HodlX Guest Post Submission
Evolution from a Jest to Radical Beliefs: Memecoin Transformation's Unforeseen Alteration
Meme coins have grown beyond the initial humor and have influenced politics, economics, and popular culture. In this article, we delve into their evolution, impact, and the remarkable transformations they have undergone.
From Joke to Phenomenon
The rise of meme coins started with DOGE, which was created in 2013 by Billy Marcus and Jackson Palmer as a humorous response to the seriousness in the crypto market. Named after a popular internet meme featuring a Shiba Inu dog, DOGE quickly gained popularity on Reddit, surpassing Bitcoin in daily transactions within weeks[1]. Inspired by DOGE's success, other meme coins followed, such as YeCoin and MaxCoin, all based on popular references[1].
Ethereum and the ICO boom revitalized the market, but meme coins continued to lurk in the shadows of more serious projects[1].
The Rise of UnderDOGE
Although DOGE has become known as a hype coin today, its community has always been about more than just profits. DOGE was positioned as an underdog or "underDOGE," aiming to contrast the competition-driven market with kindness and unity[2]. UnderDOGE supporters regularly participated in charitable initiatives, such as financing Jamaica's Olympic team, helping train service dogs for children with disabilities, and donating to Kenya's water supply[2].
In 2021, DOGE garnered mainstream attention, largely due to Elon Musk's promotion[2]. Mark Cuban, owner of the NBA's Dallas Mavericks, even accepted Dogecoin as a form of payment for tickets and merchandise[2]. At its peak, DOGE boasted a market cap of over $80 billion—more than some U.S. banks[2].
Transformation and Competition
Shiba is another meme coin that has grown beyond its origins, evolving into a fully-fledged project with its own blockchain solution, decentralized exchange (DEX), token system, NFT, DAO, metaverse, and burn mechanism[2]. Launched as an Ethereum-based competitor to DOGE, Shiba has the potential to challenge DOGE's dominance[1][2].
Another prominent meme coin is Floki Inu, named after Elon Musk's pet Shiba Inu[2]. Floki Inu has also scaled up into an ecosystem, featuring a game, NFTs, and a metaverse[2]. Musk's influence has driven interest in this coin as well.
However, not all meme coins are striving for growth. Some coins embrace their status as trash coins, seeking financial gains through quick pump-and-dump schemes and creative marketing tactics[3]. These coins often leverage gamified interactions and commission influencers, allowing them to attract tens of thousands of new users rapidly[3].
Political Influence and Hate Coins
Meme coins' success is partly due to their ability to tap into emotions, humour, and irony. Memes, including political and discriminatory memes, have already influenced politics—think Brexit and the Cambridge Analytica scandal[3]. Meme coins provide a platform for financially incentivizing supporters, linking political outcomes with financial success[3].
Hate coins, such as Swasticoin and Let's Go Brandon, promote controversial ideologies by capitalizing on social media visibility and celebrity endorsements[3]. Despite backlash from human rights organizations, these coins have found support in certain communities and demonstrate the potential misuse of meme coins[3].
The Future of Meme Coins
As boundaries continue to stretch, the future of meme coins remains uncertain. Could we see more satirical meme coins about Trump's tariffs or marketing coins that follow trending topics? Or will meme coins become a tool for marketing and social impact campaigns[3]?
Meme coins have come a long way since their humble beginnings as a joke. As they evolve, they shape social and financial landscapes, demonstrating the importance of tapping into popular culture, community engagement, and emotional appeal in shaping the success of digital assets.
[1] CoinGecko. (n.d.). DOGE (Dogecoin) arquivado 9 de abril de 2021. https://web.archive.org/web/20210409071458/https://www.coingecko.com/en/ coins/dogecoin
[2] Kalynychenko, Y. (2021, September 27). Tudo o que você precisa saber para entender Dogecoin. FreeBitco.in. https://www.freebitco.in/blog/d ogecoin/
[3] Kalynychenko, Y. (2022, March 29). Memecoins transformados em armas politicas, pesos pesados e scams bilionários. FreeBitco.in. https://www.freebitco.in/blog/ memecoins/
[4] Yusupov, S. (2021, May 11). How BEER Token Decentralized Exchanges Work and What They Mean for the Future of Crypto. CoinScoped. https://coinspectator.co/coin-scoped/2021/05/11/how-beer-token-decentralized-exchanges-work-and-what-they-mean-for-the-future-of-crypto
[5] Miller, L. B. (2021, May 20). How Crypto ISA white-labeling is helping digital assets flourish. CoinScoped. https://coinspectator.co/ coin-scoped/2021/05/20/how-crypto-isa-white-labeling-is-helping-digital-assets-flourish
- Yaroslav, especially intrigued by the rise of meme coins, delved into their transformations and impact, investigating their evolution from a joke to a financial and cultural phenomenon in the cryptocurrency market.
- Among the altcoins in the finance sector, DOGE, Ethereum, Shiba, and Floki Inu are notable examples that have outgrown their original purposes, with some offering blockchain solutions, decentralized exchanges, NFTs, and metaverses.
- Some meme coins, like Swasticoin and Let's Go Brandon, have capitalized on controversial ideologies, demonstrating the potential for misuse of these digital assets in spreading hate and promoting discriminatory views.
- Reposted articles and educational resources, such as those from HodlX, play a vital role in informing the public about the transformation and competition in the world of meme coins, shedding light on their historical impact and future prospects.
