"Why Do You Meme? Decoding Meme Tokens’ Value, Holders, and Benefits" BitMart Off-the-Chain AMA Recap
Hosts:
BitMart @BitMartExchange
Meta Era @MetaEra_Media
Speakers:
BABYDOGE — Core Team Member at BABYDOGE
BONK — Contributor at BONK
RTRcrypto — Global Operations Manager at FEG
GUAC INTERN — Intern at GUAC
Crypto Bitlord — Co-Founder of MONG
Justin Custardo — Business Development Strategies at BAM
Nyanni — $KING
BABYDOGE (Core Team Member at BABYDOGE)
I’m Watts, from the Baby Doge team. Baby Doge is a community-based cryptocurrency that aims to save dogs. Since our establishment in June 2021, we’ve donated over $1.39 million to rescue charities and animal welfare organizations. With 1.7 million holders and 2.5 million social media followers, we boast one of the largest crypto communities.
Crypto Bitlord (Co-Founder of MONG)
We’ve been trending on Twitter for over two weeks, gaining millions of mentions. The MONG army is now starting to trend as well. It all began when Congressman Brad Sherman mentioned the possibility of a Mongoose coin surpassing Dogecoin, Ethereum, and even Bitcoin or the US dollar in a speech last year.
We’re building a mega global brand, taking a unique approach to reach consumers directly and bring them into our ecosystem. Join the MONG Telegram and follow us on Twitter to stay updated. We have a huge and active community.
RTR Crypto (FEG Global Operations Manager)
I’m RTR Crypto, the global operations manager for FEG Token. Our project was launched nearly two and a half years ago in response to the dissatisfaction with rug pulls in the crypto space. We focus on developing noncustodial decentralized trading platforms, enabling safe and secure peer-to-peer trading and token creation.
During this AMA, we’ll discuss our ecosystem centered around FEG Token. It includes passive earning rewards through our trading platforms and our fully audited token launch pad called Smart DeFi, which will be available to the public soon.
Nyanni ($KING)
Our project launched the day before the King’s coronation, and our main motivation was to create a community token that brings value to our holders, especially on the Solana chain. Our primary objective was to become the KING meme coin.
However, over time, our project has evolved into something more than just a meme coin. It has empowered our community to come together in a more uplifting way. Moving forward, our goal is to become the meme coin with the largest MultiChain community. Currently, we have achieved a trading volume of around 50 million and a market cap of four million.
GUAC
GUAC is a meme coin that is incredibly trendy and appealing, making it irresistible to dip into. When we stealthily launched GUAC, we adopted a no-nonsense, community-oriented approach. We locked a significant 94% of all available tokens in our liquidity pool on Radium indefinitely. There were no presales, no prior notice, and absolutely zero taxes or allocations. Why did we take this approach? Because we aimed to be as organic and transparent as possible, just like a perfectly ripe avocado.
Justin Custardo (Business Development Strategies at BAM)
There are many incredible things on the horizon for the Bambi ecosystem. We have a Bambi booth, a play-to-earn game, staking, and various other exciting features. We ensured that 95% of the supply was ready for compounding liquidity right from the start. If you haven’t already, I encourage you to do your own research and explore these meme coins we’re discussing today.
Nam (Contributor at BONK)
My name is Nam, one of the contributors at BONK. Over the past six months, we developed this coin on Solana. On December 25, 2022, during a time when Solana faced challenges, we conducted a massive community AirDrop, distributing 50 trillion tokens. Our goal was to support developers and users who were building innovative projects but lacked the necessary backing.
BONK serves as a means to compensate developers and users for their contributions on Solana and beyond. We have expanded our presence to seven different chains. BONK is designed to be a friendly companion, guiding you to exciting interactions and experiences. It also acts as a reward mechanism through our dow-based governance for funding projects. So far, we have sponsored over 140 development teams on Solana and beyond.
We are thrilled to welcome more teams into our development pool and continue integrating with various platforms. Our focus is not only on providing an enjoyable experience on Solana but also empowering individuals to build something they are passionate about. If you’re working on exciting projects and need support, BONK is here for you. I’m eager to hear from the other panelists and answer their questions.
BitMart: We’re excited to hear your perspective on the recent meme coin rallies and their connection to our project.
Nyanni
For us, meme coins typically emerge in a particular space, especially from a Solana perspective where we feel more at home. We identified a period when NFTs seemed exhausted and DeFi was not fully matured yet. It’s like a gap between the exciting developments in DeFi and NFTs and the existing landscape of the NFT space.
During this window, people are often seeking new opportunities. What’s interesting about meme coins in a bear market is that there is a higher expectation for quality and product offerings. This gap led to the rise of meme coins, with Pepe being a prominent example.
In a bear market, community becomes crucial, shaping the near-term future. We saw an opportunity to build a new community in Solana where people feel empowered, heard, included, and ultimately uplifted
Justin Custardo
In our circle, we refer to it as a build market, which is the phase we are currently in. During this period, people seek change and the community dynamics can sometimes become more intense. Meme coin season plays a crucial role in our ecosystem by bringing back positive sentiment and enabling people to have fun and make money.
While there may be individuals who end up with losses, it’s all part of the market dynamics with buyers and sellers. We need this shift in sentiment, excitement, and increased activity to ensure a fresh injection into the ecosystem. The start of a meme coin season rally presents a significant opportunity for our community and ecosystem.
Bitlord
There exists a substantial liquidity pool in the crypto market that has always been present. During the bear market, when Bitcoin and Ethereum stabilize, market confidence starts to return. People still hold Bitcoin, they still have ETH, and they seek opportunities for speculation. The meme coins provide the perfect avenue for them to take risks and gamble in the “shitcoin casino.”
These meme coins emerge daily on platforms like DEXTools, offering the chance for significant returns by diving into them. It doesn’t matter what the coin is; if it gains traction and momentum, it can lead the market. Pepe was one such example, reaching a market cap of around 1.6 billion and becoming the first mover.
Once a coin establishes itself as the leader, it instills confidence in the market, and everyone is on the lookout for the next promising project. Pepe continues to thrive with substantial trading volume, demonstrating its significance. This influx of money fuels speculation.
When consumers are presented with the choice of investing $100 in Bitcoin or the latest meme coin, they are more likely to choose the latter without hesitation.
RTR Crypto
The rally behind meme tokens is driven by the sense of community and the desire for significant profits. Projects like Shiba Inu and SafeMoon experienced massive price pumps and subsequent corrections. FEG Token also had its share of volatility, reaching billion-dollar market caps before retracing. The expectation is for another rally in the future with the release of the entire FEG ecosystem.
The meme token market involves gambling and high volatility, as people seek substantial returns in a short time. This is distinct from well-established tokens like Bitcoin, which have more stable price movements. Large crypto influencers, including Elon Musk, play a role in promoting and driving up meme tokens, contributing to their momentum.
Maintaining long-term momentum requires utility and surviving bear markets. With countless tokens being created daily, tokens that prove themselves through longevity, utility, and embracing the meme culture will stand out.
Bitlord
I believe the primary focus was on NFTs, specifically the opportunity to purchase items like Goblin Town or profit from an Elon Musk tweet, as seen in projects like Miladys. These opportunities allowed individuals to join communities and potentially make profits. However, changes in the Ethereum (ETH) and NFT ecosystem resulted in a decline in excitement and activity, similar to the decrease in ETH and NFT floor prices. Solana experienced a similar trend.
When NFTs lack volume, and there is a lack of new and hyped memes, individuals tend to return to the roots of crypto, exploring colored coins, altcoins, and novel technical innovations such as tax tokens on Arbitrum. People get excited about the prospect of discovering the next 100X opportunity or joining a community that can change their lives.
Fair launch meme coins promise opportunities to join communities, participate in development, and contribute to cultural shifts. Projects like MONG and Baby Doge serve as aspirational examples that inspire others to create their own versions, believing they can improve or differentiate them in some way.
GUAC
Before delving into the phenomenon of meme coins, it’s essential to grasp the cultural significance of memes. Memes have experienced a tremendous surge in popularity over the past few years for various reasons. They have become an integral part of internet culture, serving as a form of communication and cultural currency. Memes are relatable, simple, humorous, and easily shareable. Their viral nature knows no bounds, with social media posts and videos reaching hundreds of millions of views within seconds.
Meme coin projects have the inherent ability to market themselves and their platforms differently by fostering an engaging environment that encourages community contributions and engagement.
In our community, everything we post is created by community members, emphasizing our commitment to being community-owned. With a meme coin or community-led project, everyone is involved, making a difference, and stepping up on a daily basis.
BitMart: What value do you think meme coins add to the crypto ecosystem?
Bitlord
Memes drive the crypto industry, attracting people and fostering community. Unlike Bitcoin, memes have a relatable appeal that unites people. Memes hold brand power like established brands such as Coca-Cola or McDonald’s. They attract newcomers and add value to the crypto space. Memes bring in users, fuel social activity, and contribute to a positive industry atmosphere. In comparison, Bitcoin lacks the same relatability and marketing prowess. Memes have the potential to surpass traditional cryptocurrencies and become the next big thing.
Nam
NFTs and meme coins overshadow Bitcoin’s adoption. Despite lacking utility, BRC 20 tokens and NFTs like ORDI generate buzz and enhance Bitcoin’s security. They attract a wider audience, including professional athletes, to crypto. Crypto creates a 24/7 casino, offering financial freedom and showcasing the value of memes. Meme coins play a vital role in these achievements, surpassing other aspects of crypto.
RTR Crypto
Meme tokens rely on community engagement but face skepticism. Token abundance leads to confusion and potential losses. Education and responsibility are key for navigating meme culture and decentralized finance. Bitcoin, despite lacking a team, remains influential. Memes drive adoption and exchanges. Nation adoption of blue-chip cryptocurrencies boosts crypto acceptance. Balancing these factors is the crypto community’s responsibility. Strong communities, utility, and charity have long-term impact. Education, transitions, and collaboration enhance the space and reduce risks.
Justin Custardo
Meme coins bring culture, fun, and community to the crypto ecosystem. They revive portfolios and connections. Caution and research are important for newcomers, focusing on high-cap coins. Meme coin season brings excitement and joy, contrasting with traditional cryptocurrencies. It injects life and dynamism into the ecosystem, providing a respite from mundane news.
GUAC
Memes impact crypto communities, expand ideas, and enhance scalability. They create viral brand awareness, humor, and excitement. Memes foster relatability and attract new members. Coins like GUAC stand out, appealing to dedicated and wider audiences. Bitcoin laid the foundation for meme coin success through cultural currency and community engagement. Meme coin communities resemble early adopters, driving excitement and scalability.
Watts
Meme coins have boosted community growth, fostering wider project and technology adoption. By using memes to build a brand, they attract early adopters and supporters who promote and use the products. Unlike tech-focused projects, meme coins utilize their communities for product visibility and success. Without community engagement, even exceptional products struggle to gain traction and widespread adoption. Memes highlight the significance of branding and community building for launching successful products.
Nyanni
Originally seen as a lighthearted term, meme coins now encompass a broader crypto community. They democratize culture and community by fostering ownership and engagement. Participants actively contribute and build projects, aligning with shared interests. As the crypto space grows, meme coins serve as a platform for people to find their tribe, invest in assets they care about, and have democratic ownership in the ecosystem.
BitMart: What does the future look like for your projects?
Watts
We introduced a virtual crypto card and blockchain chess game. This Saturday, we aim to break the Guinness World Record for pet food donations in 24 hours. Join us on Twitter @BabyDogeCoin for a live broadcast as we donate tons of dog food to Best Friends, a leading US dog rescue organization. Our ongoing philanthropic efforts save Doges.
RTR Crypto
FEG Token migrated to Smart DeFi, a fully audited token launchpad with unique features like asset backing and smart lending. Token value increases over time, and users can access interest-free loans. FEG offers staking and a non-custodial peer-to-peer trading platform, FTW, with a custom aggregator. Holding FEG Token earns passive earnings and rewards in wrapped Ether and BNB. FEG plans to expand to multiple blockchains and continue philanthropy. The goal is a secure decentralized trading environment, empowering users to launch projects confidently.
Bitlord
Our main focuses are expanding to other chains and increasing BONK’s utility on Solana. We aim to be the top utilized coin on Solana by year-end. We’re launching BONK for Solana Mobile and partnering with the Solana Mobile team. Additionally, we’re advancing BonkSwap decks and working on cross-chain EVM compatibility with Wormhole and PlayerZero. We’re committed to offering BONK on multiple chains and enhancing community initiatives by partnering with Aligned Protocol for decentralized funding.
GUAC
GUAC is a community-owned project with decentralized governance. We prioritize community votes and transparent decision-making. Our goal is to educate newcomers in crypto. We’re excited about our Dao infrastructure and vision-protecting council. As an avocado-run meme coin, we promote Solana and GUAC. We’re launching a gaming marketplace in two phases to fund the Dao and partnering with xNFT and backpack on Solana. Our community decides resource allocation, including Solana integration. We’re committed to expanding our ecosystem and embracing innovation.
Nyanni
In just 12 days, our community-driven project achieved remarkable success. We’re listed on two exchanges, have 7,700 holders, and a trading volume of 60 million. Community support has been crucial. Our priorities include expanding across chains, implementing deflationary mechanisms, and empowering our community with in-house products. Exciting partnerships, collaborations, and a hackathon are coming. With a market cap of 4 million, now is the ideal time to join our meme coin community.
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