The cryptocurrency market is witnessing a truly unusual phenomenon for financial markets: the increase in the popularity of memecoins. Inspired by internet jokes and memes, these cryptocurrencies are no longer just a fun trend – they have become a powerful part of the cryptocurrency space.
The rise of memecoin popularity
The memecoin supercycle has officially arrived, fundamentally changing the cryptocurrency landscape. Unlike traditional cryptocurrencies with specific utilities, memecoins thrive on internet culture, often born from jokes or social media trends. The rise in popularity of these coins signals a shift in market trends, with memecoins becoming dominant players in the digital asset space.
The first memecoin, Dogecoin (DOGE), was created in 2013 as a parody of the booming cryptocurrency market, inspired by the viral Doge meme featuring a Shiba Inu dog. Since then, the memecoin space has exploded, with coins such as Shiba Inu (SHIB), Pepe (PEPE), and DOGS (Ton Coin Meme) gaining devoted supporters.
Memecoin is growing in popularity for several reasons, both internal and external. On the one hand, the cryptocurrency market is flooded with new tokens – over 600,000 new designs were released by April 2024, which reinforced the need to stand out. Unlike traditional cryptocurrencies that focus on practical applications, memecoins build their importance by creating strong communities and culture around them. Their supporters form tight groups, and the emotional and social bonds between them often drive prices to disproportionate heights, often exceeding the real value of tokens.
Not everyone who enters the cryptocurrency market immediately looks for advanced technical solutions. For the average user, memecoins may seem much more attractive than e.g. Ethereum scaling solutions. They are easy to understand, often based on popular internet jokes or memes, which attracts the attention of a wide audience, even those who are not interested in blockchain technology.
The power of community in memecoins
What sets memecoins apart from other cryptocurrencies is exceptionally strong community support. Instead of relying solely on technical foundations, memecoins gain popularity thanks to the involvement of their holders who identify with the culture and philosophy of a given coin. This sense of belonging creates loyalty, and community members actively promote their favorite tokens on social media, forums and various digital platforms. As these communities grow, their impact on the market becomes more and more significant.
Financial rewards also play a key role in building engagement. Memecoin projects often offer incentives such as airdrops or tokens to motivate the community to be active and spread information. Influencers, opinion leaders, YouTubers and internet personalities often join the project and receive compensation for promoting the coin.
CoinEx is a supporter of the memecoin supercycle
As the meme supercycle gains momentum, CoinEx – a renowned cryptocurrency exchange – has played a key role in supporting this trend by offering a wide selection of memecoins. On CoinEx we find both popular coins such as Dogecoin and Shiba Inu, as well as newer ones created by communities such as Pepe (PEPE) and dogwifhat (WIF).
CoinEx has long recognized the value of community-driven projects and fairly distributed tokens. Their strategy is to diversify memecoins to cater to different user tastes and preferences. This year, the exchange quickly introduced new, conceptual memecoins to the market that fit into the latest trends, such as PolitiFi, TikTok IP, animals, Cult-Culture and Pump.fun. These projects cover a wide range of ecosystems, including Bitcoin, Ethereum, Solana, BNB Chain, Sui, and Tron.
A unique listing strategy on CoinEx
CoinEx’s memecoin listing strategy stands out from the competition by being “fast, comprehensive and unique.” While larger exchanges often take a cautious, slower approach to introducing new assets, CoinEx clearly understands how dynamic and rapidly changing the memecoin market is. Speed is key, and CoinEx’s ability to rapidly list new memecoins gives users an advantage, allowing them to capture potential profits early.
At the same time, CoinEx uses a more stringent approach compared to smaller exchanges that often list coins without proper verification. CoinEx makes sure that the assets introduced are not only diverse, but also safe for users.
