How Meme Coins Are Changing the Crypto Game

David Streltsoff
3 min readMay 24


Imagine a new kind of crypto coin — one that’s derived from Internet memes, with no inherent value and yet endorsed by investors like Elon Musk. Say hello to meme coins, a subset coinage of cryptocurrencies.

The Genesis of the Initial Meme Coin: Dogecoin

Dogecoin is the original meme coin and is still the most recognizable today. The coin got its start in 2013 with its invention beginning as a joke between two software engineers. Nevertheless, Dogecoin has risen in perceived value and now boasts an $11 billion market cap and daily volume in excess of $300 million.

In fact, there has been a proliferation of meme coins over the years with CoinMarketCap reporting the existence of more than 340 meme coins currently trading in the crypto markets.

The Rise of Meme Coin Millionaires

Meme coins by their very nature are designed to appeal to online popularity. It’s this element that drives their worth. The raging success, widespread adoption, and acceptance of this unconventional currency have been accelerated by the die-hard online communities rooting for these coins.

These enthusiasts leverage every possible Internet platform and medium to draw attention to their coins of interest. Their large-scale efforts have largely paid off as there are a record 1,046 Dogecoin millionaires as of November 1, 2022. Even with the obvious risks of meme coins — i.e. the speculative nature of crypto trading, the prevalence of scams, and high volatility, the coins continue to be a hit.

New Technology, New Marketing Ploys

Cryptocurrency from its onset has been enshrouded in mystery, receiving criticism from financial institutions and governments alike. And with due reason. The lack of regulations, the decentralization model, and anonymity saw the nouveau technology being widely used by nefarious actors to commit Internet crimes and launder money.

However, meme coins entered the market and began to change the social perception of crypto. They introduced a humorous characteristic element to cryptocurrency that made it likable. This rapport helped make meme coins an accepted social currency.

Riding on this positive public opinion, meme coin inventors relentlessly exploited every available platform to promote their offerings on social media platforms such as TikTok, Twitter, and Snapchat. The result? Meme coins companies have enjoyed massive growth in their market valuations and user bases.

Meme Coins: Encouraging Investment in Cryptocurrencies

So, what then has been the impact of meme coins in the crypto industry? Have they had no effect at all?

To understand just how colossal the imprint meme coins have made on the crypto market, all you have to do is check the daily meme coins trade volume.

Meme Coins Market Cap, Image Credit Source

The total meme coins and tokens market capitalization as of May 24, 2023, is $16,780,263,324.

Meme coins, because of their relatability, have drawn in a slew of investors that otherwise might never have dabbled in crypto. People who perhaps had never even heard of orthodox cryptocurrencies nor had any interest in crypto investing.

It can be said that meme coins have contributed in their own way to the broader acceptance of cryptocurrency as a valid mode of storing wealth, settling debt, and transacting, as well as encouraging a general appreciation of blockchain technology.


Meme coins have solidified their place within the crypto industry. Already, meme coin developers are working flat out to make them increasingly mainstream — it’s only a matter of time.

As always, it is imperative to carry out in-depth analysis, reviews, and research prior to making any financial investments.



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