The 2021 crypto bull run will be remembered for many things. We had nation state Bitcoin adoption, an NFT boom, and a rise in newer chains offering similar use cases to Ethereum. But perhaps the most surprising outcome of all was the explosion of so-called “meme coins.” Dogecoin and other meme-based tokens soared in popularity in 2021, thanks in part to endorsements from Tesla and SpaceX CEO turned Twitter prankster and owner Elon Musk.
Meme coins and crypto culture
Many people criticised meme coins as Dogecoin and other similar tokens surged. And to be fair, these projects clearly trail the likes of Ethereum when it comes to fundamentals. However, there’s a good reason that meme coins gained pace. Memes allow for culture, ideas, and content to spread through society, and they thrive on the Internet. It makes sense, then, that memes are so interwoven with Internet-based currencies like Dogecoin.
“I’d argue that Bitcoin was the first meme currency.”
As community is so important to the token movement, memes have become central to crypto culture. But it would be a mistake to assume that dog-themed tokens like Dogecoin are the only “meme coins.” Major tokens like Bitcoin and Ethereum have thriving communities that are experts in their own memes. In fact, I’d go as far as arguing that Bitcoin was the first meme currency. You could even say the same about NFT brands like Bored Ape Yacht Club, whose iconic monkeys have shown up everywhere over the past two years.
The token movement is still a long way from hitting mass adoption. And crypto enthusiasts know that if the technology is to fulfil its potential, memes will be key to helping it grow. So while I can see why people took shots at Musk over his repeated endorsements of Dogecoin, I thought it was great to see so many people discovering tokens for the first time with meme coins as their entry point.
“To dismiss meme coins altogether is to miss the forest for the trees.”
An entry point to the token universe
Meme coins make crypto fun and accessible. They’re also effective in onboarding new users. Just imagine how many people bought their first DOGE and went on to discover the broader spectrum of tokens. Then if they told their friends, who told their friends, and… you get what I’m saying. Accessible starting points like this will be key to helping crypto grow. We doubled down on this thesis in the token.com app, curating a Collection of Crypto’s Top Meme Coins. It features all of the usual suspects plus some other outliers that we think deserve the classification of “meme coin” with detailed explainers.
Of course, as with the whole token ecosystem, many meme coins will die out. But to dismiss the trend altogether would be to miss the forest for the trees. Meme coins can help new token adopters discover the mind-blowing possibilities of tokenization. They play a much bigger role in the ecosystem than most people give them credit for.
Mel Gelderman, CEO of token.com
Read more via CoinTelegraph here.
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