The recent slump of the cryptocurrency market has left some disinterested, to say the least. Many investors bored from the recent stagnation have returned to daily normality, touching back down to earth and watching from the sidelines as they admit defeat to the recent bloodbath of the last month.
Although discouragement has cast its veil over the public eye, meme projects are still making headlines and to the surprise of many, seem to be sticking around a lot longer than what was previously thought possible. What now seems to be more than a trend has changed the lives of many, providing an opportunity for the transfer of generational wealth and the growth of an unexpected community.
As the meme DeFi scene continues to perform in a rather lackluster market, it has some wondering if this could really be much more than a passing fad.
The current state of the meme token landscape
Many meme projects have been weeded out in recent weeks. Retail investors grow smarter day by day, identifying the good projects from the bad. It’s clear to see which communities are here to stay and with much more anticipated in the future, several meme tokens seem to stand out from the rest.
The recent popularity surge of Shiba Inu
One of the best performing meme token projects in recent months has to be Shiba Inu. The “Dogecoin killer” which currently sits comfortably in the top thirty cryptocurrencies, is a testament to the possibilities of a strong community backing. Shiba Inu’s Coinbase listing on June the 17th saw the price increase over thirty percent once the announcement was made public.
Notorious crypto market influencer Elon Musk seems to have jumped ship from Dogecoin to Shiba Inu. On June the 25th, Elon had tweeted out “My Shiba Inu will be named Floki”, although the intentions were not directly clear, the impact was definitely apparent. A surge in popularity for the meme token was thanks to the viral tweet, reaching over forty-five thousand retweets and over three hundred thousand likes.
With Shiba Inu now listed on two of the biggest exchanges, both Binance and Coinbase, it’s evidently clear that meme tokens have a place next to some of the already well-established projects in crypto today.
What does the future hold?
The recent encouragement of utility adoption for meme crypto projects has proven to be a part of the growing cycle of the current crypto landscape. Gone are the days where a comical name was all that was needed to guarantee some sort of temporary success. Meme tokens are now mostly expected to provide some sort of utility. At what point do the lines blur between meme token and altcoin?
100xCoin is a great example of current market adaptation. The initial launch of the project saw little to no use case. However, in recent months a multitude of practical use cases have been in constant development. The launched 100xCoin app that provides credit/debit card purchases for crypto, has seen great praise for its ease of use and practicality.
CremePieSwap, A newly founded Polygon(MATIC), DEX & AMM project has also been launched through a joint partnership between 100xCoin, BSC Army, and LaunchZone. The PancakeSwap-like dApp has already been live for around 4 weeks and continues to gain popularity in the Defi space.
The meme Defi space has been constantly evolving. With a more utilitarian focus and transparency, it’s hard to not take notice of what is happening in Defi today. Collaborations and future partnerships might be the next step of a long growth process that we will see come to fruition in the next coming months. Although the future is unclear, what we do know is at the current pace of development, meme projects will be taken a whole lot more seriously this year and beyond.
