The world of meme coins continues to evolve, capturing the imagination of retail investors and crypto enthusiasts alike. In the latest episode of HTX’s “Dialogue with HTX Fire Partners,” a panel of influential crypto figures — OxLeon, Goku很Cool, DaDa, Vito, and Tk — gathered to dissect one of the most debated topics in the current bull market: Who is the real Meme King?
From evaluating blockchain ecosystems like Solana, Base, and TON to analyzing the enduring appeal of Dogecoin (DOGE), this discussion offers valuable insights into where the meme economy stands today — and where it might be headed.
The Battle of Meme Ecosystems: Solana, Base, and TON
When it comes to meme coin activity, not all blockchains are created equal. Each ecosystem brings its own strengths, user base, and cultural momentum.
OxLeon pointed out that Solana currently leads in terms of community engagement, capital depth, and market maker participation. Its fast transaction speeds and low fees have made it a breeding ground for viral meme projects. Over the past year, Solana has hosted countless successful launches, reinforcing its status as the go-to chain for speculative trading and community-driven tokens.
In contrast, Base, Coinbase’s Layer 2 network, has shown slower adoption in the meme space. While it benefits from strong institutional backing and seamless integration with mainstream apps, its meme ecosystem remains underdeveloped compared to Solana.
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However, TON (The Open Network) is gaining attention as a dark horse. With deep integration into Telegram — one of the world’s most popular messaging platforms — TON has a unique advantage: built-in user distribution. DaDa emphasized that early participation in TON’s ecosystem could yield long-term rewards. As the TON Foundation begins to invest more heavily in DeFi and meme projects, there's growing potential for native, community-driven tokens to emerge.
Tk added a broader perspective: true meme success isn’t just about price pumps. It’s about cultural resonance — how well a project spreads beyond crypto circles into mainstream awareness through humor, technology, or social movements.
Is Dogecoin Still the Meme Coin King?
Despite newer competitors, many panelists agree: Dogecoin (DOGE) holds a special place in crypto history. It was the first major meme coin, born out of an internet joke in 2013, yet it has survived multiple market cycles and maintained a loyal following.
DaDa put it simply: "If we’re talking about the original meme coin that started it all, DOGE is undisputed." While newer chains spawn dozens of viral tokens each month, DOGE pioneered the concept of value derived from community sentiment rather than utility.
But can it still deliver outsized returns?
Goku很Cool shared on-chain data from miners: DOGE mining often goes hand-in-hand with Litecoin (LTC) due to their shared Scrypt algorithm. At current rates, mining profitability for DOGE has increased significantly — especially when prices approached $0.40, sparking a surge in demand for mining equipment.
Even traditional investors are taking notice. With a market cap exceeding $60 billion, DOGE now rivals established consumer brands like Lululemon in valuation. This level of adoption signals more than just hype — it reflects real-world recognition.
Vito noted that few altcoins have matched Bitcoin’s performance in this bull run, but DOGE is one of them. Rather than viewing it as a speculative "pump-and-dump" asset, he sees DOGE as entering a phase of market maturity — suitable for larger capital allocations and long-term holding strategies.
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Market Trends and Investor Sentiment Around DOGE
The 2024 U.S. presidential election brought renewed attention to DOGE, largely due to Elon Musk’s public endorsements. However, as OxLeon observed, much of the price appreciation had already occurred before election results were finalized.
Post-election, trading volumes cooled slightly across the board. Yet DOGE demonstrated resilience — holding steady while other high-profile assets like Solana saw pullbacks. This relative strength suggests growing confidence among holders.
Tk analyzed DOGE’s price trajectory: from around $0.10 in October to peaks near $0.50 — a 4x to 5x gain within months. Given its massive market cap, sustaining exponential growth becomes harder, but that doesn't mean upside potential is gone.
Instead, experts suggest shifting focus from short-term speculation to long-term investment positioning. Unlike “shitcoins” or unproven projects ("土狗"), DOGE has proven staying power. It's listed on major exchanges, accepted by merchants, and backed by a global community.
DaDa made a critical distinction: "Meme investing should not be confused with gambling on random tokens." He advocates for differentiating between fleeting trends and established assets. For those seeking exposure to meme culture without excessive risk, DOGE remains a compelling option.
What’s Next for Meme Coins in 2025?
As we move deeper into 2025, several trends are shaping the next phase of the meme economy:
- Chain diversification: While Solana dominates today, TON’s integration with Telegram could unlock millions of new users.
- Cultural relevance: The most successful memes will transcend finance, becoming part of internet culture.
- Regulatory clarity: Increased scrutiny may filter out low-quality projects, benefiting established names like DOGE.
- Institutional interest: Growing mining activity and corporate adoption hint at broader acceptance.
Vito highlighted BSC (Binance Smart Chain) as another ecosystem worth watching. Though less flashy than Solana, BSC fosters stable, community-driven projects with sustainable tokenomics.
Meanwhile, OxLeon believes new narratives will drive the next wave of gains — particularly on emerging chains where early adopters can gain disproportionate rewards.
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Frequently Asked Questions (FAQ)
Q: Is Dogecoin still a good investment in 2025?
A: Yes, especially for long-term investors. While it may not offer the same explosive returns as smaller-cap tokens, DOGE’s brand recognition, community support, and growing infrastructure make it a relatively stable choice within the volatile meme sector.
Q: Can TON really challenge Solana as the top meme chain?
A: Not immediately — Solana has a strong lead in developer activity and liquidity. But TON’s integration with Telegram gives it unparalleled access to non-crypto users, which could fuel organic growth over time.
Q: Why is DOGE’s market cap important?
A: A high market cap means more capital is required to move the price significantly. This makes DOGE less susceptible to manipulation and more attractive to institutional investors seeking exposure to meme assets.
Q: Should I invest in new meme coins or stick with DOGE?
A: It depends on your risk tolerance. New meme coins can offer higher returns but come with greater risk. DOGE provides exposure to meme culture with lower volatility and stronger fundamentals.
Q: How does mining affect DOGE’s value?
A: Mining supports network security and creates a natural supply distribution mechanism. Rising mining interest often reflects growing confidence in future price appreciation.
Q: What role does Elon Musk play in DOGE’s price movements?
A: Musk’s tweets can cause short-term volatility, but they’re no longer the sole driver. DOGE’s value is increasingly supported by adoption, mining activity, and macroeconomic factors.
Core Keywords:
- Meme coin
- Dogecoin (DOGE)
- TON blockchain
- Solana
- Cryptocurrency investment
- Blockchain ecosystem
- Market cap
- Mining profitability