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The cryptocurrency market is heavily driven by a devoted – sometimes to a fault – community.
If you’ve ever spent time on X (formerly Twitter), you’ve probably seen some passionate members arguing about why their favourite crypto project is best.
But just like sports and social media, crypto would be a different world without its strong community.
What are meme coins?
The history of meme coins
The very first meme coin, Dogecoin, was invented over a decade ago in 2013.
It was based on the internet sensation Kabosu, a Japanese breed of dog that became popular among message boards in the early 2010s.
At first, meme coins were intended to soften the serious nature of other projects like Bitcoin and Litecoin. Because of its low value, users could send each other small amounts of Dogecoin to “tip” others online.
But the project, initially a “joke,” quickly became more than just a cryptocurrency. It was representation of internet culture; a snapshot of society.
And as the world became more and more online, the cultural impact of meme coins grew.
In 2024, hundreds of meme coins represent all sorts of internet memes – from Doge to Pepe, to Donald Trump.
How can meme coins be used?
Meme coins are inherently speculative because… to be honest, they don’t really do anything.
Whereas Bitcoin is a store of value, and Ethereum has a huge ecosystem of applications, the value of meme coins is built on their communities and social influence.
This makes meme coins – especially new ones – very volatile. They can see wild overnight price gains that fall apart once the crypto world turns its attention elsewhere.
What is crypto gaming (GameFi)?
Game finance (GameFi) refers to video games that leverage cryptocurrency or blockchain technology.
The sector is one of the fastest-growing in Web3 and encompasses a huge number of genres.
For example, a typical first-person shooter might have an in-game economy powered by crypto for trading skins.
Or, an idle clicker game might build a community through a “tap-to-earn” mechanism.
There are also several Layer 1 blockchains purpose-built for hosting games and developers. Creators utilise these networks to facilitate cheap and efficient transactions for their games, which might have to handle thousands simultaneously.
Advantages of GameFi
Modern gaming has adopted a strong financial culture.
Whether that’s through microtransactions to level up your character, buying outfits or trading cards, most popular multiplayer games have an in-game economy.
Blockchains present an advantage over traditional in-game economies due to their decentralized nature. This means if the game or host platform goes down, you can likely still trade any leftover assets.
On top of this, blockchain tech allows players to be the true owners of any in-game assets – rather than the game developer.
Top meme coin projects for investors to watch
Dogecoin
Dogecoin (DOGE) is the top dog (sorry) of meme coins.
The coin has been around the longest, runs on its own network, and has by far the biggest cultural impact of its peers.
As many know, Elon Musk has been an outspoken fan of the crypto project, with President-elect Donald Trump even giving Musk his own Government Department called D.O.G.E.
You can even buy a Tesla with DOGE.
Pepe
Pepe the Frog has been around since 2005, after being created by cartoonist Matt Furie.
Over time, the Pepe meme became strongly associated with gaming culture, in particular the streaming platform Twitch.tv.
The PEPE cryptocurrency came nearly 20 years later, surging into the top 25 digital assets by market cap in less than 18 months.
Solana
Solana (SOL) itself isn’t exactly a meme coin – but it has become the go-to blockchain for new meme coin projects.
This is largely because Solana is cheap to use and fast, making it perfect for high-volume transactions.
Some of 2024’s most popular meme coins were built on Solana, including Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT).
Ethereum (ETH) is another popular network for launching meme coins, but is steadily falling behind due to congestion and high fees.
Top blockchain games for investors to watch
Layer 1 networks
Perhaps the most diversified way to gain exposure to GameFi is through the Layer 1 blockchains that power them.
The popularity of games – especially in a young industry – ebbs and flows. This can mean individual gaming tokens may drop in value if gamers move on to other titles.
However, blockchain games and related assets will always need infrastructure to support them.
That’s why investing in powerful, high-speed gaming blockchains like Ronin (RONIN), Beam (BEAM), and Immutable (IMX) could help mitigate risk.
Illuvium
A big criticism of GameFi is the games just… aren’t that good.
Illuvium is an ambitious project aiming to buck that trend, delivering three games reminiscent of a top-tier Sony or Nintendo title.
The series sits somewhere between a resource management sim, an auto battler and an open-world shooter.
Off the Grid
Off the Grid is still in early access (it’s not yet fully completed) but can downloaded on PC, Xbox, and PlayStation.
The free-to-play battle royale game includes a campaign, a 150-person multiplayer arena, and an in-game economy using NFTs.
Telegram games
Telegram play-to-earn (P2E) games have taken the world by storm, amassing hundreds of millions of players over the last year.
Titles like Hamster Kombat and Notcoin are extremely simple. You tap your phone and earn a tiny amount of crypto.
That’s it.
These clicker games can be incredibly addictive, and pair that with the (admittedly small) earning potential and the popularity of Telegram, it’s no wonder they’ve grown in popularity.
Swyftx: Start your crypto investing journey
Swyftx is an Australian-based crypto exchange with over 750,000 users. Start your investment journey off with $20 of free Bitcoin when you sign up and verify.
We’ll be back next week with Part Four, looking at tokenisation and how crypto can redefine finance.
Disclaimer: The information provided by Swyftx is for general educational purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any assets.
It has been prepared without regard to any particular investment objectives or financial situation and does not purport to cover any legal or regulatory requirements. Customers are encouraged to do their own independent research and seek professional advice.
Swyftx makes no representation and assumes no liability as to the accuracy or completeness of the content. Any references to past performance are not, and should not be taken as a reliable indicator of future results.
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