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The crypto industry is no stranger to controversy. Ever since cryptos debuted, they have been subject to debate and discussion about their legitimacy and value. Even as the industry has soared to new heights and scored major wins like the new Bitcoin all-time high, the controversy continues.
Meme coins have been especially controversial as, even within crypto circles, they are not always seen as legitimate. But despite all of these, meme tokens have continued to score major coups and secure more use cases, as can be seen with tokens like Dogecoin and MEME.
MEME on the Rise
Perhaps the biggest new meme token on the market is called, ironically, BOOK OF MEME ($MEME). The tokens launched in early March 2024 and instantly made waves in the crypto industry. As of this article, it has a market cap of over $1.3 billion and is now within the top 100 cryptos by market cap. This is a testament to not only how quickly the market has taken to MEME but also how far meme tokens as a concept have come.
Crypto historians will be familiar with the story of Dogecoin, arguably the biggest meme token in the market. The token entered the market a few years ago and to some, seemed like a joke. After all, it is based on a meme of a dog who seems to be giving the viewer the side-eye. But after viral success and co-signs from the likes of Elon Musk, the token has risen to the top of the crypto industry.
As of this article, Dogecoin is in the top 10 cryptos by market cap, with a market cap of over $20 billion. But the success of MEME and Dogecoin speaks to the changing narrative around meme coins as a whole.
How Meme Coins Are Changing the Industry
The crypto industry is nothing if not provocative and meme tokens are clear evidence of this. Their critics see them as nothing but internet jokes that shouldn’t be taken seriously. As Sergio Zammit points out, tokens like Bitcoin, for example, have a horde of casinos that accept them for gambling (source: https://www.business2community.com/cryptocurrency/best-bitcoin-casino-sites). Meme tokens are starting to get the same treatment, showing that they have legitimate use cases.
The number of merchants who accept top meme coins is also on the rise. Tesla, Bitrefill, Twitch, and others already accept Dogecoin and soon, we can expect more tokens to join this list.
On top of this, meme coins are at the forefront of some truly interesting projects. Take the SpaceX mission to the moon that is being funded entirely by Dogecoin. While the mission has seen some setbacks, it appears to be back on track for the year.
This success has opened the floodgates for more meme coins to enter the market to success, as we’ve seen with MEME. As this continues, meme tokens will continue to see ever-expanding use cases and thus, a more secure place in the industry.