When Dogecoin first exploded into popularity on the cryptocurrency market, investors raised an eyebrow at the possibility of internet memes influencing the blockchain industry. At first glance, one would imagine that cryptocurrencies and memes have nothing in common, right? Well, this might not be entirely true.
In fact, some newer investors have been quick to point out that cryptocurrency itself, might just be a meme.
How Memes Drive Internet Culture
Memes have been an important part of internet culture for decades now. Memes influence how we communicate with each other, and what we talk about. Important moments in culture, from politics to Hollywood drama, get memeified on platforms such as Instagram and Twitter. Cryptocurrency has been pushing deeper into the mainstream each year, so it was only a matter of time before the cryptocurrency market and the meme economy collided.
What do Cryptocurrency and Memes Have in Common?
The market value of cryptocurrencies rises and falls based on market demand. This means that as long as a cryptocurrency remains valuable, it’ll remain relevant in the eyes of the people; the same can be said for the meme economy.
The Rise of Dogecoin
Dogecoin started as a meme, before quickly proving itself to be a viable investment. Unlike other cryptocurrencies, Dogecoin’s value doesn’t come from scarcity, or from being tied to another asset. On the contrary, Dogecoin’s market value is completely intrinsic. That is to say, Dogecoin gets its value from being a meme.
What Cryptocurrencies Can Learn from Memes
In the future, cryptocurrencies should look to the viral nature of the meme economy for inspiration. How quickly memes get popular on the internet is a testament to the fact that the general public don’t really care about the technology behind cryptocurrency, but the cultural relevance of it. Who knows? Soon enough we might find that NFTs and Memes on the Metaverse are on and the same.