They resemble Yu-Gi-Oh cards; to many, they seem silly, but some people value them as collectibles.
That’s the original appeal behind them. Now every meme coin is just an effort to achieve instant wealth.
It’s a gamble for a specific type of individuals.
I mentioned this to someone in another forum:
Everything boils down to speculation.
A quirky crypto aimed at mass appeal hasn’t been tried on the main stage until now. Or rather, this will be the very first attempt.
Tokens like BTC and ETH target a unique market.
Thus, there’s plenty of room for this niche.
If you’ve observed the boom of meme tokens on Pancake Swap over the last few months, you’ll see the potential that exists in this niche. But Doge brings something more; it’s not just clever marketing. There has to be some foundation as well.
In other words, the best marketing targets both casual and dedicated investors. Tokens like Shiba Inu and Baby Whatever only resonate with casual interest. Anyone with a serious interest will quickly understand their lacks.
Doge stands out because it boasts a history of 7 years, has its own blockchain, consistent development, and interest from Vitalik. If you’re unaware, Vitalik is the creator of Ethereum and one of the biggest figures in crypto aside from Satoshi. The latter is just a pseudonym with no known identity.
From a marketing view, being linked to Elon is impressive. But from a tech perspective, the interest from Vitalik is monumental.
Having Vitalik involved with Doge and collaborating with Doge developers on an ETH-DOGE bridge is far weightier than any PR effort by Elon. For the cryptocurrency landscape, it’s akin to Steve Jobs collaborating with a lesser-known tech firm to roll out something that’s both widely appealing and features a charming mascot.
Doge captures interest from both dedicated interest and casual viewers (people drawn in by the dog theme, Elon’s tweets, etc.). I suspected Doge would ascend back in 2014 but doubted myself, eventually selling 190,000 coins in 2015. I should have listened to my instincts. It reaches an audience that other cryptos don’t, doing so effectively.
So, how high can it soar? From a market capital perspective, I’d say $5-10 seems realistic long-term, adjusting price per coin based on supply. (Put simply, BTC at its previous all-time high would equate to DOGE at $10. Thus, for it to go higher, Doge would have to surpass Bitcoin’s current size in the market.)
But still, I believe Doge can achieve what other cryptocurrencies have struggled to accomplish: appeal to average people and teens. That’s a huge potential market still waiting to be tapped.
^^^^( ^^^^Not ^^^^financial ^^^^advice. ^^^^Not ^^^^medical ^^^^advice. ^^^^Not ^^^^legal ^^^^advice. ^^^^Don’t ^^^^try ^^^^this ^^^^at ^^^^home. ^^^^Don’t ^^^^insert ^^^^into ^^^^ear. ^^)
Most are scams yet they serve a purpose, generating excitement about cryptocurrency and encouraging further exploration into the space.
I started with DOGE thinking I’d be wealthy. I lost $20 of the $40K I invested, but I now have my remaining funds split between BTC and ETH, and I’m again thinking I’ll be rich soon! Just kidding, haha. But now I’m in crypto and I plan to stick around.
@Oaklee
We’re very glad to have you!
They mainly transfer wealth from the naive to the creators.
Noe said:
They mainly transfer wealth from the naive to the creators.
That’s a pretty brutal way of putting it.
Since SafeMoon has been mentioned several times, let me clarify some points. For now, SafeMoon serves as a transaction currency in Gambia and will support trades on the SafeMoon Exchange (similar to how BNB works for Binance). Currently, SafeMoon is creating its own blockchain and wallet. The tokenomics are designed to stabilize the crypto market and encourage long-term holding for passive income (similar to staking, but not exactly). CoinMarketCap removed SafeMoon from the meme coins list after realizing the previous fears were unfounded. Only older coins are considered serious, and of course, dismissing newer tokens as scams isn’t fair!
@Drue
Mostly… people with experience often view new coins as scams, which they’re right about 95% of the time, but sometimes it turns out they’re mistaken about the other 5% that becomes special.
About SafeMoon, I admit I’m very doubtful of its future… but I’m open-minded. As for being the preferred transaction currency in Gambia, I’m curious why they would choose SafeMoon over BNB, which shares the same blockchain and doesn’t impose a 10% tax on transactions, particularly when basic living costs consume most of their income.
@Blai
Great perspective. SafeMoon aims to create an ecosystem with bridges to other blockchains (like Ethereum and Binance) and their own blockchain (currently being developed). With that, SafeMoon can facilitate transactions without the 10% tax for wallet-to-wallet transfers. Gambia is a key player because the founder has deep connections and plans to utilize it there to help with inflation. The project is titled ‘Phoenix,’ aiming to serve the unbanked population. There are whispers of collaborations in Nigeria too.
SafeMoon has the potential for flexibility. While it has tokenomics for passive income, it can also serve as a transaction facilitator, exempting taxes. I’m excited to invest early, especially knowing the dedication of the team behind it.
There is no utility. It’s that straightforward.
NomadNerd said:
There is no utility. It’s that straightforward.
There’s at least one with real potential in my opinion. It’s fast, affordable, and stands out. But I won’t mention the name here.
NomadNerd said:
There is no utility. It’s that straightforward.
Meme coins do help introduce people to the crypto world. There are individuals who previously had zero interest in Bitcoin and Ethereum suddenly curious about Dogecoin, SafeMoon, and SHIB.
They serve as the fun entry point into crypto.
For example, getting involved in SafeMoon was like a crash course in DeFi: download Trust Wallet, purchase BNB, convert it to BSC, visit PancakeSwap, set your slip, grab the smart contract ID, and buy SafeMoon.
Sure, some of these newcomers left. But many became intrigued with Bitcoin, Ethereum, and BNB. They remain engaged and active here on this forum.
So, it’s incorrect to say these coins lack utility.
@Cypress
This is a solid point about one key function of meme coins. The downside is that they provide media personalities a straightforward target to criticize the entire crypto world.
NomadNerd said:
There is no utility. It’s that straightforward.
Incorrect, the utility is WE’RE ALL GONNA GET RICH!
^I’m ^not ^kidding ^y’all.
NomadNerd said:
There is no utility. It’s that straightforward.
They’re really a gateway for many new investors.
All just speculation.
Nothing fundamentally. It’s all hype. Some with a larger supply might allow for person-to-person payments or online purchases. These smaller circulating meme coins look like pure pump and dump schemes without substantial earnings backing them.
Ugh, it’s unfortunate, but younger individuals and average users will likely have access to money in crypto one day, making these coins marketable. Eventually, as people redefine what a dollar means, if something is tradable, it can become a currency.
Mostly for money laundering.