Meme coins: hype or real investment?
What if you had to bet on meme coins
Using the meme principle, meme coins have gradually gained ground in the crypto-sphere, allowing those who dare to make the wildest bets to be rewarded.
Yes, crypto memes can make you money.
However, it is not without risks.
On the networks, some memes become collectors' items and are exchanged virally on all platforms.
And for good reason: they have the art of making us laugh about current affairs, social issues, everyday actions and so on.
But to claim to be an expert in the meme, you need to be able to demonstrate certain characteristics:
- Make the viewer laugh (not everyone can have a sense of humour, let's face it),
- Be able to be taken up and interpreted in different ways (this is known as polysemy);
- Go viral, becoming part of digital culture;
- Finally, it can take the form of a GIF, video, voice, image with text, text, etc.
In short, if we were to define the meme simply, let's say it's humorous digital content with a tendency to go viral, and which can be interpreted and taken up in several ways.
It's fair to say that in recent years we've entered the era of the meme.
So, inspired by this key element of pop culture, the crypto-currency world has seen the development of a whole new form of coins: meme coins or crypto memes.
It's a strange concept, but one that's just as interesting, and one that deserves a closer look.
Welcome to this new crypto article on meme coins and enjoy your reading!
Introduction: meme coins, trolls that have gone in a different direction
So, based on the idea of creating a comic situation from specific content, crypto memes caricature certain projects.
More generally, they depict some of the sometimes laughable behaviour found within the crypto sphere.
Well, that was the basic idea...
Indeed, without really expecting it, the first crypto memes created a craze among certain people, who formed a community of fans.
Which is pretty crazy, by the way, because it all started with a troll. It seems that the absurdity of the situation has won over more than one person.
As a result, these 'fake projects', driven by their followers, have clearly added value to these corners.
In fact, some of them have achieved huge successes in a very short space of time. To the delight of newcomers, who have been able to amass a number of winnings.
Part 1 - The very first meme coin: the DogeCoin
Among the holy of holies, the best known is Dogecoin.
Considered today to be the No. 1 crypto meme, it takes its head from the Shiba Inu, the dog in the "Doge" meme.
The latter was created in 2013 to troll the world of crypto-currencies, particularly Bitcoin.
A joke that will still capitalise more than $60 million in 2014.
The founders
The joke was the brainchild of two rather unusual characters: Jackson Palmer and Billy Markus.
Just bear in mind that, at the time, crypto-currencies were exploding. It was attracting novice investors and experts alike.
On the one hand, we have Billy Markus, a software engineer at IBM. He wanted to create a crypto for the troll that would be able to outperform Bitcoin.
So he began coding the Bell coin. Bells are the coins used in the Animal Crossing game (Nintendo).
In homage to this currency, Billy Markus set about creating a crypto-currency, the Bell Coin, which he called "crypto for sillies".
A few interested parties began to show an interest.
On the other side is Jackson Palmer (head of marketing at Adobe System in Sydney), who has a similar idea: to create a crypto capable of rivaling Bitcoin for the joke. He's already thinking of renaming it the Doge coin.
We'll spare you the details, but it was a DM sent on Twitter by one of his followers that prompted him to go ahead with the project.
Palmer contacted Markus and the two minds met.
Markus modified the Bell Coin code to adapt it to the Doge Coin. Palmer, for his part, took care of the overall look of the website.
The interface is rather zany, but its authenticity appeals to Internet users.
You can read: "Dogecoin has no use"; "the Dogecoin community works to ... make memes, be absurd"... etc.
Speculate to win
And so the Doge Coin was born.
After just a few weeks, its price increased by 300%!
It was a total buzz, a hold-up if you like, that nobody really understood.
The craze went so far that the Doge attracted the support of celebrities and other sponsors.
Part 1 BIS - Pepe joins the meme coins category.
Chances are you've already seen what the Pepe Coin looks like.
This cryptocurrency was born out of the popularity of Pepe the Frog memes on the internet.
Launched in 2016 using blockchain technology, it quickly became popular thanks to its fun nature and engaged community.
Today, Coin Pepe continues to exist as a unique crypto-currency project, but its history is marked by ups and downs, as well as debates over the appropriation and meaning of online symbols.
Over time, the Coin Pepe project has evolved to focus more on creative, artistic and community initiatives. It has sought to showcase the talents of digital artists by using Pepe memes as a form of artistic expression.
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Part 2 - The meme corner hype
So the new credo associated with crypto meme is as follows: take advantage of the hype to speculate and make as much money as possible.
If we take a step back, this state of collective delusion works in just about every field. And even more so with social networks.
Trends are pushed to the limit, and the more people talk about a trending topic, the more interested they become, even to the point of pretending to know what they're talking about.
"Fake it till you make it
Little by little, other projects began to emerge, such as RavenCoin, Safemoon, Shiba Inu and others.
Today, the market capitalisation (market cap) of meme coins is more than 15.2 billion dollars.
Monnaie | Cours | Capitalisation boursière |
Dogecoin | 0,059819 $US | 7 939 081 167 $US |
Shiba Inu | 0,00001109 $US | 6 533 856 110 $US |
Baby Doge Coin | 0,000000001286 $US | 204 799 991 $US |
Dogelon Mars | 0,000000248521 $US | 136 423 263 $US |
Floki Inu | 0,00000760 $US | 1 110 126 $US |
Part 3 - How do you create your own meme corners?
Can anyone create a meme coin? Yes, but not everyone is successful.
Some people go through all the new projects every day, looking for a hidden gem, a "nugget".
⚠️ But scams are never far away.
So let's look at the question from another angle: how do you create a crypto scam?
Don't get me wrong, the aim is not to encourage you to do the same, but simply to show you just how easy it is to create a crypto currency, and therefore for you to be taken in.
First of all, you need to create the initial value of your coin and launch it on a platform such as ECO Chain, BSC or Ethereum Token.
Then you need to promote your coin on the various social networks. You will then need to invest in certain features to promote your coin.
For example, you can buy engagement posts on reddit or twitter.
You'll only need to spend around ten euros to get enough comments to get the hype started.
Contacting small influencers can also help.
After that, all you have to do is see if it catches on.
Of course, in reality, it's a bit more complex. But you've understood the concept.
That's why you should always look into every project that comes your way, to make sure you don't get ripped off.
Fortunately, crypto memes are identified clearly enough to prevent you from falling into a trap.
Part 4 - Differentiating between scams and crypto memes
As we said earlier, some people take on the daily task of tracking the price of meme coins in order to discover future nuggets.
What is certain is that it is not difficult to identify crypto memes.
Indeed, the 'projects' don't take themselves too seriously.
In fact, that's how they can be distinguished from crypto scams.
The meme coins make no secret of their ultimate aim, which is to speculate.
Take Doge Coin and its platform, for example. Everything is clearly stated.
Unlike a crypto trying to create value.
In other words, meme coins serve no purpose and are mainly there to exist and share a 'delirium' within a community.
If they serve no purpose, how do they perform?
Part 5 - The forces of meme coins
Where does the strength of the meme coins come from?
First of all, there's the fact that many beginners are attracted by these projects.
And because the price of coins is generally low, they are not afraid to invest.
Unlike BTC, for example. So there's much more chance of the price rising.
Similarly, they are not complex to understand.
Be careful, though, always to look at the amount of capitalisation, because as there are no fundamentals, at any moment the whole thing could collapse.
Above all, the strength of meme coins is certainly their community.
Conversely, it is also their weakness, because without it, there is no support, and the price of the corner drops to zero.
Part 6 - Should you invest in crypto memes?
So, should we invest in the same corners? Will the value of the Doge or the Shiba Inu rise? Will new ones surpass them?
To begin with, here's a piece of advice that we repeat every time: it's up to you to decide.
It's important to have a strategy in place when you invest money.
Only you can know what your objectives and needs are.
As a second step, let's say that yes, investing in crypto memes can be a good plan, as long as the corner is not over-capitalised.
Remember, the more capitalised a crypto is, the less likely it is to perform. It's when the capitalisation is very small that you need to go for performance.
Finally, detecting hidden gems or crypto nuggets is a long-term process. And there is no such thing as an exact science.
Not all crypto memes achieve the same status as Doge Coin or Shiba Inu, for example.
That's why it's essential to keep an eye on the market.
Take an interest in the community that is forming around it.
The aim of this article is first and foremost to simplify technical concepts related to crypto-currency, in order to make them accessible to everyone. These words are therefore the sole responsibility of the author. It is not intended as investment advice.
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