Crypto For Dummies

Ever since Elon Musk popularized Dogecoin, the crypto community knew how lucrative meme coins can be. So no wonder hundreds of thousands of memecoin tokens entered the crypto market every week these days.

From an investor perspective, the burden is to find the right token that could potentially take them to the moon 🚀 and also establish itself among the top ones such as Dogecoin, Shiba Inu, or Pepe.

But how do you find such an alpha memecoin? The memecoin category is full of shitcoins that are likely to make you lose your hard-earned money. It’s like looking at a needle in a haystack. Here that haystack has plenty of scammers lurking and waiting for their next victim. More than $10 billion in losses from online scams were reported to the FBI in 2022, the highest annual loss in the last five years, according to a new report from the bureau, reported CNN.

The reason it is so easy to get scammed in crypto is that most projects are led by an anonymous team. When mixing that with hype and FOMO, investors fall easily into the honeypot because they are desperate to find the next Shiba Inu.

As you can see, it’s certainly a risky business to find the next gem. But with experience and personal observations, you can see a pattern most blue chip meme coins shared.

As you can see, it’s certainly a risky business to find the next gem. But with experience and personal observations, you can see a pattern most blue chip memecoins shared.

It’s all about a good storytelling

A successful company is one with a good mission statement. A mission statement is a concise and strategic declaration that outlines the core purpose, values, and goals of an organization, business, or individual. It serves as a guiding principle that communicates the fundamental reason for the existence of the entity and provides a sense of direction for its activities and decisions.

In the world of meme coins, the mission statement can be replaced by its narrative. If done well and done correctly, the power of a great story can have a massive effect on the audience and define you as an influencer. It can inspire, enliven, and create instant rapport. It can move an audience to take action and it can change lives.

Since most meme coins are created with no utility for their token in mind, good storytelling is critical for his long-term success. With a good story, investors relate and identify themself in a memecoin movement. And one of the similarities between the top meme coins is that they all share a good narrative.

Dogecoin known for being the first memecoin was originally created as a joke in late 2013 by Billy Markus and Jackson Palmer. Both Billy and Jackson thought that cryptocurrency was being taken far too seriously and wasn’t much fun. As simple as that, the story behind Dogecoin led to a near-instant success, and gained tremendous popularity on sites such as Reddit, where it was —and still is — used as a tipping currency. “Doge was really started to poke fun at Bitcoin,” said Pat White, CEO of Bitwave. Dogecoin’s success was based on a good sense of humor, which was needed in the crypto space in the early days.

Not all meme coins used humor to get followers though. In 2020, an anonymous person or group called Ryoshi created a token named SHIB which used a Shiba Inu dog as the logo. People identified quickly with the token because the clear goal was to dethrone Dogecoin, the supreme memecoin ruler at the time. SHIB creator accused Dogecoin and other cryptos in the space of not being decentralized and community-driven. The rest is a story. The revolution had paid off and the SHIB token has gained so many adopters that it currently ranks among the top 100 crypto on CoinMarketCap.

I guess you get the point now. Original stories always sell when it comes to meme coins. Usually, these stories speak out against or solve a problem everyone acknowledges. We can see it once again with the arrival of Pepe. Although, there were numerous memecoins that used the Pepe character, not all of them had succeeded as the recent $PEPE token. The only difference Pepe had, was to tell a story that relates to the mass. Pepe came at a time when dog-based meme coins were ruling the game. The Pepe team certainly knew this was becoming extremely boring, so they seized on the opportunity to change the narrative with a cute frog character! As of the time of writing, Pepe is a half billion market cap project and the Pepe character is the new mascot for meme coins.

Summary

If you are looking for the next meme coin that could reach a multimillion market cap and most importantly gain mass adoption, your bet will be searching for those with original stories. A lot of meme coins will mimic the story of successful ones, but only a few will come into the game with a unique narrative. Those few are most likely to become supreme rulers.