Then, the humble T-shirt seemed to go through the stratosphere. In 2013, for the centennial celebration of the garment's provenance, French luxury purveyor Hermès released the most expensive T-shirt of all time, made entirely of crocodile skin and priced at US$91,500. A year later, "athleisure" overtook denim as the most popular shopping category and the release of Alexander Wang's collection for H&M helped solidify the trend. Suddenly, T-shirts in lycra or neoprene, once reserved for the gym, became perfect for just about every other activity.

Two years ago, Vetements released its now-notorious DHL T-shirt, noted as much for its "real-life meme" as for its US$300 price tag (an original purchased directly from DHL costs about US$7). In an Inception-esque move, this was followed by the launch of Vetememes, a parody brand drawing on the social media-fuelled success of the brand that left everyone wondering if the T-shirt had finally jumped the shark.

But perhaps we're moving into a simpler era where do-it-yourself T-shirts will take the lead. When everyone's goal is to go viral, you don't necessarily need a designer brand or a giant budget to create a style seen by millions. Last summer, during his performance at the Panorama Music Festival in New York City, singer Frank Ocean donned a shirt that read "Why be racist, sexist, homophobic or transphobic when you could just be quiet?" Social media went ballistic – as did the business of 18-year-old Kayla Robison, who makes the T-shirt for her brand Green Box Shop, where it retails for just US$20.

Maybe it's back to basics – but whatever happens, this 5th-century icon looks as contemporary as ever.

T-Shirt: Cult, Culture, Subversion is at London's Fashion and Textile Museum until May 6. (ftmlondon.org)