Life After Dogecoin: Are Meme Coins Still Popular?
Cryptocurrencies have considerably evolved since the rise of Bitcoin. Crypto has experienced periods of exhilarating bull runs and even faster falls, but it always seems to land back on its feet. For a while now, the market has seen a burgeoning of what is now referred to as Meme Coins.
These coins have been copied and “memed” several times over, but are they still popular? These coins and others have been available for a while to exchange, purchase objects and even wager them at a bitcoin casino. However, it’s crucial to think about the future of meme coins.
The Ironic History of Dogecoin
The history of Dogecoin is tumultuous and particularly interesting. It started off as a joke in 2013. The term “Doge” is a joke version of the word “dog” and is often used on 4chan accompanied by the face of a Shiba Inu, a Japanese dog.
The creators believed that cryptocurrencies were taken too seriously, and in typical 4chan fashion, a simple joke turned into an internet sensation. However, the price of the coin never went as high as that of Bitcoin or Ethereum.
Still, it inspired internet culture, and the market got flooded by countless meme coins. The meme even spawned free online games like Doge Miner Unblocked, which uses the token’s aesthetic.
How Meme Coins Became So Popular
The joke effect has been an excellent booster for meme coins. Anyone in on the joke has been able to join and add to the community behind the coin. This helped some coins skyrocket, with social media playing a huge part in meme coins’ bull runs.
The popularity can be explained by the success of meme stocks like the GameStop story. The internet community managed to beat the system, and this created a lot of hype and expectations for anything that comes out of 4chan.
Naturally, meme coins were expected to be profitable afterwards, and they were because there were so many people ready to invest. For a period, meme coins were seen as a new El Dorado after BTC and ETH started to stabilise.
This was more like a mirage, however, vanishing as people realised it wasn’t such a solid proposition (something everyone should have seen coming, since they are jokes).
The Downfall of Meme Coins: Farewell or Temporary Hiccup?
By only looking at the market price of meme coins, can you easily be convinced that these coins are doomed. Leaders, such as DOGE or SHIB, have lost most of their value recently, and many meme coins turned out to be nothing more than infamous “pump n’ dumps”.
For those unfamiliar, it’s an unethical practice in trading where people will drive the price up artificially, knowing the asset will drop and sell everything when the price is high. It usually results in the death of the asset, and many people lose their investment due to a lack of liquidity.
It should also be noted that many meme coins have appeared and vanished in a snap. Dogecoin and the few other coins everyone can name are considered success stories.
In some cases, the longevity can be explained by the coin getting precious partnerships with companies, which gives them practical use and more credibility.
All Bark, Not Much Bite!
Most meme coins that generated hype on the market disappeared very quickly. Looking at the biggest coins, they’re struggling to take off at the same heights as Bitcoin or other altcoins. The noise that surrounded meme coins was just that: noise.
In other words, they was never that popular to begin with, and apart from Dogecoin and Shiba Inu, the rest will fade away like the memes they were inspired by.