Recap - Does MEME token have a new future

At the end of last year, I was invited by Huobi Live to talk about the future of the MEME token, here’s the recap.

Q&A:

Darko: Can we talk about the DOGE’s market trend, as Dogcoin soars after Elon Musk bought Twitter?

Thinkasibe: DOGE was recently traded at slightly over 13 cents, and it was only about 6 cents one week ago. The price went up a bit crazy, and people like us got a bit FOMO on that. So, it’s kinda any sort of reference or mention from Elon Musk that has proven to be a catalyst that can take the price higher. Accordingly, given the speculative nature of Dogecoin, it’s clear that traders are looking to capitalize on the reality that this deal is likely to go through. Because as Elon said, Dogecoin is his favorite coin. After he bought Twitter, he might have plans to adopt Dogecoin on Twitter. Like today, Elon posted on Twitter to ask Twitter users to pay 8 dollars for the Twitter blue check mark. And people believe that users will be able to pay using Dogecoin sooner or later. When Dogecoin is adopted on Twitter, there’ll be more and more Twitter users starting to use doge cDogecooin. and the price will go higher.

Darko: What do you think are the key factors for the MEME token to succeed?

Thinkasibe: Take dogecoin for example, since it’s the first meme token, and with the largest market cap in meme tokens. For the key factors of the success, I think the first one is it’s a MEME token, and MEME makes the token widespread, and a MEME makes people happy and willing to accept it. Second, Elon Musk posted several tweets on social media that Dogecoin is his favorite coin. From what we can see that the endorsement and influence of celebrities play an important role in driving up the prices of the MEME token. Third, the adoption of meme tokens, initially, Dogecoin has been used primarily as a tipping system on Reddit and Twitch to reward the creation or sharing of quality content. Besides that, There are about 10 companies including Tesla have already begun accepting meme coins like Dogecoin and Shiba Inu as payments, and other companies might follow. In this case, the value of those meme coins will be driven by their adoption and usage as a mode of exchange – the more adoption and usage, the higher their value. And last, Transparent and decentralized. There is no implemented hard cap on the total supply of Dogecoins, even tho over 132.67 billion Dogecoin is in circulation, Doge has ‘deterministic inflation’ meaning the amount of inflation is defined. There is no uncertainty as to the amount created and the inflation percentage. this could allow it to grow as a valid payment mechanism.

Darko: Do you think it is a good way to combine MEME coin and SocialFi?

Thinkasibe: MEME token is heavily driven by the community. There are various MEME coins that gain traction through the power of community. I think MEME coins share a similar idea to the SocialFi, both are about incentivizing authors of good content and artwork. And for social platforms like Twitter, to embrace the SocialFi concept, they will need to combine with one of the cryptocurrencies. So this way, SocialFi can get the MEME token social attributes, and the MEME token brings decentralization and financial attribute to the SocialFi. People believe SocialFi, which combines social and financial attributes, will hopefully lead to a new trend. With the greater improvement of the underlying technology, SocialFi will certainly achieve explosive growth someday in the future.

Darko: From your personal view, what is the future of MEME coin?

Thinkasibe: From the view of engineers like me, normally we talk about the crypto world, we usually talk about new technology, like the Ethereum transits to PoS, layer 2 roll-ups, and sharding for scaling. However, I think, For most of the crypto coin users and Defi users, it’s still about speculation fever to get income from the crypto world. Meme coin is born from the community and has the strength to attract more and more buyers and now it has good-looking prices. So I think in the short or medium term, MEME tokens will be still very hot. For the long term, crypto will be more about application for end users, like to provide convenient services and helps people’s daily life. For Dogecoin, There are already 10 companies adopting it as payment. So it will have a bright new future I think. But other MEME tokens, probably won’t survive for the long term without specific economic use cases. If the meme token is still solely driven by social media and online sentiment, the hype will sooner or later die out and the token become worthless.

Darko: Can another MEME coin be created and be successful in this market now?

Thinkasibe: Dogecoin takes quite a long while for its success. Right now in the bear market, it is undoubtedly hard to accumulate as large a user base or community as dogecoin’s for a brand-new MEME coin. But if the new meme token can unleash something really appealing to crypto enthusiasts and build hype with the help of influential celebrities, it could soar to fame in a short period by chance, it can succeed, and its success might lead the whole crypto world to start a new bull market.

Darko: What suggestions do you have for entrepreneurs and investors in the MEME project?

Thinkasibe: I am not a good investor and but I have some suggestions. Like, you should get early messages. Follow Elon musk, each time Elon tweets about Dogecoin or Shiba, then you can start your operations, it’s like early birds catch worms. And second, you should select valid MEME projects. There are so many rug pull projects in the crypto world, so there probably will be some MEME projects that will die at the end, and the value will go to zero. And some meme projects feature high centralization, which means a large percentage of the total tokens is controlled by a limited number of holders. In this sense, the price of the meme token could be easily manipulated by several large holders, which further increases the risk to small investors. For entrepreneurs, find someone like Elon musk for promotion or other ways to spread your projects, or find a better meme than doge. The influence of celebrities is believed to be a key factor in the success of a meme project. Besides, if you are creating a new MEME token, please allow me to introduce our project: Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. we have integrated 30+ blockchains, including Ethereum, Aptos, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, OKC, Neo, Zilliqa, Harmony, Metis, etc. Since the launch, our protocol has enabled cross-chain asset transfers of more than 16 billion dollars. and we are looking forward to integrations of new technology and more crypto ecosystems.