The advent of memecoins is not even new, it's a natural cycle that is between us since the creation of bitcoin. In the early days we called them alternative cryptocurrencies or altcoins, then we the ICO boom, then the decentralized finance (DeFi) and then NFTs mania and then Solana-meme tokens style and then...who knows?
All this to remember you that this is not new. I can recall those days when we used to treat Litecoin as the silver to bitcoin's gold and then Feathercoin being the bronze.
Then, we had Dogecoin, the original memecoin of all, the real father, the OG of all memecoins. The purpose of this? None...this was a project born on Bitcointalk, this was something kind of...irreverent use of the proof-of-work.
After that, we saw also other coins, such as Potcoin, Pandacoin and Maxcoin...do you recall the last one? Yes sir, this is the memecoin dedicated to Max Kaiser and yes...the first wave were all proof-of-work.
Then, ICO era brought us some project that still today: Tron, Cardano, Tezos..all of them attempted to be something more than a meme. Then, we move to COVID lockdown where Elon Musk started to post tweets that people refer to something like a financial advice, making DOGE a crypto-project of 90.000.000.000 USD. In this same era, we recall the WallStreeBets bois, where they make a narrative related to retail vs. hedge funds, showing that no matter what happen, TradFi is broken.
Then, the NFT came...this was something like a new 'class' of cryptoassets: visual representation of something that has culture or something...memetic. All of these projects had some kind of liquidity, they put some kind of utility and also community. Now, let's speed up until the first ordinal, the first transaction that began with bitcoin, which has two main factos:
- Strong community: Memecoins needs community and that is something most ordinal project have...the phase of spread the meme is marketing-based, true but also organic.
- Spread the meme: Imagery was the first use of ordinal to propagate all across social media.
The opportunity took by many investors was ordinals never promised wealth, being rich nor something related..from the beginning they stipulate that the project is at alpha or beta with no financial purpose than to strengthen the network.
So, is Rune/Ordinal going to explode in the next memecoin cycle? I think it will. Is it fair to put ordinals into the memecoin cycle? To me, yes. Memecoins are something that is stretched to the current market. Whether you like it or not, this is our new reality.
That's my case people, I rest mine, I'll wait yours...
Memecoins needs community= Cows to milk $$$