Bitcoin and Meme being mentioned in the same sentence! Hmm, let’s get on to something interesting. But before I talk about a ‘bitcoin meme’, let’s understand both terms separately.
Don’t worry, not a big talk on both, and it won’t turn into some boring long lecture.
A brief about Bitcoin
Bitcoin is cryptocurrency (virtual currency) and payment system that does not rely on any person, group, or entity. It serves to get rid of the involvement of trusted third parties like a mint or bank in financial transactions.
It is a prize awarded to blockchain miners upon the finding and verification of new sets of transactions and it is available to buy on many exchanges.
Bitcoin was introduced to the public in 2009 by someone using the name Satoshi Nakamoto, who was an anonymous developer or a group of developers. Today, by its popularity influencing other forms of cryptocurrency, it stands as the most famous and largest cryptocurrency in the world.
What is a Meme?
Well if you are looking at your mobile and laughing uncontrollably, then it definitely will be a meme!
Odds are you have actually viewed a meme and associated with it, even if you did not know what it was called. Memes are the kind of social phenomenon that are often used as a form of social commenting.
Basically, a meme is used to refer to an amusing or interesting item including a captioned picture or video or genre of items, that is spread widely online, especially through social media. The success of a meme does not depend on the length; instead, the aptness of the meme to strike a chord with some specific audience and capture a moment culturally or some other trend.
The most ironic thing about meme is that it is NOT pronounced as May-May instead it is pronounced as Meem!
Well, now let us talk about the Bitcoin Meme that you guys are desperately waiting for.
Keep reading, keep learning!
What is a Bitcoin Meme?
What is a Bitcoin Meme?
The last decade has made the world of cryptocurrency increasingly popular with several alternative digital currencies in development to rival Bitcoin. Out of these, one of the more interesting concepts to come out of this is that of the “meme coin.” This flurry of coins has hit the market with some managing to stick and others simply not making any headway.
Bitcoin memes describe complicated ideas through wordplay, irony, and exaggeration using humor.
Origins of Bitcoin Meme Coins
Origins of Bitcoin Meme Coins
The term “meme coin” emerges from the very idea of an internet meme which would be just any funny or related ideas, images, or pieces of content that have been copied and spread over the Internet rapidly. Taking this into the cryptocurrency world, they are just digital currencies molded around a particular theme joke, or meme in mind. One of the key characteristics of these coins is a restricted supply and their value largely derives from speculation and sentiment in the market.
The very first meme coin, which was Dogecoin, came into being in 2013 as a parody to the hype that was being said about Bitcoin at the time. Jackson Palmer and Billy Markus were the brainchild of Dogecoin who aimed at a less complicated, funny, and more user-friendly cryptocurrency that would support everyday transactions.
Characteristics of Bitcoin Meme Coins
Characteristics of Bitcoin Meme Coins
Most bitcoin meme coins share some close characteristics.
- Humor and Entertainment: They can be usually created with a dash of humor or feeling of fun. Not always, but normally, there is a gamut run from simple memes to direct jokes and popular culture references.
- Limited Supply: Meme coins typically have limited supplies that seem to create a feeling of scarcity, hence driving up demand.
- Speculation and Market Feel: This value of meme coins is usually driven by speculation and market feel more than anything else important in value or utility.
- Decentralized and Unregulated: Meme coins run on decentralized networks; hence, they are not controlled by any central authority and are not subject to traditional regulatory frameworks.
How did Bitcoin memes impact the public’s perception of cryptocurrency?
How did Bitcoin memes impact the public’s perception of cryptocurrency?
The sway that Bitcoin memes held over public perception of cryptocurrency has been immense mostly in terms of speculation and investment.
Here are the key points that have made an impact:
1. Speculation and Market Sentiment:
Memes have been used as absolute tools to attract speculative cryptocurrency investment. They created a sense of excitement and fear of missing out that further drove investor sentiment and prices within the markets. This phenomenon is clearly substantiated by the rapid price swing nature of cryptocurrencies like bitcoin and dogecoin, whose price swings are highly influenced by times and online trending.
2. Community and Hope:
The memes further served to bond the community together in hope, projecting the view that indeed, cryptocurrencies are the future, and an eventual way out from the present life’s hardships. That narrative has attracted many believers in blockchain technology and cryptocurrency replacing traditional finance.
3. Speculative Investment Vehicle:
Memes have turned cryptocurrencies into a forever-speculative investment vehicle. Contrary to using and disrupting cryptos and their implementations at large, the crypto community has been strongly centered around speculation, with many people entering the hype and trends rather than buying into real value for coins.
4. Internet-Driven Phenomenon:
The rise of memes in cryptocurrency has characterized the era of ‘meme investing’, one in which people invest according to web trends and popularity, not perceived value. This might be illustrated through the rapid price changes that have hit Dogecoin, a cryptocurrency easily swayed by Elon Musk’s tweets or online communities.
5. Mainstream Acceptance:
As cryptocurrencies become more mainstream, memes found a central place in their glamour and made them more integral and exciting to be able to attract much more people than the traditional investors.
6. Risk and Uncertainty:
After all, it’s also because of the memes that the cryptocurrency market had its taste of volatility and unpredictability. They can make one have false security when investing in something just like in the case of GameStop and other similar meme-driven market ups and downs.
Popular Bitcoin Memes
Some of the most popular Bitcoin Memes
- HODL: This meme was created in December 2013 and the play on the saying “I am holding” was supposed to mean that one is not selling their Bitcoin. It turned to show symbolic resilience and commitment to holding through the cryptocurrency community.
- To the Moon: This meme is used to show that huge things can happen if Bitcoin’s price blows up it could rise exponentially. It may be terribly optimistic about the future of cryptocurrency.
- Buy the Dip: This is a call to action for investors to buy Bitcoin upon its dip in price. It is quite a popular concept amongst crypto traders and investors.
- When Lambo? This meme has been used to express the desire to own a Lamborghini, which is considered an ultra-luxury car associated with wealth, and seemed to become a common goal for most crypto investors as a way to show one’s desire to have this type of wealth humorously.
- Bitcoin Sign Guy: This has a picture of a guy holding a sign that says “Bitcoin” and photobombs a US Federal Reserve meeting. It is used to interpret the power of Bitcoin by disrupting traditional financial systems.
These memes are a part of cryptocurrency culture and have turned out to become a means to express emotions and experiences which correspond to investment in this area.
Examples of Bitcoin Meme
Some notable examples of Bitcoin Meme Coins
Bitcoin meme coins represent those cryptocurrencies created to mock or joke on most of the hype in the crypto market, or just for fun. Despite being created under a humorous name, some of these meme coins gained big popularity and even market value. Here are a few examples Bitcoin meme:
1. Dogecoin (DOGE):
- Origin: The cryptocurrency was created in 2013 by software engineers Billy Markus and Jackson Palmer and was initially designed as a type of parody coin, based on the then popular “Doge” meme containing a Shiba Inu dog.
- Features: It has immense community support with low transaction fees and has been used for online tipping and various charity events.
- Popularity: Dogecoin gained evidence and price surging mainstream coverage particularly after the endorsement it received from celebrities such as Elon Musk.
Read more about Dogecoin here.
2. Shiba Inu (SHIB):
- Origin: It was launched in August 2020. This was dog meme coin and it was called as the Dogecoin killer.
- Key Features: it has a large supply with a decentralized exchange known as ShibaSwap. It invented additional tokens within its system like LEASH and BONE.
- Popularity: It rapidly gained fame because of great community activity and speculative trading.
Read more about Shiba Inu here.
3. Dogelon Mars (ELON):
- Origin: Dogelon Mars is a meme coin formed by combining two names which are Elon Musk and Dogecoin. In addition to that it is a theme of riding to Mars.
- Features: It tries to ride on the success of Dogecoin and harnesses the catalyzing influence of Elon Musk over the crypto market. The project has ambitions related to space themed philanthropy.
- Popularity: Due to the association with Musk’s name and the light hearted theme of space travel, the coin drew attention.
4. Floki Inu (FLOKI):
- Origin: This coin is named after Elon Musk’s dog. Floki Inu aims to ride in the waves of both Dogecoin and Shiba Inu phenomena.
- Features: The project is banking on its self proclaimed status as a movement and already has an active community. It is focused on the meme culture that forms the core of its charitable activities.
- Popularity: The coin has recently garnered much attention most likely because of its relation with Musk’s pet and then with community driven marketing efforts.
5. Akita Inu (AKITA):
- Origin: Akita Inu is another Dog themed meme coin. It was launched in early 2021 just like Shiba Inu.
- Features: It is originally an entirely community driven experimental project with a large supply, just like SHIB.
- Popularity: The coin gained huge traction quickly due to the hype for other dog based cryptos.
6. Kishu Inu (KISHU):
- Origin: Kishu Inu was created in April 2021. This also one of the trending dog theme based meme coins.
- Features: Kishu Inu has reward mechanisms for holders and envisions creating a decentralized ecosystem.
- Popularity: The coin gathered a community due to its reward mechanisms and engaging in community activities.
7. Hoge Finance (HOGE):
- Origin: Launched in February 2021 Hoge Finance combines the meme coin concept with DeFi features.
- Features: Hoge Finance creates a deflationary supply mechanism wherein a portion of every transaction gets burned and another portion is redistributed back to holders.
- Popularity: It gathered the attention of the crypto community due to its unique approach to supply and rewards.
8. PePeCoin (PEPE):
- Origin: PePeCoin is a meme based cryptocurrency created due to the popular internet meme character Pepe the Frog by Matt Furie. The actual launch of the coin happened in 2016 which was arguably the peak period of the meme’s popularity.
- Features: Like most of other cryptocurrencies PePeCoin is primarily decentralized in nature because of the decentralized blockchain. This makes sure each of the transactions is transparent and secure at the same time.
- Popularity: PePeCoin is definitely present in the media because of its very indifferent origin and the cultural phenomenon around the Pepe meme. This positive or often negative media coverage contributed to boosting its visibility, subsequently attracting more users and investors.
Read more about PePeCoin here.
Conclusion
Meme coins of bitcoin have grown to be a big power within the cryptocurrency environment, merging themes like humor, entertainment, and speculation. While these meme coins do not retain the utility or value as compared to the traditional cryptocurrencies, they really did help increase the real-world adoption and stirred innovation. Of course, this is very exciting to see how meme coins adapt and evolve to satisfy the changing needs as the cryptocurrency market continues to develop.
More importantly, Bitcoin memes have huge impacts on public perception of cryptocurrency, making it a speculative investment vehicle, creating a sense of community and hope and shifting market sentiment.
