What Is Going On With 'Meme Coins?' The Cryptocurrency Craze Behind 'Chill Guy,' 'Dogecoin' And 'Pump.Fun' Explained

Discussions about so-called "meme coins" have dominated internet chatter this week, reaching far beyond the cryptocurrency sphere and into the feeds of mainstream netizens.

Why? Because meme coins bank on the most iconic and trendy characters to mint Bitcoin, Ethereum and Solana knock-offs that are automatically recognizable. They're a conversation starter for both proponents and skeptics alike.

Most recently was the "Chill Guy" coin. Before, Dogecoin showed how a meme can affect the economy and crypto world, and although people might know the memes in question, it's the cryptocurrencies attached to them that are quite confusing.

So why are people making meme coins and what's all the fuss about? Where are these things even coming from and how does one get involved in the craze? Let's explain.

What Is A 'Meme Coin?'

A meme coin is a cryptocurrency that bears the name and likeness of a meme. Critics view them as volatile and unserious when compared to "stable" coins like Bitcoin or Ethereum. Some would rather invest all of their money in shoelaces or toenail clippings than a currency named after a silly animal or internet slang term.

Alternatively, others adore meme coins (and some have even made serious money off them). This is usually because people love the meme that the coin represents and think, "What if Bitcoin was replaced by my favorite meme?"

In turn, meme coins can experience quick turnarounds when a trend hits that sweet spot in the Meme Economy. This is, of course, the other reason why people love meme coins — their peak market capitalizations can reach surprising highs.

Why Are 'Meme Coins' Trending Right Now?

Meme coins are getting attention right now due to a slew of viral stories involving them this week. It all started with the Chill Guy coin ($CHILLGUY) as people started earning triple figures off the most viral TikTok meme of the moment.

The success of $CHILLGUY showed how TikTok memes can translate to cryptocurrencies too, opening up a lot of trendspotting opportunities for chronically online Gen Z and even Gen Alpha traders.

Other than Chill Guy's clout machine, cryptocurrencies as a whole have been on the up-and-up since the 2024 U.S. Presidential Election with many perceiving the incoming administration as being more pro-crypto.

For instance, Elon Musk's favorite meme coin, Dogecoin, saw an uptick of about 49 percent after Election Day, according to Fast Company. Now that a literal DOGE department is being added to the U.S. government, the public awareness of meme coins will likely increase even further.

What Is 'Dogecoin?'

Dogecoin is the OG meme coin. It's based on Doge, the loveable Shiba Inu, who's become the center of numerous trends since the early 2010s.

Dogecoin was created in 2013. However, it didn't peak in value until 2018 when its market capitalization rose upwards of $1 billion. But that 2018 peak didn't even compare to a few years later in 2021 when Elon Musk "pumped the Doge" and the price of the currency rapidly rose by over 900 percent.

Dogecoin's formula (meme + crypto = a viral, profitable sensation) outlined how future meme coins could succeed.

What Are Some Other Popular 'Meme Coins?'

In the years since Dogecoin's boom, others have tried, failed and sometimes succeeded at making a profitable meme coin. Here are a few examples.

• Pepecoin — Launched in 2023, $PEPE is a meme coin based on Pepe the Frog. Within the first few days, the coin exploded in popularity and received a considerable 21,000 percent growth.
• Dogwifihat Coin — Launched in 2023 and minted on Solana, this coin is based on the Dogwifihat meme showing a dog wearing a beanie. The coin gained significant traction in late 2024, with a market cap of $2.5 billion.
• Bonk Coin — The Bonk meme coin is based on the Bonk meme featuring Cheems with a hammer, coming down hard on lewd-posters. The coin reached a market cap of $2.7 billion in May 2024, after it was created a year before.
• Popcat SOL — Minted on Solana in 2022, $POPCAT is a community-owned meme coin based on the Pop Cat video of a low-resolution feline opening and closing his mouth. $POPCAT reached a market cap of $1.3 billion last month.
• Goatseus Maximus — Based on the viral shock video of the same "goat" namesake, Goatseus Maximus or $GOAT was shilled by an AI chatbot named Truth Terminal which, by promoting the coin, became the first millionaire AI agent.

What Is 'Pump.Fun?'

Modern meme coins are predominantly minted on the website pump.fun. Its interface allows users to easily launch meme coins on Solana and see what other people are buying, trading and creating.

People can also livestream on pump.fun, explaining why a little boy recently made waves when he gave everyone the middle finger and made off with their money.

What's The 'Chill Guy' Meme Coin?

Perhaps the hottest meme coin at the moment is called "$CHILLGUY." It was launched on pump.fun earlier this week. It's based on the Chill Guy meme, originally created by Twitter / X user @PhillipBankss last year.

He's said to be the chillest "guy" even though he's an anthropomorphic dog. No matter, his smirk and casual hands-in-pocket stance have, for some reason, inspired a meme coin that reached a peak market capitalization of over $47.3 million this week.

The insane price and surge of interest in it have baffled both meme enjoyers and economists alike.

What's The 'Huzz' Meme Coin?

Until recently, many of the most successful meme coins have riffed on Reddit memes, appealing to an older audience of Millennials and Quirk Chungus'.

Now though, in a post-Chill Guy economy, TikTok brainrot trends are starting to take over the meme coin ecosystem. One of the more prominent recent additions is based on the slang term "huzz."

The Huzz coin was launched on pump.fun two months ago but reached a peak market cap of over $1.9 million this week. Maybe next in line is a bruzz or yunc coin, just to keep things hip.

For the full history of Meme Coins, be sure to check out Know Your Meme's entry for even more information.