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Memecoins are making more sense than you would actually think. In a way, Bitcoin itself is a meme.
How so?
Well, the term “meme,” as defined by the Oxford Dictionary, refers to an element of a culture or system of behavior passed from one individual to another by imitation or other non-genetic means.
Bitcoin quickly became popular through people’s wish for decentralization. And, after it started gaining value, even more retail investors joined in the hype.
Call it the fear-of-missing-out, but in essence, we’re still talking about a behavior passed from one individual to another.
And as the market expands nowadays, cryptocurrency memes have their own place in spreading awareness, with quite a few projects using them as a marketing strategy.
Yes, the first crypto to come to mind if we hear memecoin is Dogecoin.
The Dogecoin story
Back in 2013, Jackson Palmer bought a website, photoshopped the Shiba Inu Doge meme over a coin, and made the Dogecoin.com website.
He did that to mock the market’s greed and the clone coins popping around, using memes and funny content.
The funny thing is that he never intended to make Dogecoin into more than a joke. Yet, American software developer Billy Marcus reached out to him to propose turning the joke into a reality.
They used a fork of Litecoin called Luckycoin and modified it to create the real Dogecoin.
Strangely, crypto enthusiasts took a liking to the project and started backing it up, organizing fund-raising sessions and promoting the goal “to the moon.”
As you would expect of a memecoin, people pumped and dumped it and then forgot about it. Most cryptocurrency stories stop there, but the Dogecoin community always came back to play around with Doge.
Lately, the goal has been to bring Dogecoin to $1.
The tokenomics were never thought out for Doge to be performant.
The cryptocurrency has 129.95 billion Doge in circulation, an inflation of 5 billion new Doge a year, and is riddled by speculators.
In order to reach 1 USD, Doge needs $129.95 billion in market cap.
That’s ridiculously high.
Even stranger is that it’s not impossible. The Dogecoin community has already shown that they can make Doge surge. On May 08, 2021, Doge has reached a price of $0.7376, with a market cap of $92 billion.
The memes have unbelievable power within the crypto market.
Garlicoin catching up
Yes, the memes are the higher power, and Garlicoin uses that to climb the cryptocurrency top.
Garlicoin was started by a Reddit user, DigitalizedOrange, who published a post titled “If this post gets 30,000 upvotes, I will make a garlic bread cryptocurrency called Garlicoin,”
And it did.
Therefore, he created a cryptocurrency based on garlic bread memes. The fact is that back in 2017-2018, the garlic bread meme was viral.
The new GRLC memecoin was launched successfully, but the bear market came by. But fortunately, that didn’t stop its community from producing tasty fresh memes. They even put together an unofficial documentation about the project, which was uploaded to YouTube. The video further explains how the project works and encourages participants to create value for the community.
However, the community did not bury the project and is coming back and expanding.
Dogecoin managed to harness the power of memes to gather up $92 billion to reach $0.737. On the other side, Garlicoin has managed to break through $0.1 for 1 GRLC with only a market cap of $7 million.
And as the Garlicoin project’s memes become more popular, we will see GRLC skyrocketing. So what are you waiting for? Join the Garlicoin community and help create one of the freshest, tastiest cryptocurrency out there.
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