Lead into coins for a meme currency

Memes occupy a unique position in the cryptocurrency field, typically driven by community support, social media influence, and popular culture references rather than traditional financial metrics or utility. In 2024, although the cryptocurrency market continues to develop, memes remain a dynamic and unpredictable field that attracts enthusiasts and speculative investors.

What is a Meme Coin？

Meme currency is a kind of cryptocurrency. Its value and attraction usually come from viral communication of Internet culture, humor, and social media, rather than basic technological progress or practicality. These digital assets often have whimsical or humorous themes, often inspired by popular memes, online jokes, or references to popular culture.

reference resources: https://en.wikipedia.org/wiki/Meme_coin

The Origin of Meme Coin

The origin of the Meme coin can be traced back to Dogecoin, which was launched in December 2013. Dogecoin was created by Billy Markus and Jackson Palmer as a joke, imitating the crazy speculation in the cryptocurrency market. It features the Shiba Inu from the “Doge” meme as its mascot and quickly became a symbol of playfulness and community-oriented nature for the project.

Unlike many cryptocurrencies designed to solve complex financial or technological problems, memes are typically created for entertainment, community building, or to satirize the speculative nature of the cryptocurrency industry at times. Despite its humorous intent, some memes have achieved considerable market value, attracted significant investment, and fostered active communities.

Cultural influence and adoption

Memento usually gets attention through viral Internet activities, celebrity endorsements, or social media trends. Their cultural influence is enormous because they can mobilize large online communities and influence broader trends in the cryptocurrency market. Although some people believe that memes are speculative or not serious, they have played a role in introducing cryptocurrencies and blockchain technology to a wider audience.

The rise of memetics highlights the unique intersection of Internet culture and finance and shows how emotions and community participation have the same influence as technological innovation in the cryptocurrency field. With the continuous development of memes, they challenge traditional concepts of value and investment, bringing new dimensions to the cryptocurrency field.

reference resources: https://www.britannica.com/money/meme-coin-trading

What Meme coins are worth considering in 2024？

Although they were initially humorous interpretations of cryptocurrency phenomena, some memes have matured into projects with communities, use cases, and market dynamics. Below we will focus on several types of memes that have attracted attention for their potential growth, community engagement, and innovative development in the coming year.

DOGE: Created as a joke, DOGE has gained a large number of followers and is supported by well-known figures, greatly affecting its value. Its community engagement and charitable activities have maintained its important position in the field of meme coins.

Shiba Inu (SHIB): Known as the “Dogecoin Killer,” Shiba Inu has established a passionate community. Its ecosystem has expanded to include DeFi applications, adding layers to its initial meme coin state.

SafeMoon: Although relatively new, SafeMoon has attracted attention for its active token economy and broader ecosystem plan, aimed at creating a DeFi platform that rewards long-term holders.

Pepemon Pepeballs: Pepemon Pepeballs integrates meme culture with blockchain games, providing a unique perspective for the meme coin market that is attractive to collectors and gamers.

Monacoin: As a native meme coin in Japan, Monacoin has a loyal following and continues to be used in various online and offline transactions within the Japanese community.

Dogelon Mars (ELON): Inspired by Elon Musk and Dogecoin, Dogelon Mars combines popular meme narratives and cultivates a strong community influence online.

When considering memes, it is necessary to go beyond humor and evaluate factors such as community support, development activities, and market trends. Although some memes may bring rapid returns due to viral popularity, other memes may demonstrate persistence through continuous community engagement and incremental development

Shiba Inu Coin

Shiba Inu is a Japanese dog that can be translated as “Shiba Inu”, and the inspiration for Shiba Inu Coin (SHIB) comes from it. Shiba Inu Coin is a type of meme based on the Ethereum blockchain, nicknamed Dogecoin Killer. Generally, Meme coins refer to cryptocurrencies based on Internet culture and aimed at social entertainment. They have a large circulation, low price, and lack of commercial applications.

In August 2020, an anonymous person claiming to be “Ryoshi” created Shiba Inu Coin by imitating Dogecoin, with a total of 100 trillion coins. Among them, 50% is locked onto the DEX platform Uniswap to create liquidity, while the remaining 50% is gifted to Ethereum founder Vitalik Buterin. Surprisingly, God V destroyed 90% of them and donated the remaining 10% to India to fight COVID-19. Ultimately, the supply of SHIB is 600 trillion pieces.

What are the ecological applications of Shiba Inu Coin？

According to Meme's development logic, entertainment is emphasized over applications, and SHIB is an exception. At present, SHIB is no longer a project token, but an ecosystem that includes many applications, including public chains, NFTs, metaverse, DeFi, and more.

Source: SHIB Official

On July 6, 2021, founder Ryoshi collaborated with the community to create the decentralized exchange ShibaSwap, which allows users to trade various tokens other than SHIB without permission and add liquidity. Currently, ShibaSwap's TVL has reached $22 million. At the same time, the LEASH token was also issued, mainly for rewarding users, with a total of 107647 tokens.

On July 15, 2021, the SHIB team issued the token BONE to maintain the normal operation of the Shibarium network.

In October 2021, the SHIB team released 10000 NFTs called “Shiboshi” on Ethereum. According to Opensea, Shiboshi's current floor price is 0.4 ETH.

In April 2022, the Metaverse land named “YARD” was launched with a circulation of 20900 blocks and a current floor price of 0.09 ETH.

On August 16, 2023, the SHIB team officially launched the Shibarium mainnet, an Ethereum Layer-2 network aimed at reducing the entire Shiba Inu ecosystem's dependence on the Ethereum network and achieving more efficient and cost-effective transactions.

What is the function of Shiba Inu Coin？

Generally speaking, investors holding a certain token usually have four types of rights: speculation to earn price differentials, payment of network fees, DeFi applications (collateralized lending, staking mining, etc.), and participation in governance (proposal and voting). SHIB investors can also enjoy these four types of rights.

In addition, SHIB investors can indirectly enjoy dividends. It has set up a destruction mechanism to raise prices by reducing the circulation of SHIBs, thereby locking profits in the coin price. The larger the amount of SHIB destroyed, the more favorable it is for price increases. Currently, 41% of SHIBs have been destroyed.

reference resources: https://www.investopedia.com/shiba-inu-shib-5207903

Shiba Inu Coin vs Dogecoin

Shiba Inu Coin and Dogecoin are both community-driven Meme coins with strong public and social attributes, but they differ in many ways, as follows:

Source: Compiled by Mitrade

YouTube Link: https://www.youtube.com/watch？v=95VhV2sdP2M

Latest news from SHIB

New exchange launched

Recently, SHIB has been listed for trading on multiple major cryptocurrency exchanges, including some globally renowned platforms. This measure not only expands SHIB's market coverage but also improves its liquidity and market accessibility. With the support of more exchanges, SHIB's trading volume and market awareness are expected to further increase.

Developer Update

The SHIB development team has recently released a detailed developer update, outlining their development plans for the coming months. According to the updated content, SHIB will continue to invest heavily in technological innovation, ecosystem expansion, and community building. The developer team plans to launch a series of new features and projects, including a decentralized finance (DeFi) platform and more NFT applications. The launch of these projects will further enhance SHIB's ecosystem and improve its market competitiveness.

Solana Token

What is Solana blockchain？

Solana was proposed by the Solana Foundation in 2017 and launched in 2020, positioning itself as the answer to Ethereum's scalability issues. Despite its origins, it is now not just a substitute for Ethereum. On the contrary, it has become a highly respected network with an ecosystem of popular platforms.

Specifically, Solana aims to support decentralized and scalable applications through fast and low-cost transactions. Therefore, the network supports countless decentralized applications (DApps), covering decentralized finance (DeFi), nonfungible token (NFT) markets, and gaming ecosystems.

What is Solana's native coin (SOL)

The Solana network is driven by its native coin SOL. SOL is a token used for any action in the ecosystem, from paying service fees to paying transaction fees to staking Solana in exchange for rewards. SOL can also be divided into smaller names, called Lamport, named after computer scientist Leslie Lamport. Each Lamport is equivalent to 0.00000000 1 SOL. Nowadays, it is the fifth largest cryptocurrency with a market value of $59 billion (as of the time of writing this article).

reference resources: https://solana.com/docs/core/tokens

Solana Equity Pledge

Due to Solana's use of a variant of the proof of stake mechanism, you can also stake your SOL to earn rewards. You also have several options: either become a validator yourself or entrust your SOL to an existing validator who will handle the transaction for you. As a reward for equity pledges and verification transactions, the network will reward validators. Of course, the internet can also punish validators and remove any rewards they receive for misconduct. This mechanism ensures that participants keep in mind the best intentions of the network: validators are incentivized with generous rewards.

How does Solana operate？

Solana's ultra-fast and cost-effective transactions are attributed to its unique consensus-solving approach. To explain briefly, Solana used a combination of her own invented delegated proof of stake (an existing consensus mechanism) and proof of history (POH).

Let's take a look at how these mechanisms help Solana run:

Entrusted Equity Certificate

Delegated Proof of Stakes (DPOS) is a variant of the proof of stake mechanism. Like traditional proof of stake, it relies on validators locking a certain amount of Solana as collateral, also known as equity pledges. This is in stark contrast to proof-of-work networks like Bitcoin, which rely on miners solving complex computational problems. The use of the equity pledge mechanism enables Solana to process transactions in a more energy-efficient and environmentally friendly manner than the proof of work mechanism.

The difference between delegated proof of equity and traditional proof of equity is that it also introduces a voting mechanism. This makes the process of verifying transactions more democratic, thereby preventing validators from having too much impact on the system.

Proof of History (PoH)

Proof of History (PoH) is a unique consensus mechanism initially proposed in Solana's white paper. In short, it introduces timestamps for transactions. To explain its working principle, let's imagine a sprint race. Like any competition, every participant in the race will receive the final timestamp at the moment they cross the finish line. In this example, PoH is like a stopwatch: it records the timestamps of transactions, allowing them to be processed in order.

YouTube Link: https://www.youtube.com/watch？v=GU4igNeYr -Q

In both PoW and traditional PoS networks, validators can choose the transaction that offers the highest reward. On the Solana network, this is impossible, which makes the system more fair and fast.

Due to its fair selection of validator mechanisms and method of ensuring transactions are executed in sequence, Solana can handle more transactions than its competitors. Although its white paper claims to be able to process over 50000 transactions per second (TPS), in reality, its processing capacity is much lower. Nevertheless, Solana's average processing speed is 300-1000 transactions per second (TPS), surpassing most EVM chains including Polygon.

New Solana Meme Coin

After raising over $4 million in pre-sales, the new Meme coin Sealana ($SEAL) is preparing to push its chubby seal mascot to the top of the Solana Meme coin chart.

With its patriotic theme in the United States, it not only caught the attention of the Solana community that loves Meme coins but also attracted the attention of right-wing investors who support former US President Trump.

Its native token $SEAL is still being sold for $0.022 each, but we need to hurry up - Sealana has announced that pre-sales will end on June 25th.

Afterward, once the token lands on the main exchange, there is no upper limit to the price!

Because in addition to Solana, $SEAL is also available on the Binance Smart Chain, making it the focus of attention for the listing team of the world's largest exchange Binance, a price surge is entirely possible.

The MEME Leadership Controversy

MEME has increasingly become one of the important sectors in the cryptocurrency market. According to recent data from CoinMarketCap cited by Forbes, in the first half of 2024, cryptocurrencies such as WIF, PEPE, and FLOKI outperformed mainstream tokens such as Bitcoin and Ethereum in terms of market performance. And CoinGecko's Q2 2024 report also pointed out that MEME was the most popular narrative of the quarter, with related tokens accounting for 14.3% of the market share.

Among them, Ethereum and Solana are undoubtedly the main battlefields of the MEME coin. According to PANews statistics, as of July 16th, MEME's total market value has increased by over $54.1 billion, with a daily trading volume of nearly $7.87 billion. The top 10 MEME projects are mainly from Ethereum and Solana, with a total market value of over 44.55 billion US dollars, accounting for 82.2% of the overall market value.

Multiple data such as market share, development time, user base, and types indicate that the top MEMEs on Ethereum have absolute market advantages and a strong community foundation, while Solana has demonstrated strong wealth effects this year.

Half of the top ten MEME projects in terms of market capitalization are from Ethereum, with a total market capitalization of $37.55 billion and a market share of over 69.4%. 40% of MEME projects come from Solana, with a total market value of approximately 5.53 billion US dollars, sharing 10.2% of the market share. This also reflects to some extent that the current market has a higher recognition of the value of Ethereum MEME than Solana.

reference resources:

https://coinpaper.com/4253/maga-meme-coin-controversy-sparks-debate-over-market-manipulation

In terms of launch time, MEME coins with high listing value on Ethereum were all launched earlier, among which DOGE was launched in December 2013 and had the highest market value. The release time of MEME coins on Solana is generally relatively short, with the earliest project coming from BONK launched in December 2022. Relatively speaking, Ethereum MEME has been tested by the market for a long time, which is also conducive to establishing consensus on the project.

The number of coin-holding addresses also demonstrates that Ethereum MEME has a deeper user base and higher community recognition. According to PANews statistics, as of July 16th, the total number of addresses in the Top 10 MEMEs exceeded 10.494 million, with DOGE, SHIB, and BRETT having the highest number of holders. Among them, the number of Ethereum MEME addresses is about 8.793 million, accounting for 83.8%, while Solana has only 1.045 million, accounting for 9.9%. Of course, this is closely related to the longer development history of Ethereum MEME, whose project has gone through a significant upward phase in the early stages.

From the investment return rate of the top 10 MEME projects, the average increase of these MEME coins this year is as high as 1890.8%, mainly due to the super high increase of POPCAT and MOG. Among them, Ethereum MEME has increased by 13.2 times, and Solana has increased by nearly 30.4 times. Currently, Solana has a higher wealth effect and is more likely to attract users and funds, but this is also affected by factors such as the late launch of its MEME project and the small market size. However, there is no significant difference in the resilience of top MEMEs between Ethereum and Solana, with an average drawdown of 46.1% on Ethereum and over 47.6% on Solana.

FAQs

What is meme currency？

Memetic currency is a cryptocurrency influenced by Internet memes and popular culture. It usually has a humorous or satirical nature and gains attention and support through social media and online communities.

Why are meme currencies popular？

The popularity of meme currency is mainly due to its entertainment value and high community engagement. They are usually supported by powerful online communities, attracting more people to participate through interesting content and viral spread.

How to create a meme currency？

Creating a meme currency typically requires the following steps:

Choose a unique and interesting theme or meme as the core of the currency.

The development and issuance of cryptocurrencies typically utilize blockchain technology.

Create and maintain an active community to promote currency through social media and other platforms.

Develop a reasonable monetary economic model to ensure its practical use and value.

What are the risks associated with meme currency？

The main risks of meme currency include:

High volatility: Prices may fluctuate dramatically, leading to losses for investors.

Lack of practical value support: Many meme currencies do not have clear application scenarios or commercial support.

Regulatory risk: Governments of different countries may adopt different regulatory measures on meme currencies, which may affect their circulation and use.

How to evaluate the investment value of a meme currency？

Evaluating the investment value of a meme currency can be approached from the following aspects:

Community size and activity: An active community is often the key to the success of meme currency.

The ability and transparency of the development team: understanding the background of the development team and their commitment to the project.

Market demand and liquidity: Evaluate the demand for the currency in the market and its liquidity on trading platforms.

Media and social media attention: Pay attention to the discussions and exposure of the currency on media and social platforms.