Meme pieces based on animals have been all the rage for months.
But a new trend is starting to emerge: MartyrFi tokens.
So what exactly is MartyrFi, we hear you ask.
That’s the term used to describe a rapidly expanding segment of the coin market, filled with tokens paying tribute to animals that died too soon or were killed altogether.
The sector has seen significant interest in recent weeks, as tokens like PNUT and FRED have sparked a frenzy on social media and made headlines around the world.
Let’s see what happens, shall we?
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The memeification of so-called dead animal martyrs began earlier than expected – almost a decade ago, in fact.
Source:CNN
The sector arguably began in 2016 with the death of a western lowland gorilla known as Harambe – who was killed after a young boy fell in his zoo grounds.
The decision caused a storm on social media, as outraged viewers criticized the deadly attack on the primate. In the days following Harambe’s death, several vigils were held to show respect for the deceased animal.
Despite this, the first MartyrFi tokens did not appear until early 2024 (or possibly earlier). According to our research, the first known MartyrFi token was launched in January 2024.
While HARAMBE was part of the first cohort of MartyrFi tokens, a new batch took the concept and ran with it, bringing a lot of attention to the emerging sub-industry of stupid memes.
Some of the most prominent MartyrFi coins now include:
This frenzy included a series of posts from x.com owner Elon Musk, who repeatedly criticized the government for its actions.
https://twitter.com/elonmusk/status/1852743766957838743
Last May, a police officer shot and killed a 13-pound dog on camera for apparently displaying “rabid” behavior.
The officer later discovered that the dog was behaving strangely because he was unable to see, so he was blind.
Predictably, social media users criticized the officer’s actions and called for his dismissal from the Missouri police force, as “justice for Teddy” gained popularity.
The token has now consolidated at a market cap of $400,000 and is trading sideways.
Like many other MartyrFi coins, Ozzy the Otter rose after the death of an internet-famous otter known as Ozzy.
On November 14, 2024, Ozzy’s passing sparked the creation of a series of MartyrFi tokens aimed at honoring his life and death.
Unlike many other MartyrFi pieces, Ozzy was not killed or taken unfairly, but simply died naturally. Despite this, the x.com community embraced the concept, turning it into a meme.
Since then, Pernie, the former owner of Ozzy and tiktoker, has spoken out about the project and is now leading its growth.
Last but not least is First Convicted Raccon Fred (FRED) – a MartyrFi coin based on a raccoon known as Fred who was killed by the State Department of Environmental Conservation New York.
Yes, the spelling mistake in the title is correct.
Fred lived in the same house as the previously mentioned squirrel, Peanut, and was also put down due to rabies issues. Like Peanut, it was discovered that Fred did not in fact have rabies and was therefore taken unfairly.
The social media community wasn’t a fan of this and so created a coin to commemorate the missing creature.
The FRED token reached a peak market cap of nearly $320 million on November 14, just two weeks after its launch. It now hovers around $186 million after a decline from its all-time high.
Take PNUT for example. In the last 24 hours alone, trading volume exceeded $3.1 billion.
https://twitter.com/binance/status/1855851927927738570
But perhaps most impressive is the volume of social media engagements that some of these tokens garner.
The appeal behind this sector is as obvious as it is abstract. Meme tokens honoring tragically lost animals resonate emotionally, blending the viral appeal of cute pets with the community ethos of many cryptocurrencies.
They inspire remembrance, collective support and fun while inspiring users to grow the community (and their bags).
Whether it’s feigned or real outrage, the numbers don’t lie: MartyrFi tokens are hot right now.
As we have already established, MartyrFi’s market leader – Peanut (PNUT) – has reached a market capitalization of over $2 billion.
This places the lower limit of the maximum potential of MartyrFi tokens at $2 billion.
However, if a token is capable of generating significantly more momentum than PNUT, it is possible that this number will be significantly exceeded.
Of course, only the most wildly viral, resonant, and accessible MartyrFi memes have any hope of achieving this level of success.
That said, a poignant quote comes to mind:
>> Have fun, but stay safe, traders. The stories come and go often, it will take time to see if this one sticks.
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