Most of these tokens are bullshit, but there’s more to them:
Let me explain.
It started with Elon Musks Dodgecoin. Now, the number has exploded to over 140, and a market cap of $67B.
𝗧𝗵𝗲 𝘁𝗼𝗽 𝟭𝟬 𝗺𝗲𝗺𝗲𝗰𝗼𝗶𝗻𝘀 by market cap are:
1. Dodgecoin
2. Shiba Inu
3. Pepe
4. dogwifhat
5. FLOKI
6. Bonk
7. Brett
8. BOOK OF MEME
9. DOG•GO•TO•THE•MOON (Runes)
10. ConstitutionDAO
𝗪𝗵𝘆 𝗶𝘁’𝘀 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁: Memecoins have become a popular GTM strategy for crypto projects. The more they circulate, the more value they have. And they’re potentially a signal for a much bigger trend (more on that below).
𝗕𝘆 𝘁𝗵𝗲 𝗱𝗮𝘁𝗮📈:• Solana has become the mother of memecoins. The chain saw 455,000 tokens launches in May. The majority were memecoins.
𝗧𝗵𝗲 𝗯𝗶𝗴 𝗽𝗶𝗰𝘁𝘂𝗿𝗲:We’re experiencing the “tokenization of culture”. This means:• Instrumentalizing community with ownership and financial incentives into powerful brand advocates of a brands’ “culture”.
While NFTs were a first inning of “tokenized culture”, most of these NFTs weren’t “currencies”, i.e. much less liquid.
Maja Vujinovic, early crypto and payments pioneer, saw this coming many months ago and points out :”Memecoins are a larger signal. Organized peer-to-peer groups can now invest and share profits before even having a product or tech infrastructure, flipping the current business logic on its head.”
“This may just transform capital allocation and some platforms at large.”
“Brands should pay attention to this by looking beyond speculation and exploring the creativity of such communities.”
The opportunity for brands? Democratizing brand value. 🔥
Or will brands will want to remain in control?
