MemeCoin Market Analysis

I. What is a “Meme”?

“Memes are the cultural counterpart of genes”, which is spread through mass replication, and can be an idea, a picture, an emoji, a piece of text, a punch-line, a joke, etc.

II. What is a “MemeCoin”?

It is a cryptoasset based on a “Meme”. For example, Dogecoin is a cryptoasset based on the love towards the internet celebrity, the Japanese Shiba Inu, and later favored by Shiba Inus worldwide. MemeCoin is actually a combination of the attention economy and crypto-economy.

III. Which “MemeCoin” to Invest in?

Currently, the marketing value of MemeCoin has reached US$50.54 billion, accounting for 2.55% of the total market value of cryptoassets. Its 24-hour trading volume is US$22.06 billion, which is up 403.26% in the last seven days.

According to the website, cryptoslate, there are 19 MemeCoins, where the top five in market value are as follows:

Dogecoin (DOGE) is a crypto asset based on the expression of the internet celebrity, the Japanese Shiba Inu, and is ranked 5th among the market value of cryptoassets.

Monacoin (MONA) is a crytoasset based on the well-known ASCII art character “Mona”, and is ranked 212th among the market value of cryptoassets.

Hoge Finance (HOGE) is a liquidity mining asset driven by the Hoge Meme, and ranks 361st among the market value of cryptoassets.

Meme (MEME) is a cryptoasset based on a prank. Jordan Lyall, the product director at Consensus, tweeted mocking the rushed, food-themed DeFi projects. Specifically, he describes a project named “The Degenerator” via a picture model, in which the project allows people to start (copy and paste) a new DeFi project within minutes through a drag-and-drop method. He gave the project a name: MEME. A few hours after the tweet, anonymous person(s) actually created the MEME tokens. On that day, MEME’s trading volume reached US$1.2 million, with the lowest price of US$6 and the highest price of US$40. In such a way, MEME, a project formed from a joke, was created. It currently ranks 526th among the total market value of cryptoassets.

Banano (BAN), also driven by a Meme, is a fork of Nano and powered by DAG technology to provide no transfer fees, instant arrivals and green eco-transactions. Currently, it ranks 814th among the total market value of cryptoassets.

At present, the MEME projects that have attracted more attention in the market include:

MXC Exchange has already listed DOGE, SHIB, AKITA, PET, BUNNY, etc.