Our “What the block…” article series covers a variety of common topics associated with crypto and web3. This article will help you understand what meme coins are, their place in crypto culture and the surprising amount of utility some of them possess.
Table of Contents:
- The Notorious Meme Culture
- The Trend Is Your Friend
- More Than Just A Meme
- Decubate: The Power Of Utilities
- About Decubate
The Notorious Meme Culture
In 1996, the Dancing Baby — also known as Baby-Cha-Cha-Cha — was invented by Kinetix Character Studio. This innovation in CGI transformed the way we communicate with each other and sparked what is now known as memes. Fast forward a few decades and we now have meme coins, a cryptocurrency that is made to go viral. Oftentimes, meme coins pay homage to a previously created meme. Meme coins function like other cryptocurrencies and live on blockchain.
Meme coins usually have an unlimited supply and there are various kinds of coins that fall under the meme umbrella. For example, one of the most popular meme coins is Dogecoin, which was initially created to mock the more mainstream coins on the market. Dogecoin gained traction and popularity due to Elon Musk’s promotion on Twitter, since the value of memcoins is largely dependent on pop culture. This also means meme coins are extremely volatile and undergo constant price fluctuations. Stil, in the words of the prolific market analyst JC Parets, “Traders don’t care about the ‘why’, it’s all about the ‘what, ‘when’, ‘if’ and ‘then’.” So, yes, despite being novel in nature, meme coins do offer investors an opportunity to profit — if you play your cards right.
The Trend Is Your Friend
Or rather, the trend SHOULD be your friend. When it comes to flipping meme coins, it’s all the more important to stay ahead of the curve and to anticipate what could be the “next big thing.” Your best bet is to stay up to date on what’s trending and try to discover meme coins before they go viral. Meme coins are oftentimes meant to be bought low and sold high, unlike some other cryptocurrencies that have robust utilities and are best to hold on to.
More Than Just a Meme
Meme coins skyrocketed in 2021; however, due to their limited capabilities — besides being traded — they have since been brought back down to earth. What we are now seeing is a new wave of meme coins, ones that actually offer genuine utilities. For example, meme coins such as Elon Musk’s FLOKI, enable buyers to enter into a metaverse game, access a unique NFT marketplace, and even provide a crypto-centric education platform. These kinds of meme coins will likely last the longest on the market, since they offer additional benefits to buyers. However, the market is unforgiving and many meme coins crash and burn, even with their supposed utility
At Decubate, we believe in the power of utility. Within the scope of our crowdfunding service, we prioritize fundamentals and future thinking. That’s not to say that meme coins aren’t an established part of the crypto-space. On the contrary, we definitely believe meme coins are good and fun projects; however, we prefer not to get involved with them.
Decubate offers a plethora of industry-leading web3 services for investors and projects to kickstart your crypto journey. Unsure where to start? You’ll want to check out our Assured Vesting and Staking software, which enables investors to track and manage their token holdings all in one place. Check out our website for more information.
Decubate is a web3 software company and investor club. Our vesting, staking and governance products help leading crypto projects increase token holder engagement. Our investor club provides members with exclusive value creation opportunities from the projects we partner with.