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Intro: Cryptocurrency adoption has become a rage in the world. But the success and failure of any cryptocurrency are based on its community. If the community accepts it for a good purpose it will succeed but if it is formed for scams and other unlawful purposes it will doom.
With the increments in the adoption and technology of cryptocurrencies, there is a massive change in the type of assets. The growth has also been witnessed in the non-fungible tokens (NFTs) and decentralised finance (Defi) over the past year.
The growth of DOGECoin (DOGE) has ignited the cryptocurrency field with influences from Elon Musk and the community causing the wild surge in 2021.
Doge, majorly being a meme currency, offers little utility to the users. The meme currency has increased to 3400% in price year-to-date. The key to this growth is the community built around the eighth largest token and its leader Elon Musk.
Bitcoin upswing
Bitcoin when it was started in 2009, no one knew that it could become the first largest cryptocurrency in the world. A small community of a few dedicated developers and users worked on the crypto growing it to what it is today. Protocols were built around it, ways to store it, interact with it, upgrade the security and most importantly they shared it.
The usage of BTC is unquestionable as it offers financial freedom to the unbanked and underbanked persons. However, without the community around it, it is obvious it could not be the trillion-dollar asset it is today.
Community plays a big role in the success of crypt of
In the cryptocurrency world, successful projects mainly bank on their community to succeed and gain adoption. There were many projects which were very innovative and excellent but failed because their communities were toxic in nature, unwelcoming or unfriendly.
Others have greedy leaders with the only purpose to scam or rug pull other community members. Hence, driving off any new investor. It means, the successful project, the community had a very big part to play in their success, goals, innovation.
The underdog cryptos
Dogecoin is the best example of an underdog running to compete with the top-notch currencies. It was started as a joke by some but slowly and gradually it has to gain popularity and it is definitely because of the power of community. While it is not the ideal utility token, it has started a wave of community or social tokens which are starting to take over the crypto space by storm.
These types of tokens aim to bring the community together by making it fun, providing safety and rewarding those who believe in the project. Unlike dogecoin, these developers build the tokens for the long term, input utility in them, and reward the users.
Another example is Myobu which is leading the social token world by creating a strong community around its project. Users are given tokens to create events, giveaways, games, programs, protocols, and systems that make it fun, useful and rewarding to the users. With the progressive community and so much value given to the tokens, the competent developers will ensure the project wins the long term, boosting its token value and adoption rate.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
