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The Growing Popularity of Meme Coins: Insights and Trends

Tuesday, 11 June 2024

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Meme coins, the lighthearted cryptocurrencies inspired by internet jokes, have recently taken over a significant portion of the digital financial markets. Once dismissed as mere digital currencies upon their initial launch, meme coins are now the talk of the town, experiencing a surge in popularity that even includes institutional investors.

Bybit data report, as cited from Blockcircle Indonesia, reveals an exponential increase in institutional investment allocation in meme coins, jumping from $63 million to nearly $300 million in just a few months. This growing interest clearly shows a growing acceptance of meme coins as legitimate investment assets. Motivated by portfolio diversification and the potential for high profits, these institutional investors see an opportunity to capitalize on the unique characteristics of meme coins, such as their viral potential and passionate communities. According to the same report, BONK meme coin on Solana has garnered more than US$75 million institutional funding, making it the most prominent meme coin among others. This also shows that investors are not only looking for the well-known meme coins like DOGE or SHIB but they are also actively investing in a newer coin that they feel have positive potential to their diversified portfolios. However, Dogecoin (DOGE), Pepecoin (PEPE), and Shiba Inu (SHIB) are still the leading beneficiaries of meme coin markets which are still favored by investors due to their high liquidity that results which facilitates large transaction volume without significantly impacting the market.

Celebrities are also playing a significant role in the meme coin market expansion, leveraging their powerful influence on social channels to attract audiences and inject liquidity into meme coins. Some celebrities, like Caitlyn Jenner and rapper Iggy Azalea, are even launching their own meme coins using the Pump Fun platform, which allows for coin creation based on artistic concepts. This strategy successfully influences the audience, especially younger generations, to learn more about meme coins and the potential for high returns. 

A prime example is Zeus Damora Astono, a 13-year-old Indonesian teenager who created his own meme coin, $DIDID. Inspired by Hami the Hamster, Zeus shared his journey on his YouTube channel, expressing his belief, along with his father’s support, that $DIDID could grow with the addition of beneficial features for token holders. Even though $DIDID, like many other meme coins, experienced a drastic drop price after 30 minutes after launching, Zeus did not see that as a setback. Instead, he and his father believe that $DIDID has the potential to thrive in the meme coin markets. He further stated plans to share his learning journey in creating something in blockchain technology, hoping to inspire other young people. This case highlights the growing interest in blockchain technology, especially meme coins, across all demographics, not just seasoned investors but even young teenagers. It also showcases the impact of creativity and determination in the world of blockchain technology and web3.0, signaling a promising future for the next generation in Indonesia.

With institutional investors and younger generations seeking new avenues for investment growth, meme coins are emerging as a promising option with high potential returns. This trend could reshape the digital investment landscape in Indonesia for years to come.

Cynthia Amanda


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