. Musk then directly replied, "Peanut," and Trump and more internet celebrities continued to follow up and interact with the spread.

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After Trump won the election, PNUT, as a meme, has become a cultural symbol of freedom, democracy, and equal rights in the United States, winning a victory in meme culture. Musk tweeted after the election, saying, 'America has been saved by a squirrel and a meme coin'.

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Three, Politics」The Manhattan Project「and Meme Pun - D.O.G.E.

On November 12, 2024, Donald Trump announced the establishment of the Department of Government Efficiency (D.O.G.E.), and appointed Elon Musk and Vivek Ramaswamy to jointly lead the department. Trump has high expectations for it, stating that it could become the 'Manhattan Project' of our time, paving the way for his government to dismantle bureaucratic institutions, reduce excessive regulations, cut wasteful spending, and restructure federal agencies - all of which are crucial to the 'Save America' movement.

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The concept of D.O.G.E. was first mentioned by Musk in a tweet in August last year. Although the project initially seemed like a joke, Trump expressed support for the initiative to reduce government spending on DOGE, implying that this once fictional department would actually become a real-life adjunct of the U.S. government. And with Trump's re-election as President of the United States, the past joke became a reality.

The highly similar name to DOGE is by no means a coincidence, but a deliberate design. In August this year, Musk said on Twitter that the name is perfect. Musk also unveiled a government efficiency department logo with a dog image, forming a close loop with the dogecoin DOGE, reinforcing DOGE's benchmark status.

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Since the establishment of D.O.G.E., many Meme coins have been issued on various chains based on this concept, but most of them quickly Rug in the short term. Eventually, D.O.G.E. on the ETH chain has emerged and taken a dominant position. The future development and positive factors of the D.O.G.E. sector will be a key influence on the price performance of the token.

4. Meme of Technology and Cultural Integration - BANANAS31

SpaceX, led by Musk, is becoming one of the greatest companies of mankind, with infinite imagination in terms of enterprise valuation and technological progress. From terrestrial internet connectivity to Mars colonization plans, SpaceX's technological achievements have not only brought economic benefits, but also opened the next door to the universe for humanity.

Memes about SpaceX have become a hot spot for the encryption industry to capture and hype, but most of the targets of this concept have a short life cycle, until the recent emergence of BANANAS31, which may have the potential to become the first evergreen meme to merge technology and cultural concepts. At 6 a.m. on November 20, 2024, SpaceX successfully conducted its sixth comprehensive test flight of Starship S31 at its launch base in Boca Chica, Texas. The S31 is the last flight test of the original Starship series, signaling SpaceX's full shift to the development of the second-generation Starship (Starship V2). This makes the S31 a pivotal point in the entire history of starship development. The eventual successful flight saved SpaceX from the skepticism it had received after several previous failed missions, demonstrated the gradual maturity of the Starship system, and gave confidence to its subsequent manned missions. S31 is the "curtain call" of Musk's first Starship with SpaceX and the beginning of the next space exploration program.

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Interestingly, the S31 starship's shell is adorned with a layer of banana stickers, paying homage to popular culture once again. The 'Banana for Scale' internet meme is used to demonstrate the starship's size by using a banana as a standard unit of measurement. The SpaceX team is also sending a lighthearted signal to the world in this way: despite the challenges of space missions, the team is confident in the success of S31. Musk is also very fond of the behavior of using bananas to measure the starship, and commented on related tweets.

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In November, there were a lot of bananas and starship tokens launched on various chains, but the tokens that finally ran out this time were not SOL and ETH from the traditional meme hotspot chain, but from the BSC chain that had been dormant for many years. The price performance of the ETH chain is not very good, and the BANANA of the SOL chain has a week-long hype highlight moment, with a maximum market capitalization of about 6500w, but it is currently close to Rug, and surprisingly the BANANAS31 life cycle of the BSC chain has been close to a month so far, with a maximum market value of 8000w, and the current stable market value of about 5000w. At the same time, BANANAS31 has a strong community that continues to do things at present, using its own understanding to spread technology and cultural memes, recently held the "Banana for Scale" Tiktok Challenge, and even carried out web2 to break the circle. Perhaps the subject may have the potential to become the first evergreen meme in Musk's concept with SpaceX to merge technology and culture.

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5. Data Comparison of Musk Concept Coins

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In the horizontal comparison of market capitalization data, BANANAS31 has the smallest market capitalization, with PNUT 22 times and D.O.G.E 3.5 times its market capitalization. In terms of the ratio of trading volume to market capitalization, BANANAS31 is only second to PNUT recently and is 2.5 times that of D.O.G.E. The social media data is not much different from PNUT and D.O.G.E data (given that Twitter data has a certain degree of error, between 50k-1m is considered the same); the number of holding addresses is better than D.O.G.E.

In summary, BANANAS31 does not differ much from the already listed PNUT in terms of social influence, with a trading volume/market value ratio of 1/2, but higher than the average. It is three times that of DOGE recently and performs relatively well without being listed on a large exchange. Compared with D.O.G.E, which is also not listed on a large exchange, BANANAS31 has higher trading volume and holding amounts, but its market value is only 1/3 of D.O.G.E's, indicating potential for growth. It is difficult to find top-level narratives among the 50M-level Meme coins, and its price is stable with relatively high odds. At the same time, the community continues to interpret Meme culture and build targets.

Six, Summary

One of the consensus of this cycle is that Meme coins are symbolic culture and a powerful weapon for encryption to break through the circle on a large scale. Its investment opportunities should be valued and explored. There are three investment cores for Meme coins: excellent narratives, strong communities, and good chip structure and market value range 'strike point' for buying. Recently, BANANAS31 on the BSC chain fully meets the three investment cores and may become one of the most promising targets under the concept of Musk. It is worth paying attention to.

This article is from the submission and does not represent the viewpoint

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