The crypto industry has no shortage of tokens. In fact, it has tens of thousands at any given time. It also has no shortage of controversial tokens. The industry itself is considered controversial in many circles and within it, certain types of tokens are polarizing.
Stablecoins, for example, are shunned by some crypto purists. Then there are meme coins. Meme coins are in an interesting position of being shunned by crypto purists and even those outside of the industry. Despite the success of tokens like BONK and Dogecoin, they remain controversial. But a close look at the trajectory of the industry shows that meme coins could be taken more seriously moving forward.
Use Cases
Meme coins might be seen as a joke by some but this barely matters when you consider their use cases. Take Dogecoin, which was seen as a fad thanks to its origin of a Shiba Inu meme. But now, it is widely accepted on crypto sports betting sites, has been used to fund a space mission, and is used to tip creators on social media sites.
(The Bazoom Group) Dogecoin is widely accepted on crypto sports betting sites, has been used to fund a space mission, and is used to tip creators on social media sites.
The same can be said of many other meme coins in the market. Sure, they can be scoffed at by critics but if they see consistent use, they will inevitably become more dominant in the industry. The success that these tokens have already seen will likely mean that more projects and platforms will use them.
Endurance and Market Performance
The simple fact is that meme coins have continued to endure in the market despite the criticism. Driven by their use cases and fan engagement, many have seen their token values shoot up following their launches. The success of tokens like PEPE and Dogecoin showed that meme coins can be profitable and naturally, the space blew up.
While not every token has and will see that level of success, the fact that consumers continue to buy into them means that they will continue to exist.
Meme Culture
Let’s be honest, meme tokens are a thing because meme culture is so powerful. Love it or hate it, there is a sizable number of people who will buy a token because of meme hype and this isn’t going anywhere anytime soon. This audience is still refining itself and the products it supports (after all, shitcoins are still an issue) but the fact that it exists and endures means that meme tokens will never go away.
Not only this but meme tokens will continue to succeed in the industry thanks to their community.
Growing Legitimacy
The biggest critique of meme coins tends to be that they are joke tokens that can’t be used for anything practical. But as time passes, these ‘joke’ tokens have proven these stereotypes false. Yes, they are based on internet culture but isn’t that the story of crypto as a whole? They have also shown that from online casinos to entire space missions, they can be used in various situations.
These, along with their associations with mainstream companies, help to grant more legitimacy to these tokens and mean that they are more likely to retain their presence in the industry.
Conclusion
Meme coins have come a long way from the days of being ignored by the wider crypto community to becoming a bonafide sub-niche of digital assets. Bolstered by their passionate communities and leveraging instantly recognisable pop culture references, they’ve become used by some of the biggest companies in the world.
As the crypto industry enters a bull run, meme tokens will not be left behind but will rise to new and impressive heights.