The crypto market has been roaring now, with its market cap exceeding 1 trillion dollars after quite a while. When cryptocurrency prices surge, it is the ideal time for game-changing innovations to come true. Such a trend has been observed already during the past crypto bull runs when non-fungible tokens (NFTs) saw their worth rising manifold. But, this time around, meme coin development has gained traction alongside NFTs, with new blockchains entering the token creation market. Here, we will provide valuable insights into the world of meme coins and how you can utilize these tokens to advance your stance in the Web3 business space.
Table of Contents
– Meme Coins – The Underlying Ideology
– Why Is There High Traction Around Meme Coin Development?
– Factors a Meme Coin-based Venture Should Keep in Mind
– Why Opt for Blockchain App Factory to Launch Your Meme Coins?
Meme Coins – The Underlying Ideology
Although meme coins have been famous recently, with tokens like $PEPE and $MEME making huge strides within days in terms of market capitalization value and market value, similar tokens have existed for over a decade. In fact, the largest meme coin by market capitalization – Dogecoin ($DOGE), was the brainchild of two software engineers who launched it in 2013. The popular coin was initially created to troll the rise of cryptocurrencies that have evolved by leaps and bounds ever since.
Put simply, meme coins are cryptocurrencies based on a meme characters that mostly rides on the hype wave, although things are changing now. These coins can be minted on almost any blockchain network out there, with Bitcoin being the latest entrant with its experimental BRC-20 token standard. That being said, meme coins are a perfect example of how independent blockchain technology is, as such tokens might not have taken shape inside centralized environments.
Why Is There High Traction Around Meme Coin Development?
Meme coin development has hit the trending columns again, mainly due to the price surge of tokens native to the Bitcoin blockchain. However, that does not rule out the possibility of creating fictional character-based tokens on other blockchains, as the Web3 community is present quite expansively over other prominent blockhain networks.
Not only rising prices but also the appreciation of such crypto coins by various Web3 and real-world businesses has sown the seed for a new ecosystem to thrive. For instance, several NFT marketplaces and high-profile companies like Microsoft, AMC, Tesla, and AirBaltic accept payment in Dogecoin, and this is only the beginning.
The high traction around creating meme coins can also be attributed to the new-generation consumers wanting to associate everyday life with internet phenomena like memes. Such a mindset has greatly helped meme-based crypto tokens to rise in popularity as more people acquire them.
Factors a Meme Coin-based Venture Should Keep in Mind
If you are planning to build your venture based on meme coin development, you should remember to tick the below factors in order to remain in the limelight even after the hype decreases.
- As the team behind the token, you should be Highly Active and Transparent to make your community believe in your meme coins. You can ensure this by having clear communication channels, posting regular updates, and providing publicly-available details about team members.
- If you want to exist as a prominent meme coin-based venture, it is essential to be blessed with Solid Community Support. Gaining the trust of community members is possible by being active on social media, growing the community, interacting with existing members, and receiving constructive feedback from members about the venture.
- Offering a Unique Value Propositions can be immensely beneficial for a business based on meme coins as the competition level here is relatively high, which includes hype-riders. As a result, serving a use case and answering a pain point can be a breakthrough to make your venture stand out from the crowd.
- Your project’s Tokenomics and Token Distribution should be fair by all means, which can help instill belief in your community that loves decentralization. You can ensure this by analyzing the initial distribution model, token supply, periodical inflation, and token allocation for various activities.
- For your meme coin to stand the test of time, it is essential that you undertake Regular Audits and Security Measures that can help safeguard your project and community. Independent audits to verify the overall project’s code, transparent processes for finding discrepancies and resolving them, and bug bounty programs to encourage the community to be part of security operations can be crucial in the long run.
Why Opt for Blockchain App Factory to Launch Your Meme Coins?
Meme coins have occupied the Web3 world as a storm, and we have caught how much attention the new trend needs. Our professional meme coin development team can help you launch quality tokens with maximum security and flexibility that can supplement your novel business needs. Our expertise in working with various protocols like BRC-20, ERC-20, and BEP-20 can aid you in building upon numerous prominent blockchain networks seamlessly.