See how DeFi protocols and NFT startups are using memes to build community and increase demand on Twitter and Reddit.
To the common eye, memes are just a funny way on the Internet to make a joke and share some laughs with friends.
In this article, we aim to showcase the power of memes, their cultural relevance, and why digital marketers in the blockchain industry and beyond should be paying attention.
A meme, by definition, is:
a humorous image, video, piece of text, etc., that is copied (often with slight variations) and spread rapidly by internet users.
But why is this important?
With the rise of NFTs and crypto, meme marketing is becoming more relevant than ever for marketers looking to grow their blockchain marketing skillset.
Crypto memes are humorous or satirical images, videos, or text related to the world of cryptocurrencies. They often poke fun at market trends, investor behavior, or the volatile nature of crypto assets. Despite their lighthearted nature, these memes can wield significant influence in the crypto community.
Dogecoin: Originating as a joke, Dogecoin features the Shiba Inu dog from the "Doge" meme. Despite its humorous beginnings, it gained massive popularity and saw substantial market activity, thanks to endorsements from personalities like Elon Musk.
Shiba Inu: Dubbed the "Dogecoin killer," Shiba Inu leveraged the viral nature of memes to build a strong community and achieve notable market presence.
Bitcoin Memes: Memes about Bitcoin often highlight its price fluctuations, with classics like "Bitcoin to the moon" and "HODL" (Hold On for Dear Life).
Crypto memes aren't just for laughs; they can drive market trends and investor behavior. A well-timed meme can create a buzz, leading to increased trading activity. For instance, Dogecoin's value surged after Elon Musk tweeted a meme about it. These memes can also foster a sense of community, making complex crypto concepts more accessible and engaging.
Memes are not just something you send to your friends through text. Memes can galvanize a massive community of strangers on the internet and create massive change.
Let's look at three relevant memes across traditional finance (TradFi) and crypto to see how meme marketing can lead to huge financial gains and losses.
If you’re not familiar with Wall Street Bets (WSB), it is a cult-like Reddit group focused on group trade calls in the cryptocurrency and stock markets.
The group comprises approximately 50,000 active Reddit members, over 300,000 Instagram followers, and was the reason for CNBC’s headline back in January highlighting Melvin Capital’s 53% loss on its short position.
Hedge funds do not mess around when it comes to money.
So how did a loosely knit group of strangers on the internet, band together to ‘take down’ one of the largest institutional investors in the US stock market?
They did it through building a community, memes, and the principles behind network effects to reach a national audience.
Gamestop (GME) went on one of the most impressive stock rallies in the history of the stock market. The company was destined to fail, and the stock price increase defied every fundamental analysis in the book.
In just a few months, Gamestop rose 1,800% from less than $20 per share in late 2020, to a high of $380 in February of 2021.
If you’re not convinced that communities and memes are powerful, let’s dive further.
Dogecoin, a cryptocurrency meme token, currently sits at the #10 overall market cap at $29 billion as of September 22nd, 2021.
That’s a lot of money.
What’s Dogecoin’s utility?
TL;DR - it has none.
So how is Dogecoin, a literal internet meme, sitting above blue-chip cryptocurrency projects like Uniswap and Chainlink?
The power of community and memes.
If you frequent the internet, and more specifically the wild west of Crypto Twitter, you’ve probably heard of or seen something about Doge. Elon Musk has mastered building social currency and has been a huge advocate for the project.
From $0.0025 in late 2020 to almost $0.70 in April 2021, Dogecoin's 2,900% rise in price highlights the power of memes in crypto marketing.
There’s a social movement taking place on the internet that carries value if used correctly. The money speaks for itself.
Finally, we're going to explain a recent phenomenon in the Non-Fungible Token (NFT) space.
Pudgy Penguins are available on OpenSea, an NFT Marketplace on Ethereum, and just a few weeks ago were valued at less than $300. They currently are selling for over $6,000, some selling for well over six figures, and were featured in the New York Times.
Although the price fluctuation is volatile, the long-term utility of owning NFTs is still very unknown to investors.
Here's a question: why did George Lucas not take a cut from the Star Wars box office and only wanted to merchandise rights?
Because he knew in the long-term, he would make so much more; and he was right.
Blockchain in and of itself is a relatively new phenomenon, and community and memes are a core foundation of the crypto community.
The true value of these NFTs will be the groups that buy into these projects not looking for a quick flip, but to build the brand and community.
The beauty of owning NFTs gives you the power to monetize off the brand. You can make merchandise, T-shirts, TV shows; the possibilities are endless.
If someone was to say, create a Pudgy Penguins TV series that was featured on Netflix, what do you think the price of the actual NFTs would be?
This is the true power of blockchain and community; the opportunity to come together and build.
Another aspect of Pudgy Penguins is their ‘meme-ability’ and a new phenomenon, the Profile Picture Effect (PFPE).
The Profile Picture Effect is the organic growth a project gains based on the number of users using the project as their profile picture.
You can browse through thousands of projects, but few rival the inherent cuteness of the art.
Combine meme-ability with the PFPE and being featured on major news outlets, you have a perfect storm for people wanting to be a part of the community increasing the overall value of each NFT.
Feeling the FOMO from all the meme coin hype? Wondering if you should jump on the bandwagon or stay on the sidelines? Let’s dive into the most popular meme coins and see what all the fuss is about.
Dogecoin started as a joke, but it’s no laughing matter now. Created in 2013 by Billy Markus and Jackson Palmer, Dogecoin features the Shiba Inu dog from the "Doge" meme. What began as a parody of the crypto craze quickly gained a cult following. Elon Musk’s tweets and endorsements sent Dogecoin’s value soaring, making it a household name. Today, it’s used for tipping, charitable donations, and even NASCAR sponsorships.
Dubbed the "Dogecoin killer," Shiba Inu took the crypto world by storm. Launched in August 2020 by an anonymous person known as "Ryoshi," Shiba Inu capitalized on the viral nature of memes. Its decentralized exchange, ShibaSwap, and its large token supply grabbed the attention of investors. The Shiba Inu community, known as the "Shib Army," is one of the most active and passionate in the crypto space.
Pepecoin: Inspired by the Pepe the Frog meme, Pepecoin saw a rapid rise in market cap. It’s available on various crypto exchanges and has a dedicated community.
Floki Inu: Named after Elon Musk’s dog, Floki Inu aims to combine memes with utility. It’s working on projects like an NFT marketplace and a gaming platform.
These meme coins show how humor and community can drive serious market activity. But remember, the volatility is real. Invest wisely.
Crypto memes aren’t just about laughs; they offer tangible benefits that can significantly impact your marketing strategy or investment approach. Here’s why you should care.
Crypto memes are a surefire way to boost engagement on social media. They are shareable, relatable, and can quickly go viral, amplifying your reach. For example, a well-crafted meme about a trending topic can attract thousands of likes, shares, and comments within hours.
Let’s face it: crypto can be confusing. Memes break down complex topics into bite-sized, digestible pieces. They make learning about blockchain, smart contracts, or DeFi (Decentralized Finance) fun and accessible. Think of it as crypto education with a side of humor.
Memes act as a social glue, bringing together like-minded individuals. They create a sense of belonging and shared culture, essential for building a loyal community. A meme that resonates with your audience can spark conversations and foster deeper connections.
Yes, memes can move markets. A viral meme can drive investor behavior, influencing buying and selling decisions. For instance, Dogecoin’s price surged multiple times due to meme-driven hype. Understanding this dynamic can give you an edge in market analysis.
For marketers, memes are gold. They make your brand more relatable and human, helping you connect with your audience on a personal level. A clever meme can make your brand stand out in a crowded market, boosting visibility and recall.
Memes aren't just for entertainment; they can be powerful educational tools. They simplify intricate concepts, making them easier to grasp. For example, a meme explaining the basics of blockchain can demystify the technology for newcomers, making it more accessible.
Ready to dive into the meme game but unsure where to start? Creating and sharing crypto memes can seem daunting, but it’s easier than you think. Let’s break it down.
The first step in meme creation is finding inspiration. Look for trending topics within the crypto community. Follow key influencers on Twitter, Reddit, and other social media platforms. Stay updated with the latest news and events in the crypto world. Inspiration can strike from anywhere—a viral tweet, a market trend, or even a funny comment in a forum.
Designing a meme doesn’t require advanced graphic design skills. Tools like Canva, Meme Generator, and Adobe Spark make it easy to create visually appealing memes. Focus on simplicity and clarity. The best memes are often the simplest ones. Use high-quality images and keep text concise. Humor is key, but make sure it’s relevant to your audience.
Once your meme is ready, it’s time to share it. Choose the right platforms—Twitter, Reddit, and Instagram are popular for crypto memes. Use relevant hashtags to increase visibility. Engage with your audience by responding to comments and encouraging shares. Timing is crucial; post your memes when your audience is most active.
Memes are a two-way street. Encourage your community to create and share their own memes. Host meme contests or challenges to boost engagement. Recognize and reward the best contributions. This not only fosters a sense of community but also generates user-generated content, amplifying your reach.
To understand the impact of your memes, track their performance using analytics tools. Monitor engagement metrics like likes, shares, comments, and reach. Tools like Twitter Analytics, Hootsuite, and Sprout Social can provide valuable insights. Analyze which memes perform best and why. Use this data to refine your meme strategy, focusing on what resonates most with your audience.
Crypto memes aren’t just for laughs; they can shake up the market in ways you wouldn’t believe. Let’s explore how these viral sensations influence market trends and investor behavior.
Crypto memes can drive market trends by creating buzz and hype. A single meme can go viral, leading to a surge in trading activity. For example, when Elon Musk tweeted a Dogecoin meme, its price skyrocketed. Memes can also highlight emerging trends, signaling to investors what’s hot and what’s not.
Memes can significantly influence investor behavior. They simplify complex concepts, making them more accessible to the average investor. This can lead to increased participation in the market. However, it can also result in impulsive decisions based on hype rather than solid research. Always do your due diligence before making investment decisions.
Memes foster a sense of community and shared culture. They bring people together, creating a collective identity around a particular coin or project. This community-driven approach can lead to stronger support and loyalty, which can be a powerful force in the market.
While memes can drive engagement and market activity, they also come with risks. The hype can lead to extreme volatility, making meme coins a risky investment. Prices can surge and plummet based on social media trends, leading to significant financial losses. It’s essential to approach meme coins with caution and only invest what you can afford to lose.
Looking to harness the power of crypto memes for your marketing strategy? You’re in the right place. Here’s how to make memes work for you.
Know your audience inside out. Identify their interests, pain points, and what makes them tick. This will help you create memes that resonate and engage. Use tools like Webstacks' marketing technology resources to track and analyze audience behavior.
Craft memes that your audience can relate to. Use humor, but keep it relevant. The best memes are those that strike a chord with your audience, making them want to share and engage. Remember, authenticity is key.
Timing is everything. Capitalize on trending topics and events to make your memes more relevant and shareable. Use tools like Google Trends and social media analytics to stay updated on what’s hot.
Partner with crypto influencers to amplify your reach. Influencers have a loyal following and can help your memes go viral. Engage with them on platforms like Twitter and Reddit to build relationships and leverage their influence.
Track the performance of your memes using analytics tools. Monitor metrics like likes, shares, comments, and reach. Use this data to refine your strategy and focus on what works best. Webstacks' web development services can help you integrate these analytics into your website for better insights.
Caught in the meme coin frenzy and wondering if it’s worth the hype? Let’s weigh the pros and cons.
Meme coins can offer astronomical returns. Dogecoin, for instance, saw a massive surge in value, making early investors wealthy. These coins can provide quick gains, especially if you catch them early. But remember, high returns come with high risks.
The volatility of meme coins is no joke. Prices can fluctuate wildly based on social media trends and celebrity endorsements. Investing in meme coins is akin to gambling; you could win big or lose everything. Always invest money you can afford to lose.
The long-term viability of meme coins is uncertain. While some, like Dogecoin, have built a strong community and use cases, others may fade away. Assess the fundamentals and community support before making long-term investments.
Crypto experts have mixed views on meme coins. Some see them as a fun and engaging way to introduce people to crypto, while others warn about their speculative nature. Do your research and consult multiple sources before diving in.
Investing in meme coins can be a wild ride. If you’re up for the adventure, go ahead, but tread carefully. And if you need help navigating the crypto landscape, Webstacks is here to support you with top-notch we
In this article, we aim to showcase the power of memes, their cultural relevance, and why marketers should be paying attention.
By now you can see that memes and the network effect are extremely important in the ever-expanding digital world.
One not only has to be in tune with internet culture but how to utilize this authentically and organically to grow their brands.
As marketers, we must always be paying attention to new trends, and mastering how to best use them to effectively beat out our competition.