In 2021, a meme coin named 'HAMDOG' entered the market. The project team claimed it was a 'symbol of American humorous culture,' even launching various quirky GIFs that quickly flooded social media platforms. In a short period, the price of HAMDOG skyrocketed like a rocket, leading many newcomers to mistakenly believe it was a miracle of 'community power.'
Veteran investor Lao Zhou initially didn’t want to touch meme coins, but seeing his friends making money, he couldn’t help but jump in. At first, the surge was astonishing, and he thought he finally encountered a 'lucky coin.' However, at the market's peak, a large holding address suddenly began to sell off continuously, causing the price to plummet instantly, with a drop of over 95%. It was later discovered that this address was actually the 'private key wallet' reserved by the project team in its early stages.
The community then fell into arguments and chaos, and HAMDOG became one of the fastest-falling cases of meme coins that year.
Warning: The history of meme coins proves that hype can be fabricated, communities can be packaged, but the on-chain distribution structure will never lie. As long as large holders and the project team hold absolute control, all the revelry may ultimately turn into harvesting. Always remember—understanding the distribution of holdings is much more important than looking at meme images.
