By Terry Ashton, updated December 18, 2024
A lot of people see meme coins for the first time and dismiss them as just a joke. There is often an element of humor involved in the branding but people should perhaps be keeping an eye on some of the serious merits of these coins as they continue to grow. The market cap for a meme coin can still be relatively high and they still provide potential benefits for users.
It is now around 15 years since cryptocurrencies were first launched and started to become a realistic option for people. We’re right in the midst of the huge impact of cryptocurrencies and the fact that they are being embraced and used in a lot of different scenarios. Some industries have been a lot quicker than others when it comes to making these changes. Casinos were some of the first to introduce Bitcoin and some online casino brands have evolved to the point where crypto is the main way that people deposit and withdraw.
Casino brands saw that this made a lot of sense for their customers and have embraced crypto as a result. It can give them more in the way of anonymity as well as providing a lot of other potential benefits.
A lot of players are drawn to the fact that crypto uses a decentralized ledger which means it records transactions across multiple computers in a way that ensures security and transparency. This innovation has changed traditional financial systems by eliminating the need for intermediaries like banks and often making for quick and cheaper transactions.
Cryptocurrencies like Bitcoin and Ethereum are the most well-known examples of this technology. Bitcoin introduced the idea of decentralized currency to the world. Ethereum expanded the concept with smart contracts and enabling applications beyond simple payments. Blockchain now underpins a lot of different industries and plenty of people are predicting that it will grow. Online casino brands are definitely some of the clearest examples of the changes being implemented.
Besides the well-known examples like Bitcoin, we are also seeing some meme coin currencies hit a comparable level of popularity. DOGE has been one of the driving forces in this but there are loads of other examples now.
Meme coins are a unique area of cryptocurrency that derive their value primarily from their cultural appeal rather than from groundbreaking technology or use cases. These coins are often based on popular internet culture which can make them lighthearted alternatives to more serious cryptocurrencies. Their quirky nature has helped them gain massive attention, especially among younger investors who enjoy their humor and community-driven focus. It doesn’t mean they do not have a use either.
The most famous meme coin is Dogecoin and this was actually based on a long history of over a decade. It started in 2013 as a joke based on the Shiba Inu dog meme which really stems from a cute-looking Shiba Inu with funny text alongside it. This was often written in Comic Sans as this is seen as a comedy font!
Dogecoin hit a market capitalization in the tens of billions thanks in part to social media campaigns and celebrity endorsements from figures like Elon Musk – undeniably, the billionaire is heavily involved in the crypto world and his endorsements can be really powerful for certain types of cryptocurrency.
Other meme coins followed that had a really similar design such as Shiba Inu and Floki Inu. There were even currencies named after viral internet trends. These coins often come with exaggerated claims that are meant to be funny.
There are clearly some variations in the different forms of cryptocurrencies and their features. Some of the technologies (and the Blockchain behind them) can be used for things like smart contracts but this is not the sort of use people are likely to see within the meme coin community.
Most meme coins function similarly to other cryptocurrencies. They’re often built on existing blockchain platforms like Ethereum or Binance Smart Chain and this makes them relatively easy to create. Developers typically mint a fixed or near-unlimited supply of tokens and distribute them to early adopters or through community events.
Meme coins rarely have a specific use case and they are really built around the communities around them. We have seen that there are a lot of new coins being launched all the time so there is a need for a strong community. They are not jokes. It is an important distinction to make and though they have a sense of humor people only need to look at the market caps to see that some meme coins are very popular.
Meme coins can occupy a specific niche within the industry rather than being in competition with technologies and currencies like Bitcoin. They have their own ecosystem within the industry and plenty of fans to keep the meme coin industry going.