Influencers make an impact in the cryptocurrency arena, and today this impact is as prominent as never. For instance, Elon Musk has drastically influenced the original meme coin, Dogecoin. The appearance of Dogecoin and the coin’s subsequent success triggered a wave of imitation. Some consider an investment in meme coins insanity, and others think there is enormous potential in such investments.
As a rule, a meme coin has no inherent value and no particular use. As you have probably guessed from the name, meme coins and tokens are themed around internet memes. Just to clarify, memes are viral jokes shared on social media. The first meme coin, Dogecoin, is based on the popular doge meme. Dogecoin operates on its own blockchain, and this fact makes it different from other meme tokens that use an existing blockchain. There are two most widespread meme tokens: Shibu Inu (SHIB), a token that runs atop Etherium, and SafeMoon (SAFEMOON) built on Binance Smart Chain. However, there are many more.
As a rule, meme coins have become popular due to their association with influencers. For instance, this year, Zuckerberg published a picture of his pet goats and wrote “My goats: Max and Bitcoin.” The same day a meme token, Aqua Goat, increased in value by 300%.
Elon Musk posted that if there will be a scandal about him, it should be named “Elongate.” A couple of hours later, a token ELONGATE was launched.
The most widespread meme coin, Dogecoin, is available to investors on several crypto exchanges, including Binance, Kraken, and Coinbase. However, as a rule, the availability of meme tokens is quite limited. It often happens that when meme tokens are released, their creators give them away at first. Some small-cap meme tokens are available on DEXs and can be bought only with other cryptocurrencies.
All cryptocurrencies are dependant on an influencer and community support. And as we have mentioned above, meme tokens’ success depends on influencers almost solely. The most prominent influencer is, of course, Elon Musk. He only needs to send a tweet in order to make a token drastically rise in price. Around 3% of the crypto market cap is meme tokens, and the total worth of the sector is about $38 billion.
The ultimate success of meme coins depends on the strength of their communities, and the influencer culture is here to stay. It is worth mentioning the portal meme.com where one can follow up with the success of particular meme tokens.