Coin memes and the crypto market: useful or harmful?

Dogecoin, Shiba Inu, Safemoon Inu … the list of coin memes keeps growing! As popular as they are fleeting for the most part, meme corners know how to get people to talk. But why do these particular cryptocurrencies generate so much buy-in and repulsion from crypto investors? Find out what a cryptocurrencies are and their impact on the global cryptocurrency market.

Source: Pixabay

What are meme coins?

The word “meme” comes from English. According to the Larousse dictionary, a meme is defined as a “concept (text, image, video) massively recorded, rejected and redirected on the Internet in an often parodic way, which spreads very quickly and thus creates buzz”.

In crypto, a meme is often a coin that has been created under joke background and then expanded to acquire a certain fame. Popularized by the famous crypto Dogecoin (DOGE), there are now many coin memes. The most famous are: Shiba Inu, MonaCoin, High Finance, Yooshi, CumRocket, Cake Monster, Dogelon Mars, Banano.

Source: Adobe

These cryptocurrencies are therefore not intended to create an ecosystem. Moreover, they generally have no ambitions other than to watch their price explode after speculation generated by buzz around their creation. For many, moreover, these coins are rather tokens that operate on known blockchains such as Ethereum or Binance. A token is actually much easier to create than a real crypto that would have its own mainnet.

Coin memes or crypto superficiality?

Coin memes are often criticized (rightly) for theirs technological poverty and their speculative cold. In fact, meme coins have an even more volatile course than classic cryptos. It is therefore not uncommon to see the price of a single coin jump by several hundred or a thousand percent. Those sudden movements may appear shortly after their creation or after a tweet from an influencer. In this area, of course, we are thinking of Elon Musk and the influence of his tweets on the course of cryptomemes!

Recent example, Elon Musk tweeted a photo ofa Shiba puppy called “Floki”. The result was instant at the crypto level. The same coins, whose name resembled “Floki”, saw almost all of their prices explode! For example, the price of the Shiba Floki crypto increased by more than 780%!

The price fluctuations on the same coins are therefore very artificial. Thus, it is not surprising to find that their price is plummeting just as fast as it is actually exploding. In this context, it is difficult not to ask the question “who benefits from this speculation? “.

Their price is unstable, their operation is opaque, which raises questions about the recipients in connection with speculation. Meme corners are very popular and know well how to create buzz. But more than for any other crypto, investing in a meme coin is more equal play the slot machine. Crypto memes in their policies often look like a mirror to the larkers and especially affect some investors who came to crypto just to get rich quick, very fast … Unfortunately, many investors lost big in this “game”. In this, the coin meme thus shows the darker side of cryptos.

Coin memes and crypto marketing!

Coin memes are now part of the crypto landscape. And this phenomenon is increasing. But should we only see the cryptocurrencies through the prism of speculation and superficiality?

Whether we regret it or not, meme corners know how to market themselves around them. In some respects, they thus make it possible reach a wider audience than traditional cryptos. In fact, it must be acknowledged that most ambitious crypto projects from a technological point of view have great difficulty in explaining themselves easily! Thus, for a novice crypto investor, there is a much greater chance that he gets to know Dogecoin ahead of Cardano, Ethereum or even Solana, three very ambitious cryptos.

Coin memes can therefore be seen as one gateway to the crypto market. With their advanced marketing and the simplicity of their operation, almost everyone understands a coin meme. Once a person finds themselves attracted to the world of coins, it is only a step away from being interested in the real cryptocurrency market.

Presentation, statistics, boy, character, man
Source: Pixabay

In fact, to sum up, one can say that the same coins represent marketing in the crypto market. In the same way, it’s a bit like when a brand decides to associate its name with a popular event. If some can find fault in the vicinity between the event and the brand, this association still makes it possible to make the brand known and to reach a specific audience.

Not to mention that due to popularity, a coin meme can evolve and make your position more credible. This is the case with Dogecoin, for example. Although it was solely a meme coin, DOGE implements developments and continues to gain credibility. Until recently, the creator of Ethereum even talked about a possible affiliation with Dogecoin.

The crypto market has much more to offer than coin meme. However, coin memes have found a place in our very marketing and buzz-hungry society. If this can be regretted, we must recognize that meme coins have a strong marketing power that stimulates the entire crypto industry.

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