Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Beyond the Meme: How Far Can Memecoins Evolve?
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The memecoin mania of 2021 marked a new era in the world of financial investments; for the first time in history, investors were less concerned about value-driven assets. Instead, the focus shifted to digital assets that were created as a joke or based on an internet meme or cultural reference.
Today, the total memecoin market cap stands at a whopping $45.3 billion, with notable names such as DOGE and Shiba Inu featuring in the top 20 cryptocurrencies.
What’s more intriguing, however, are the strides being made by more nascent projects like LADYS that are also building around the crypto meme culture. Gone are the days when the only utility memecoins offered was a ‘speculative gamble’.
A New Gen Memecoin
Launched in 2023, LADYS is a classic example of how far memecoins can evolve. This self-organized memecoin rose to fame following a tweet by Elon Musk, who posted a picture from the famous Milady NFT collection with the message, “There is no meme, I love you.”
While the project is not in any way associated with Charlotte Fang or her creation Milady Maker, which at the time was one of the hottest NFT collections, the nod from Elon was a huge boost. LADYS token price surged by over 5000% within 24 hours and is currently up a cumulative 13100% since the publication of the tweet.
Of course, the gains are nowhere near DOGEcoins 123,388% all-time ROI, but what’s worth noting is that this pioneer meme coin has been around for more than a decade. LADYS, on the other hand, is among the new memecoins on the block and has yet to join the top 100 crypto league, which means there is significant room for growth in the near future.
So, what exactly is the value proposition of this particular memecoin? As mentioned in the introduction, it is no longer a speculative game but rather a combination of embracing memetic energy and providing some additional utility. This could be in the form of building a more vibrant and cosmic culture as the LADYS team puts it,
“The LADYS community is about to enter a new era of memetic magic – A cosmic revolution. A playful rebellion. A charming chasm of unapologetic degens, celebrating individuality and challenging norms, while catalyzing a culture of acceptance, universal engagement, and recognition. There is no meme. We love you <3”
Building Beyond the Meme Coin Hype
If there’s anything crypto natives have probably learned from previous cycles, it’s that memecoin prices can come tumbling down like a house of cards when the market is spooked. Communities wither after such turbulent times; for instance, a simple Google Trends search on ‘Doge’ clearly shows that interest has yet to pick up since the 2021 hype.
Source: Google Trends
This pattern is a call for memecoin innovators to think beyond nurturing communities from mere hype. Luckily, for DOGE, it enjoys several advantages, including the status of being the first memecoin, Elon’s endorsement, and was recently added as the only digital asset payment means by Tesla.
Memecoin Chains
The Ethereum blockchain is currently the most active ecosystem, and for good reason; it supports DApp development. This means that diehard fans not only have the option to speculate on Ether’s token price but also to build more innovations such as DEXs, lending platforms, or staking ecosystems that can generate extra value for users.
New-generation memecoins, including LADYS, are taking a similar direction. Instead of only launching a token, this project is also set to launch an optimistic-based L2 chain that will support DApp development.
The model has already proven to be successful with Shiba Inu’s Shibarium blockchain, which was created to solve Ethereum’s congestion and high fees problem. As of writing, it hosts several DApp ecosystems, including the ShibaSwap DEX (BONE), which currently enjoys a total value locked (TVL) of $17.78 million, the Shiba Eternity game, and the SHIB metaverse.
While it is arguable that memecoin utility is limited to speculation, the developments around DOGE’s acceptance as a means of payment, Shibarium’s ecosystem growth, and LADYS’s upcoming features are a testament to the fact that the value proposition of this asset class is gradually evolving.
But what’s even more important with the concept of memechains are the very fundamentals of blockchain technology.
Remember the GameStop ($GME) mania? While retail investors may have won against Wall Street, Robinhood’s decision to halt trading in 2021 and earlier this year is a huge wake-up call. Besides united communities, there needs to be decentralized infrastructure that cannot be compromised by central parties in favor of the establishment.
It therefore goes without saying: The most optimal environment for trading a memecoin is its own chain or DEX.
Where to Buy the LADYS Memecoin?
Similar to the top memecoins, LADYS has also been listed on several exchanges, thanks to Elon’s tweet last year, which generated significant traction. If you’re the DeFi-exclusive type, you can purchase this memecoin through the Uniswap exchange. Other prominent exchanges that have listed the token include Crypto.com, KuCoin, Gate.io, Bitget, and ByBit, to name a few.
It is also worth mentioning that the project recently secured a $5 million investment from DWF Labs in a collaboration meant to propel LADYS as a leader in the next gen of memecoin tokens.
Conclusion
As mentioned in the introduction, it is no longer business as usual for the modern-day investor. Memecoins have minted several millionaires who are either millennials, Gen-Z, not to forget the fact that Gen Alpha is also coming into the picture.
The internet meme culture will likely define the future of financial investments, as it continues to shape and influence market trends. With each new wave of internet-driven enthusiasm, the potential for memecoins to transform traditional investment paradigms grows, highlighting the importance of staying attuned to digital culture and community-driven projects.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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