One Million Tokens In, We’re Still Discovering What Memecoins Are Capable Of
What’s the point of memecoins? Maybe nothing. Maybe everything. The truth is that like crypto itself, we’re still getting to grips with what memecoins could and should be. People have been asking similar questions of Bitcoin for the last 15 years and getting different responses, so there’s no shame in having no idea what – if anything – we’re meant to do with our dog, cat, and frog coins.
But the cloud of uncertainty is starting to lift as a new wave of projects attempt to breathe new life into the multi-billion dollar memecoin sector. If these imagineers have their way, memecoins will one day be good for much more than, well, memeing. Instead, they’ll power genuine use cases and even have real-world utility. Are these dreamers deluded or visionaries who’ve astutely identified the next meta? We shouldn’t have to wait long to find out.
More Than Just a Memecoin
There’s a school of thought that holds that memecoins don’t need to have grand aspirations: they are exactly what they claim to be and nothing more. Provided they make us smile – and hopefully make us some profits along the way – they’ve done their job. People don’t buy tokens like DOGE, PEPE, and FLOKI because they’re trying to access a new paradigm or a new kind of digital currency: they just like the meme and can see the upside to holding it.
But another school of thought holds that memecoins are capable of much more. They’re powered by two of the greatest attributes any crypto project should crave: a fair launch and a community of passionate holders whose energy will elevate the token to new heights. Just imagine what could be achieved if genuine utility was built into memecoins, leveraging their powerful network effects to deliver real use cases? It’s a notion that, in a crowded and highly competitive market, is beginning to gain traction.
Making a Memecoin Ecosystem
While the word itself is grossly overused, an ecosystem is what differentiates blockchain technology from blockchain adoption. When people are using your tech at scale, in different ways, and include developers, consumers, and enterprises, it’s a sure sign you’ve got the makings of an ecosystem. So what might a memecoin ecosystem resemble?
WOMIO is a memecoin and token launchpad of the same name that’s one of several emerging projects aiming to build utility into memecoins and create a thriving ecosystem. Its platform will form a universal hub for launching memecoins on multiple chains as well as participating in analysis, discussion, promotion, and community engagement. Holders who stake their $WOMIO will earn a portion of all tokens launched on the platform.
Not only is WOMIO making it easier for creators to launch their tokens, but it’s trying to incentivize them to build genuine utility into them, be it through gaming, DeFi, commerce, or some other integration. It’s a bold idea that, if successful, could represent the most radical shakeup of the memecoin landscape since Pump.Fun launched.
The idea of doing more with memecoins isn’t as radical as it sounds. Thanks to massive improvements in wallet design, UI, and onboarding, holding memecoins in a non-custodial mobile wallet is effortless. Which is one of the reasons why they’ve resonated so powerfully with retail. From there, it’s not a huge leap for leading memecoin projects to create their own loyalty programs, payment cards, merchant integrations, and merch stores.
Toys, Tech, and Tokens
Pudgy Penguins might not be a memecoin, but it’s a prime example of what can be achieved when crypto culture permeates mainstream society. What started out as an NFT collection has evolved into a soft toy collection stocked in Walmart and a forthcoming game currently under development by NFL Rivals creator Mythical Games. There’s nothing to stop established memecoin projects from following suit and leveraging their IP to create new experiences that will satisfy their community and onboard more holders.
One thing’s for sure: the memecoin landscape needs a shake up. At its peak in early August, 20,000 tokens were created on Pump.Fun in just three days – yet less than 1% of these graduated to Raydium. There are now more than one million memecoins on the market, and soon that number will pass the total supply of the average memecoin itself.
Most tokens won’t go the distance, and that’s okay: the market will anoint the winners and fade the rest. But for the tokens that do make it, there’s an untapped opportunity to do more. More memes, more use cases, more games, more fun. Ideas change worlds, and what is a memecoin but a reproducible idea that anyone can buy into? Token launchpads have democratized the memes of production. The next leap is to build in real utility that will transform a multi-billion dollar sector into one with real purpose and uncapped upside.
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