As their name implies, meme coins are a category of cryptocurrency inspired by memes or which possess a comedic trait. Many of them, such as dogecoin, started life as internet in-joke, after all. But here’s the funny thing: This coin has long outlasted the original “doge” craze (a sort of lolcat for the 2010s, featuring pictures of cute doggies with silly captions).
Despite Bitcoin’s
Sure, some of this is pure speculation, driven by celebrity backers (Elon Musk is famously a big believer in, and promoter of Doge). But remember, they said that about bitcoin, too. The truth is that meme coins’ value is driven by their real-world utility, not cuteness. That said, not all meme coins are created equal, and some of them truly do deserve to be treated as a joke.
Whatever you make of the “meme coin frenzy, you can’t afford to ignore it. Let’s dive in and look at some of the coins most likely to prove the mockers wrong.
Beyond Cute
All hail Shiba Inu, cutest of all the doges! And when it meme coins, it isn’t just a pretty face—or a joke. Shiba Inu is a great example of how meme coins are developing real utility, and are even setting the technological pace for other digital currencies.
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Shiba Inu is one of the largest memecoins by market capitalization, and recently announced a partnership with Zama.ai to develop a fully hom*omorphic encryption platform. This means that Shiba Inu will be able to create identity, security and risk management solutions that are embedded within payment and other financial technologies. This doesn’t just drive enhanced privacy and security in the memecoin or crypto sector, but is setting standards for the traditional financial industry as it converges with the crypto economy.
Gettin’ Jiggy With Iggy
Australian model and singer Iggy Azalea is just one celebrity cashing in on the meme coin frenzy, but she’s one of the most successful. Last week no less a publication than Fortune reported the Grammy nominee’s Mother Iggy coin had soared by 1,200% in just one week, and is now worth a cool $200 million.
Additionally, Mother Iggy token holders may soon use the cryptocurrency to purchase phones and monthly cell plans from the singer’s telecommunications company.
But be warned—celebrity backing is no guarantee that a meme coin will be successful. For example, Caitlyn Jenner’s coin was launched with much fanfare, with a market cap that briefly touched $43 million. However, its value rapidly fell away and now sits at less than $6 million. So before you invest in a meme coin, look beyond the celebrity name and ask yourself: What does this coin bring to market, other than celebrity endorsem*nt?
Investors Flock To Floki
One thing a meme coin needs above all—and this goes for all digital currencies—is a large and highly-engaged community of users. After all, what’s the point of having a coin if you can’t transact with anyone?
Floki is a great example of a meme coin that is more than a token: It’s a movement. Branding itself as “The People’s Cryptocurrency,” Floki is a community based around utility-based projects and NFTs.
Among its unique features are its integration with the Valhalla Metaverse play-to-earn game, an NFT
Strong Chains Make Strong Coins
While many meme coins are based on their own blockchains, some of the most robust coins are those built on existing, proven chains. A great example is Bonk
An additional benefit of using an established chain is that meme coins such as Bonk can tap into an existing community, with a ready-made market for new utilities and integrations. For example, the Solana community has already built more than 250 on-chain integrations for Bonk.
Lessons Before Jumping In
Just like bitcoin before them, meme coins require extensive research before jumping in. But here’s what you should be looking for if you want to get in on the ground floor.
What does this coin bring to the market?
As we’ve seen, a coin’s long-term value is dictated by its utility. Look beyond the cute doges and the A-list endorsem*nts and ask: What need does this coin serve? What problems does it solve? Are its functions genuinely new and useful, or does it simply ape what other coins already do (and better!).
Does the coin have a community?
It’s important to look beyond the buzz and see how many people are actively using or are interested in the meme coin. To take just one example, check their social channels and forums to see how many people are following or posting about it, and compare this with other, competing meme coins.
Does the coin have a roadmap?
You want to back a meme coin that’s going places, not some flash in the pan. You’ll want to investigate whether the coin has an experienced development team with a clear vision about how they want to change the world, along with evidence of recent and future integrations that will make this happen.
Whatever you do, don’t dismiss meme coins as a passing fad. Remember, it wasn’t long ago that bitcoin’s value was measured in mere cents. Ignore the meme coin revolution entirely, and the joke could be on you.
