At launch, Dogecoin (DOGE) creators Billy Markus and Jackson Palmer were likely unaware that their joke would lead to one of the largest cryptocurrencies by market cap. Moreover, no one could have expected that their brainchild would trigger an entire sector of memecoins — cryptocurrencies inspired by internet memes and jokes.
While most memecoins don’t have specific use cases or underlying utility, crypto enthusiasts still appreciate them for the fun aspect and their ability to show a lower correlation to the rest of the crypto market. The high volatility of memecoins can be considered a good opportunity to speculate on their price, especially as Bitcoin (BTC) and the crypto sector can move within sideways channels for weeks in an attempt to reach stability.
Pseudonymous crypto expert Altcoin Sherpa tweeted: “Memecoins are mostly rugs, do nothing productive, take 0 effort to make, and are mostly here for the biggest gamblers, degenerates, and plebs in the crypto space... and yet they can do something that no ‘normal’ coin/BTC can do: they can go 500x+ in the matter of a few days.”
meme coins are mostly rugs, do nothing productive, take 0 effort to make, and are mostly here for the biggest gamblers, degenerates, and plebs in the crypto space...
— Altcoin Sherpa (@AltcoinSherpa) April 18, 2023
and yet they can do something that no 'normal' coin/ $BTC can do- they can go 500x+ in the matter of a few days pic.twitter.com/FCr0khTBEw
Adding functionality can empower memecoins
Adding a bit of functionality or vision may help the potential of a memecoin. For example, SnailBrook is not a simple memecoin — it aims to deliver equal opportunity to all crypto enthusiasts and become a global force for change and collaboration. Moreover, unlike most memecoins, whose underlying infrastructure is basic, SnailBrook is in the process of integrating AI technology.
SnailBrook is a community-owned, community-driven and community-oriented cryptocurrency. It aims to unite all memecoins into a single ecosystem that revolves around equal opportunities and social justice. Users can join this emerging ecosystem by holding their memecoins, such as SHIB, BONE, DOGECHAIN, QOM, CAW and others to claim free SNAIL tokens during the launch event. This “fair launch” approach highlights its collaborative effort.
Memecoin ecosystem visualization | Source: SnailBrook
SnailBrook’s ultimate goal is to become “the meme of all memes,” and build a utopia for memecoin fans and investors.
The memecoin was founded by Finn, an entrepreneur who envisions it as a symbol of hope, egalitarianism and boundless potential. He stated:
“We have launched as a meme because we remain set on the fact that memes are a microcosm and symbol of crypto at this point as well as the spear to retail. Memes originated as a symbol of inclusivity, happiness and hope. It has quickly turned into a cesspool of scams, pump and dumps, and malicious intent to ruin each other’s hard work. We are here to change the tide.”
For him, crypto is broken, as the industry has been bombarded with over-centralized actors that manipulate data in their favor to gain the lion’s share of profits. SnailBrook encourages true decentralization and aims to create opportunities for everyone.
Tapping the potential of AI
SnailBrook is launching at a time when AI is catching everyone’s attention. The memecoin integrates AI technology to increase efficiency. The move enables SnailBrook to tap into the fast-growing AI market and harness its transformative power to create a future-proof memecoin ecosystem. By merging the unlimited capabilities of AI with the decentralization of blockchain, the memecoin highlights its commitment to pushing the boundaries of what’s possible in the crypto industry.
Memecoins that have actual functionality and integrate innovative technologies like AI have the chance to be part of the next altcoin season. While most of them are built around a simple idea and use cartoon images or memes as their symbol, memecoins still leverage the unique features of blockchain, including decentralization, security and transparency. Adding AI results in a powerful mix that can drive innovation.
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