Over the last few years, the crypto economy has consistently expanded in many parts of the world. This expansion has resulted in the use of cryptocurrencies for several purposes. This growth also led to the uptake and popularity of meme coins.
Meme coins are cryptocurrencies that gained popularity due to their association with memes. The term meme refers to texts, images, or videos that are often hilarious. Therefore, social action that results in the media forms being sent from one person to another on social media platforms emerges as the basis of these meme-themed coins’ popularity. This popularity aspect makes meme coins lack value and, most times become more unstable when compared to cryptocurrencies such as Bitcoin and Ethereum.
However, while they may lack value as centralized cryptocurrencies, meme coins possess a different characteristic with regard to their use. The meme coins have created and filled a niche as a hub for multiple projects.
Following the success of Dogecoin and its entry into the mainstream market, several other dog-inspired projects have come up.
Such projects include Shiba Inu (SHIB), Dogelon Mars (ELON), MonaCoin
(MONA) or Volt Inu
($VOLT), a multipurpose meme coin that runs on Ethereum and the Binance Smart Chain.
This coin has become the subject of much debate, with its innovative approach acting as another essential game-changer in the crypto world. The meme uses hyper-deflationary mechanisms, which distinguishes it from other meme coins.Innovative Influences of Meme Coins in the Market
Meme coins have proven their worth as profitable investment opportunities. Cryptocurrencies have registered steady growth and expansion in the digital currency economy despite many changes in the global economy.
As new meme coins come up, they are showcasing the additional diversity feature with its intended application as an investment in multiple classes of assets. Hence, they keep gaining popularity, and plans are still underway to make the coins available to investors who want to partake on nearly all platforms.
This approach has changed the market by allowing willing investors to develop a diverse portfolio of digital assets such as NFTs, nodes, altcoins, and staking/farming stablecoins.Investment in NFTs
Meme coins can now be used to invest in NFTs. Holders meme coins such as Volt Inu for example will be able to get an indirect exposure to NFT projects
by holding the tokens and benefit of their treasury investments into this asset class.
Investment in Altcoins
Altcoins differ from Bitcoin despite having some similarities to the world’s most popular cryptocurrency. In this case, meme coin holders will be able to access and use the altcoins that aim to replace bitcoin as the next inexpensive method of digital transactions. Staking & Farming
In the crypto world, staking provides holders with the opportunity to earn money from their assets through a Proof-of-Stake process that helps in transaction verification. This approach is energy-efficient, and thus, it's profitable for meme coin holders. How Meme Coins Bring in New People
Meme coins have gained traction due to their meme-themed approach. However, the meme coins also employ other methods to bring more users on board. These methods include website development, influencer marketing, social media campaigns, major event announcements, and developing a crypto community.Website Development
This is a critical aspect of any digital investment project in the digital world. By developing a website, interested investors are provided with important information such as that contained in white papers.
Meme coin projects have developed great informative websites that provide all the necessary information for interested individuals.
This method involves hiring influencers with a large following to promote the project in question. These individuals will, in most cases, bring the project to the attention of millions of followers and gain the project investors.Social Media Campaigns
Through ads or posts on the many different social media platforms, awareness about the project can be spread. In turn, this strategy earns projects more investors since it will be brought to more people’s attention. Major Events Announcement
For meme coin projects, announcing major events is a method that creates a buzz around these projects and causes them to be the subject of much attention. Announcements made through news and social media platforms shed light on the projects and make them visible to many potential investors who may then come aboard the project. Developing a Crypto Community
Developing a crypto community involves creating pools with participants before the project's launch. This action facilitates the development of trust and creates an environment where users can participate in various decision-making initiatives that promote a project's future.
By including more community members, many new people can be brought on board the project.Final Word
Meme coin projects such as Volt Inu have transformed the market through their diverse approach. The meme coin
enables holders to invest in multiple asset classes such as nodes, NFTs, altcoins, and staking/farming stablecoins.
These projects also apply a variety of methods such as developing crypto communities, influencer marketing, and social media marketing to bring people on board their projects.
Thus, the meme coins have developed into a relatively stable asset on their meme-themed popularity with reduced risks in a manner that greatly benefits investors.The pages slugged ‘Brand Connect’ are equivalent to advertisements and are not written and produced by Forbes India journalists.