Crypto narratives: The Meme
Generally speaking, cryptocurrencies may be viewed as an erratic response to the TradFi status quo. If this is the case, then meme coins are at the cynical pole of this erratic continuum. Meme coins are the niche of crypto that can be hung up by TradFi elites to ridicule the prospect of an alternative financial system. I once heard Luke Thomas, a leading MMA journalist, describe the whole crypto narrative as a clown car. I like that analogy if applied to meme coins because it allows us to wrestle with the challenges that we need to overcome in order to win over the mainstream investor. This is no small challenge. Despite the inevitable ridicule that follows meme coins around, they are an asset class and it is important that we acknowledge that they are a huge part of how the crypto space is perceived by the mainstream crowd. Meme coins are generally good for a laugh and are generally created without any intention of success. Contrary to this though, there are some successes such as Shiba Inu and Dogecoin that cannot be ignored. At the time of writing, Dogecoin is valued at 11.2 billion USD and is the 11th largest crypto currency by market cap on Coin Gecko. Shiba Inu has a market cap slightly below half the size of this at 5.2 billion USD and stands as the 19th largest by market cap. Currently, these are serious players in the crypto world by marketshare.
