It’s hard to define what makes a good meme. Like a good joke, it’s something that people intrinsically “get” without needing it explained to them. Pepe isn’t a global phenomenon because he’s a frog – it’s because he’s a particular style of frog, perfectly evolved from an original Matt Furie sketch.
Similarly, WIF is technically just a picture of a dog wearing a hat. And yet it’s also a $1.5B project. Why? Because what started out as a picture of a dog with a hat has evolved into a powerful community with the enthusiasm, content, and energy to elevate it into something far greater.
It is this elusive stardust memecoin projects are attempting to conjure to make their character stand out in a crowded field. While few will succeed in this endeavor, the rewards for those that do are huge. WOMIO is another new memecoin project with grand aspirations. But unusually, it’s less fixated on elevating its own token to new heights – that’s merely part of the plan – and more interested in raising the bar for the entire memecoin sector. It’s an ambitious goal but WOMIO believes it’s found the formula.
Making Memecoins Great Again
2024 will go down as a vintage year for memecoins. From Base to Solana and Tron to Ethereum, the industry has created a string of winners that have made their early adopters stupidly rich, entertained millions of crypto degens, and demonstrated what can be achieved with little more than some humorous memes and a fair launch.
Of course, it hasn’t all been plain sailing for the memecoin sector this year, despite its huge growth and dominance of onchain volumes. The sheer number of tokens now being launched on a daily basis, and the high attrition rate of most of them, has risked causing saturation and burnout among traders. It’s possible to have too much of a good thing, and right now crypto has a multitude of memecoins.
On the surface then, WOMIO’s promise to elevate the industry through encouraging the creation of yet more memecoins via its token launchpad might seem like a non-sequitur. But a closer examination reveals there’s a smarter strategy at play here. The WOMIO team has been carefully studying the successes and failures of the sector to date. And they believe they’ve found a solution that will raise the bar for new projects moving forwards.
More Utility, More Creativity
Most memecoins today can be bracketed as follows: they have a 1 billion supply, fair launch, and the best way to make money off them is to get in early. But it hasn’t always been this way. Back in the early days of crypto, there were community-led attempts to grow real-world adoption of cryptocurrencies including Bitcoin itself. At one stage, for example, the Dogecoin community sponsored a Nascar, which was emblazoned with the crypto logo, while other memecoins built in simple utility such as onchain games and NFT marketplaces.
Now, WOMIO is trying to move the industry forwards by recapturing this creative spirit and giving it a contemporary twist. Its own memecoin has significant utility baked in, since holders who stake it will earn a cut of all memecoins that launch on WOMIO’s multichain launchpad. As for the projects themselves, the onus is on them to get creative and incorporate their own use cases, be it through gaming, payments, lotteries, merchandise, or some other application.
While WOMIO isn’t insistent upon memecoins utilizing its launchpad to incorporate non-speculative utility, it’s made it clear that it will amplify projects that do. Its community hub, where forthcoming launches are appraised and analysis of new projects made, will give memecoin creators a level of scrutiny that other memecoin ecosystems rarely apply. If WOMIO can launch a handful of winners that make it to the big league while including genuine use cases, it will have ramifications for the entire multi-chain landscape.
Memecoins aren’t going anywhere. Since they’re here to say, they might as well get useful and start incorporating some of the features that crypto is ideally suited to handle. From incorporating DeFi features such as staking and liquidity mining to creating P2P marketplaces, the possibilities are endless. All it takes is a little originality – and if there’s one thing memecoin communities are blessed with, it’s creativity.
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