The crypto market seems like old news at this point, but it keeps on growing and giving to its community. The majority of people involved in the markets have already diversified their portfolios diving into riskier, but promising projects.

Image by KNFind from Pixabay 

What started off as a way to decentralize finances and give people their own voice in determining their financial future, turned into nothing more than a tech bubble, with millions flogging to the markets trying to make a fortune.

This then gradually developed into considerations for re-centralizing the main purpose of crypto, by creating government-owned stable coins for digital transactions. Inadvertently, this would start heavily promoting the adoption of blockchain, so we had then reached the topic of innovation.

But something happened. Something very weird, but glorious at the same time. It all just went upside down due to the involvement of Elong Musk, a Japanese dog breed, and a whole lot of controversy on the stock market.

The Emergence of Memecoins

Memecoins first became popular when Elon Musk openly endorsed Dogecoin as his crypto of choice. This was when he was in his prime as the “meme lord” so to say. Having already garnered a large following on his Tesla Stocks, he now shifted the attention of his fans to the next big thing, crypto.

Mind you that this small endorsement landed DOGE 9,000% growth over the last 2 years. Talk about a retirement fund eh?

But, soon enough this small little joke that made some people millionaires quickly turned into a battle of copycat. Anyone who was anyone and knew how to make a crypto token, started to plan a new project which was pretty much a copy of Dogecoin. We saw so many versions of the Shiba Inu dog breed appear on the faces of different coins, but one of them was the top of the crop, SHIBA.

Musk yet again lit the fires and mentioned SHIBA in his latest tweet, launching its price “to the moon” and encouraging even more projects to quickly enter the market. But, there’s one issue. Dogecoin’s hype is slowly dying down, so Elon’s endorsement is not forever. So, what are some new crypto projects doing? There are at least some that are doing a great job, but some who will rise high.

Memecoins Doing Good - A Good Example

One good example we can find about memecoins adapting to market demands and actually trying to find a purpose is Stadium.Finance. Although directly associated with the meme community, this project may have discovered the perfect way to remain relevant even without Elon Musk’s approval or endorsement.

The idea that the team discovered was that the majority of the price consolidation, as well as relevance with both SHIB and DOGE, was the heavy involvement of their communities. By building an almost rule-free platform and encouraging users to share their experiences, a “culture” was born to think of the project when investing and not about the individual.

Stadium.Finance may have found the goldilocks zone with this kind of approach by creating two coins that will be competing with each other.

The idea is to have the community take charge of their token’s performance by buying it up and beating the other team through growth. This victory is then rewarded with token burns, meaning there are fewer coins in circulation, thus promoting the growth spur even further.

This approach is what’s keeping cryptocurrencies alive. A focus on the community, and a sense of belonging. It was the phenomenon that pretty much caused the Gamestop short squeeze and will cause many more if communities like this are messed with on the financial markets.

Will We Ever See Crypto Popularity Decline?

Unlikely. Much like stocks and currencies are the bread and butter of investments today, cryptocurrencies have very firmly established themselves as the A-players of the financial markets.

Much like with other markets, when prices go down, the activity becomes more lively, meaning that instead of exiting the market as soon as possible, communities push against it in the hopes of bringing the price back where it was. Or it’s a completely different kind of activity of those who were late to the party joining in on the fun while they have a chance.

If projects like Stadium.Finance keep on coming to the crypto world, where they bring some additional value other than just being plain good ways to make a profit, then this industry is sure to go even further.