Crypto

Coin Memes and the Crypto Market: Helpful or Harmful?

Dogecoin, Shiba Inu, Pancake… the list of memes keeps growing! As popular as they are short-lived for the most part, corner memes are hugely popular. But why do these particular cryptocurrencies generate both acceptance and aversion from cryptocurrency investors? Find out what a crypto meme is and how they impact the general cryptocurrency market.

Source: Pixabay

What are Corners memes?

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

In cryptography, a meme is often a wedge that was created as a joke and then developed to gain notoriety. Popularized by the famous cryptocurrency Dogecoin (DOGE), the same coins are now numerous. The best known are: Shiba Inu, MonaCoin, Hoge Finance, Yooshi, CumRocket, Cake Monster, Dogelon Mars, Banano.

Source: Adobe

Therefore, these cryptos are not intended to create an ecosystem. In addition, in general, they have no ambition, except to see their prices explode after the speculation generated by the rumor around their creation. For many, in addition, these coins are more like tokens that work on blockchains known as Ethereum or Binance. In fact, a token is much easier to create than a real crypto that has its own mainnet.

The same corners or shallowness of cryptocurrencies?

The same corners are often criticized (rightly) for their technological poverty and their speculative vocation. In fact, the same coins are priced even more volatile than traditional cryptocurrencies. Therefore, it is not uncommon to see the price of the same currency rise several hundred or thousand percent. These sudden movements can appear shortly after their creation or after a tweet from an influencer. In this area, of course, we think of Elon Musk and the influence of his tweets on the price of crypto memes.

The latest example, Elon Musk tweeted a photo of a Shiba puppy named “Floki.” The result was immediate at the crypto level. Almost every corner of memes whose name is related to “Floki” have seen their course explode! For example, the price of Shiba Floki crypto has risen more than 780%!

Fluctuations in the prices of the same currencies are therefore highly artificial. Therefore, it is not surprising to find that its course crashes as fast as it actually explodes. In this context, it is difficult not to ask the question “who benefits from this speculation?” “.

Its price is volatile, its operation is opaque, which raises questions about the beneficiaries linked to speculation. Corner memes are very popular and they know very well how to create a buzz. However, more than any other crypto, investing in a meme coin is more like playing the slot machine. Les mèmes cryptos, dans leur politique, ressemblent souvent à a miiroir aux alouettes et touchent particulièrement a tranche d’investisseur venue in crypto simply pour s’enrichir vite, très vite … Malheureusement, à ce «jeu», beaucoup d’investisseurs ont lost thick. In this, the corners of the memes show the darker side of cryptocurrencies.

Coin Memes and Crypto Marketing!

Meme coins are now part of the crypto landscape. And this phenomenon is increasing. However, should we view crypto memes only through the prism of speculation and superficiality?

Whether we regret it or not, memes know how to market them. In certain aspects, they thus make it possible to reach a wider audience than traditional cryptocurrencies. In fact, it must be recognized that most of the technologically ambitious crypto projects are very difficult to explain easily. Therefore, for a novice crypto investor, there is much more chance that he will learn Dogecoin rather than Cardano, Ethereum or even Solana, however, three very ambitious cryptocurrencies.

Therefore, meme coins can be seen as a gateway to the crypto market. With its developed marketing and the simplicity of its operation, almost everyone understands a corner of memes. Once a person is attracted to the world of currencies, they only have one more step left to become interested in the real market for cryptocurrencies.

Presentation, Statistics, Child, Character, ManSource: Pixabay

In fact, in short, one could say that coin memes represent the marketing of the cryptocurrency market. Similarly, it is a bit like when a brand decides to associate its name with a popular event. While some may find flaws in the proximity between the event and the brand, this association nonetheless makes it possible to publicize the brand and reach a specific audience.

Not to mention that by dint of popularity, the same currency can evolve and make its position more credible. This is the case, for example, of Dogecoin. While it was purely a meme corner, the DOGE is implementing changes and continues to gain credibility. Until recently, the creator of Ethereum even talked about a possible partnership with Dogecoin.

The cryptocurrency market has much more to offer than memes. Yet memes have found a place in our own marketing and rumor-starved society. If this can be deplored, we must recognize in the same corners a strong marketing power that allows the entire cryptographic sector to be energized.

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