When Meme Coins become Community Savings
Dogecoin was created to be used for experimenting blockchain, increasing engagement and awareness among the crypto enthusiasts. Back in years, the token was used by the faucets and it was budget-friendly to withdraw money from one exchange to another as the transaction fee was either 1 Doge or 5 Doge compared to the other coins.
When it comes to the conditions in today's crypto market, the developments in blockchain technology, in terms of speed and scalability, ease the life of people while conducting anything in blockchains. Though the "unofficial" use case of Doge is eliminated, it has multiplied its value within a short period of time. It happened thanks to Elon and a newly forming Sense of Community furry in crypto.
Not technology; but community.
I do not know if you ever spend some time with people who see themselves as the supporters of any "meme" coin that nowadays skyrockets. Though they are a bit away from what is being expected from a well-developed blockchain, they are attracting the liquidity and attention at the great stake.
The major motive of these people is to gamify their crypto experience while making possible gains. In discord or telegram, Floki Islands, Doge Standarts, SHIBA to Coinbase etc. are the basic campaings that are being speculated to spread the virus on Twitter, Instagram, Facebook and other platforms that have crypto people around.
Fun, Adrenaline, Friendship -> List of Newcomers
Whenever I talk about De-Fi, the promise of NFTs; Blockchain-based gaming (of course Splinterlands 🤤) and crypto blogging via Hive L2 solutions, they are distracted with the work that are expected to perform in exchange of digital value. The APR, APY or any return of investment do not make any sense at all.
What the newcomers want to experience is basically adrenaline addiction. They want to buy a digital society (we may even say crypted society) where they can win or lose together for the sake of a shared vision. While everything is green and rockets are blasted into the sky, the group of similar minded people (the fun community) grows daily. However, the bear market is severe enough to turn into a nightmare for the new friends.
Inevitably, Bears are relentless
I perceive these community tokens as an indicator that we still have some more ways to go with Bitcoin, Ethereum, Hive and many other promising projects. As long as these hype driven coins occupy the agenda, the next good days will, for sure, be for the beloved projects that develop themselves. However, when the bull-run ends, it will be a harsh winter for these guys.
No project / no use case / no buy pressure -> Bloodbath!
Sorry but in a project where people insincerely shill the coin to one another, there is only one end...
"Fun" is one of the things that crypto ecosystem always preserved in itself. Since the early days of Doge, it has always been welcomed by crypto enthusiasts to be Doge-friendly and use it though rarely. However, the meme coins have transformed into a shape that creates artificial communities that pretend like a real one. Since the sense of community brings fun, engagement, excitement and money along, these tokens can be extremely great in good days. However, when the winter comes, the grasshopper may go through really hard days without any real products...
It is hard to claim that there is always a buy pressure on these community tokens to have a long history in crypto. Yet, some things are too obscure to be discussed.
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