Key Takeaways:
- Check out the recent market performances of meme coins as the wider cryptocurrency ecosystem is in an optimistic state.
- Learn what such a meteoric rise can do to these tokens and how aspiring business owners can maximize the buzzing market.
- Look into the intricacies involved in meme coin development for business to create an inspirational and engaging project.
The global crypto ecosystem has seen its market cap resurge to $2.5 trillion in a short time after a prolonged bearish season. With the surge being attributed to multiple factors, it has already caused phenomenal growth in the meme-inspired crypto subsystem that has a $63 billion market of its own. Such trends have already made market watchers wonder whether the impending bull run will be centered around meme coins. This blog specifically discusses the prominence of meme-based cryptocurrencies and their outlook from a business perspective. Come on, let’s delve deeper into the promising idea of meme coin development that is set to dictate the influx of new retail crypto investors!
Meme Coins: The Current Outlook
According to the acclaimed crypto data aggregator CoinMarketCap, the market cap of meme coins is $63.44 billion. These crypto coins have been accumulating recent welcome among investors as a result of the wider market’s positive sentiments. Despite the concept debuting as a troll to hefty investments in cryptocurrency from savvy investors, meme tokens have attained a lot of popularity in recent times.
- The top meme coins by market capitalization are Dogecoin (DOGE), Shibu Inu (SHIBA), Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), and Floki (FLOKI). If you notice carefully, most meme coins are based on dogs, largely propelled by the incredible success of Dogecoin, although other meme-based tokens like Pepe exist alongside.
- Most meme coins today thrive on Ethereum, Bitcoin, and Solana, given the presence of enthusiastic ecosystems in those networks. Especially experts say that the current meme coin surge is a result of the local surge noticed late-last year on Solana, owing to its low gas costs and superfast transactions.
- With the Bitcoin ecosystem gaining phenomenal momentum, numerous meme coins have been deployed in the last year, which some experts believe is the reason behind the current surge. As the wider crypto market climbs toward new peaks, so could meme coins, given their strong linkage with Bitcoin prices and activity.
Is Meme Coin Development a Viable Business Option?
With such positive trends observed around meme coins, the obvious question of whether developing meme-inspired cryptocurrencies is a feasible business option arises. While most people rule out them as mere speculatory assets, they can indeed be part of long-term business operations if used correctly.
- Creating a meme-centric Web3 game can yield ample respect for related crypto tokens (fungible and non-fungible), which will obviously be inspired by the meme used. Such crypto coins can offer a wide range of use cases, making them appealing to the regular investor, backed by a solid gaming application.
- Building meme-based societies, where relevant meme coins will grant special access to content and exclusive in-app rights, can be commercially viable when sufficient groundwork is carried out beforehand. Particularly, basing the meme coin project on a long-standing and popular meme concept can lead to relevance in the long run.
- Even if a meme coin initially depends purely on investor speculation, getting valuable partnerships with real-world and Web3 businesses can drive the project’s adoption to new heights. Dogecoin is a great example that has stood the test of time for the exact same fact, although brands and influential figures came forward on their own to speak about DOGE.
Planning to Launch a Popular Internet Meme-inspired Cryptocurrency Project?
Some Intricacies to Note Before Creating a Meme Coin
If you have chosen to pursue meme coin development as your new business option, ensuring certain facets are fulfilled is essential for your venture to taste success. They include both precautions to follow and aspects to stay away from, as the space is relatively easy to enter in terms of competition and investor appeal.
- Steer clear of any promises of multiplying investments with time without a viable business model that approaches the market in a multi-thronged manner. Without such plans, doing so can turn out to cause irreparable damage to your business’s reputation, given the community-centric nature of the crypto space and the market’s volatile nature.
- Ensure that you provide utility of some value to a prospective investor. People nowadays are aware of speculatory pump-and-dump schemes, making it crucial for projects to form a solid business strategy for the long term that can lead to a positive reception from the market.
- Also, make sure to abide by the necessary regulations in the region(s) you are planning to sell your meme-based cryptocurrency. With regulators acting swiftly, the landscape might change rapidly, and being prepared to embrace the changes without impact can make your venture shine among the competition.
Conclusion
Thus, we have seen how far meme coins have come up in the crypto market, with experts predicting the 2024 bull run to be theirs. With such projections and optimistic sentiments among people, meme coin development can genuinely be a vital business idea for entrepreneurs aspiring to enter the decentralized economy without heavy investments. If you are a passionate individual with similar dreams, partner with our seasoned developers at Blockchain App Factory to develop, promote, and launch your meme coin project to garner a wholesome welcome in the global market. Get in touch with one of our professionals now to start framing your meme crypto venture’s primary facets!
