Seems like rather old news now. PEPE token is up 1600% since mid-April. It now ranks among the top 100 cryptocurrency projects, with a market capitalisation in excess of $400M. It is not alone. Currently, the crypto market is going through what many refer to as “Meme Season”. A period when the so-called meme tokens take centerstage. WOJAK, another meme token, has done in excess of 1000% in the last 10 days.
The Rise of Meme Tokens
Here’s a table from Coingecko showcasing the top-5 meme tokens based on 7-day performance,
So, these projects must be having elaborate plans, right? Detailed roadmaps, milestones, a thorough website, a recognised team, advisors and more? The perfect blend of what makes a successful project, not just in crypto, but also in traditional businesses? The answer to all of that is NO.
Check it out for yourself. Here’s a link to the website for Pepe: https://www.pepe.vip/. Here’s the site for Wojak: https://www.wojak.finance/
(By the way, there’s a new token standard making the rounds. It’s called BRC-20, the Bitcoin equivalent of ERC-20. The maker of this standard issued a tweet on the 9th of March, 2023, talking about the standard and a test token on the network ORDI. His opinion of ORDI? “These will be worthless. Please do not waste money mass minting”. What did ORDI do? The token moved from 10 cents to a high of over $4 on May 1st. Clearly, the crypto community has a mind of its own)
Meme tokens have clearly emerged as a dominant force in the cryptocurrency space, led by projects including DOGE, SHIBA, FLOKI and the like.
Here are five reasons why meme tokens are disrupting the crypto market and challenging traditional business models:
- Viral Marketing and Social Media Dominance: Meme tokens rely heavily on viral marketing through social media platforms, which has proven to be extremely effective in attracting investors and creating a buzz. This approach has disrupted traditional marketing strategies, forcing businesses to shift their focus towards digital channels and online communities.
Check out the latest tweet from PEPE,
In essence, it’s fun, defies logic, and does not follow a certain predetermined formula. - Community-Driven Value: The value of meme tokens is primarily driven by community sentiment and online hype, rather than underlying utility or purpose. This challenges the conventional wisdom that businesses need tangible products or services to generate value. Meme tokens demonstrate that a strong community and brand loyalty can be sufficient to create market value.
- Accessible Investment Opportunities: Meme tokens often have low entry barriers, allowing a wider audience to participate in the crypto market. This has led to a democratization of the investment landscape, where anyone with an internet connection can invest in cryptocurrencies. This disrupts the traditional investment models, where access to certain assets is often restricted to accredited investors or institutions.
- Redefining Risk and Reward: The meteoric rise of some meme tokens has shown that high returns can be achieved in a relatively short period of time (not a nice thing, many may argue. The fear of missing out, or FOMO, is a powerful driver behind the popularity of meme tokens. ). This has changed the perception of risk and reward in the crypto market, as investors are increasingly drawn to these tokens in search of quick gains. This shift in mindset can disrupt traditional business models, where success is often measured by long-term growth and stability.
- Innovation and Adaptation: The success of meme tokens has sparked a wave of innovation in the crypto market, with new projects continually emerging and pushing the boundaries of what is possible. This rapid pace of change can be challenging for traditional businesses, which may struggle to keep up with the evolving landscape and remain competitive.
In conclusion, meme tokens have undoubtedly disrupted the crypto market and traditional business models. Their influence on marketing strategies, community-driven value, accessibility, risk perception, and innovation is bound to force businesses to adapt and evolve. Not everything they do may seem sensible or correct, but there’s little arguing for the fact that the widespread popularity of meme tokens has contributed to greater public awareness and acceptance of cryptocurrencies. One factor projects can take away from successful meme tokens is their ability to nurture and grow a community.
The dynamic landscape of meme tokens and web3 technologies has emphasized the importance of building and nurturing strong communities for businesses. At Tertie, we specialize in providing a hands-on approach to help you craft a customized strategy tailored to your project’s unique needs and values. From carefully selecting the messaging to identifying the most effective channels for your target audience, our team at Tertie is dedicated to creating a vibrant community centered around your project’s vision. By leveraging our expertise in web3 marketing, we ensure that your brand remains relevant and competitive in an ever-evolving digital ecosystem. Collaborate with Tertie today and unlock the true potential of your project through the power of community engagement, tailored strategies, and a deep understanding of the rapidly growing web3 space. Together, we will propel your business forward and achieve lasting success in the age of meme tokens and beyond.
