Meme
“Meme” – a cartoon that illustrates how meme coins are beginning to have more significance than jokes.
Meme coins are cryptocurrencies that are created based on internet memes, which are humorous or satirical images, videos, or texts that spread rapidly across the internet.
These coins (e.g. Dogecoin, Shiba) first became popular in the 2021 crypto bull run, largely due to support from high-profile figures such as Elon Musk and Mark Cuban.
We now appear to be in another crypto market upswing, which typically starts with bitcoin reaching new highs and then investors use their bitcoin profits to trade into other coins that usually results in meme coins pumping. However, in the last month we have seen both Bitcoin reach new all time high and total market cap of meme coins is now over $65BN.
There are also some political meme coins, for example a coin named after U.S. President Joe Biden, $BODEN, and then MAGA coin for supporters of Donald Trump, for which both have appreciated since launch and $BODEN has seen an increase over MAGA since President Biden’s State of the Union address last week.
With the simplicity of creating a meme coin, we are seeing the retail investor shift from changing the dynamic of the existing market stocks (e.g. r/WallStreetBets movement) to now creating new speculative assets.
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