In recent times, the world of cryptocurrencies has witnessed the resurgence of meme coins, which have become increasingly popular among investors. Meme coins are digital currencies that are often created as a joke or parody of popular cryptocurrencies. These coins derive their value from the community and the social media hype surrounding them. The recent parabolic run of meme coins such as Pepe, Wiki Cat, Defi Tiger, FARB, etc has delivered untold fortunes to early investors and has sparked renewed interest in the crypto market.
HISTORY OF MEME COINS
Dogecoin was the first meme coin to gain significant traction in the crypto market. Created in 2013 as a joke by two software engineers, Billy Markus and Jackson Palmer, Dogecoin features the image of a Shiba Inu dog from the popular Doge meme. Despite its origin as a parody, Dogecoin has gained a strong following over the years, with a dedicated community of supporters who have helped to keep the coin relevant.
In 2021, Dogecoin experienced a parabolic run that saw its price rise from less than $0.01 to an all-time high of $0.73 in May. The coin’s price surge was fueled by the support of high-profile figures such as Elon Musk, who tweeted about the coin and even referred to himself as the “Dogefather.” The hype surrounding Dogecoin created a frenzy among investors, with many hoping to cash in on the coin’s sudden surge in popularity.
The success of Dogecoin, led to the rise of other meme coins such as Shiba Inu, Akita Inu, FLOKI, Defi Tiger, Wiki cat and many others. Meme coins have gained incredible traction in the crypto market in recent times with the entire crypto market being thrown into a frenzy as result of the mind blowing returns on certain meme projects.
Shiba Inu, which features the image of a Shiba Inu dog similar to Dogecoin, was created in August 2020 and gained popularity in May 2021, following the surge of Dogecoin. The coin experienced a parabolic run that saw its price rise by over 100,000% in just a few weeks, making it one of the fastest-growing cryptocurrencies in history.
THE RESURGENCE OF MEME COINS
The crypto market has been taken by a storm by the emergence of new meme coins. Two of these coins are the Wiki Cat Coin and Pepe Coin, which have seen a parabolic run in their value, delivering impressive returns to early investors.
WIKI CAT (WKC)
Wiki Cat (WKC) is a tutorial token with unique deflationary mechanism created by Sir Mapy for SMC DAO. With ownership of the token renounced to a strong and vibrant community, the goal of the project is to establish a NFT focused club (Wiki Cat Club), where users can hold, buy and sell unique NFTs in p2p way.
The coin has gained a strong following on social media platforms such as Twitter and a very vibrant community on telegram. With a dedicated community of supporters who believe in its potential. The price of WCC has seen a parabolic rise since its launch, with the coin’s value increasing by over 19,000% in 2023 alone. The coin’s market capitalization grew from under $100,000 to over $8,000,000 within one year of its launch.
This price surge was fueled by the community’s hype surrounding the coin, with many investors hoping to cash in on the coin’s sudden surge in popularity. The coin’s Founder and developers have also been active in promoting the coin, with regular updates on its development and future plans.
The project has continuously gained acceptance in the crypto space as recent reports from CoinMarketCap revealed that WIKI CAT is 4th most viewed coin from Africa. It enjoys the good company of the likes of Bitcoin, Etheruem and Shiba Inu etc. A feat worthy of commendation
The Wiki Cat team is working tirelessly to ensure the project is available on several CEX to as it was recently announced on their Twitter page to anticipate 6 CEX listings in the month of may.
We gathered that Lbank and Digifinex exchange will be listing the project this month. The outcome of this announcement has been met with cheers and renewed hope in the project as the anticipated outcome will lead to more adoption and sustainability of the project.
PEPE
Pepe Coin, on the other hand, is a decentralized meme coin that was launched in April 2023. The coin’s name and logo are based on the popular internet meme of Pepe the Frog, which has become a symbol of internet culture. The project aims to capitalize on the popularity of meme coins, like Shiba Inu and Dogecoin, and strives to establish itself as one of the top meme-based cryptocurrencies.
PEPE appeals to the cryptocurrency community by instituting a no-tax policy, a redistributive system rewarding long-term stakers, and a burning mechanism to maintain scarcity of the PEPE coin. The coin has gained a strong following on social media platforms, with a dedicated community of supporters who believe in its potential.
Like WKC, the price of Pepe Coin has seen a parabolic rise since its launch, with the coin’s value increasing by over 1,000,0000 % in just a few weeks of launch causing the market capitalization of the coin to rapidly increase from less than $100,000 to $1BN.
Pepe is now now the third largest Meme coin based on CoinMarketCap rankings behind DogeCoin and Shiba Inu in first and second position respectively. This price surge was fueled by the community’s hype surrounding the coin, with many investors hoping to cash in on the coin’s sudden surge in popularity. The coin’s developers have also been active in promoting the project, with a vibrant following on Twitter as well as influencers aping in on the project and also encouraging their followers to do same.
The success of Wikicat, Pepe and many others has highlighted the power of social media and community in the crypto market. These coins have shown that a strong community can help to drive the price of a coin, even though the project is in its early stage with founders still rolling out the roadmap and blueprint for the project.
In conclusion, the success of these coins has been fueled by the broader interest in cryptocurrencies, with many investors looking for the next big thing in the market to deliver impressive returns.
However, investing in meme coins can be risky, and investors should only invest what they can afford to lose. The hype surrounding these coins can be short-lived, and their value can be volatile. Additionally, meme coins do not have the same level of regulatory oversight as traditional investments, which makes them more susceptible to fraud and manipulation.
