Memecoin is Becoming Popular: The 'X' Factor of Musk

Elon Musk, the technology tycoon and owner of X, Tesla, and SpaceX, has a significant influence in the cryptocurrency industry, especially in the memecoin category where his dominance remains unrivaled. Understand this - according to Coingecko, there are over 103 memecoins related to Elon Musk listed with them and the total market capitalization of memecoins has been estimated at around 95 billion dollars. Musk has a significant influence on the next US President after Donald Trump, and this dynamic duo is expected to inspire many creative memecoin creators in the future. This process started with currencies like Elon Trump (ET), whose mascot is a cartoon image of Elon wearing a Superman costume or Donald's toupee. Those who created this currency show that Elon and Donald came together at a turbulent time when freedom and truth are most needed, using X to make cryptocurrency great again. This token is performing relatively well in the market, with the current price over 334% higher than all-time lows. Another coin with strong performance related to Musk is the Department of Government Efficiency or DOGE, named after the commission that Elon is willing to join to help the Trump administration make the government more efficient. At the time of writing, this coin has increased by more than 20%. Dogius Maximus and Shrubius Maximus increased by 26% and 16% respectively. The image of Dogius is a Shiba Inu wearing samurai armor or royal cape, while Shrubius is a hedgehog living in ancient Spina. Both animals are closely associated with Musk, as he likes this dog breed and has a hedgehog as a pet. A mention from Musk carries a lot of weight Musk's undeniable influence primarily influenced Dogecoin (DOGE), widely recognized as the first memecoin and the first dog coin. It ranks 7th among the top 10 coins by market capitalization, with a total market value of $53 billion. SpaceX and Tesla customers can use DOGE to pay for goods. Musk has also accepted DOGE payments for a satellite mission to the moon. He called himself a "Dogefather" in an SNL skit in 2021, and the coin added 30% in value after he temporarily switched the X logo to an image of a Shiba Inu dog in 2023. In addition, he has openly defended the unlimited supply and inflation of this currency, points that are frequently criticized. Very few memecoins deserve to be mentioned by Musk, which helps differentiate them in this crowded space. In fact, the only other memecoin he mentioned is LADYS. It was created in 2023 and has naturally attracted attention since then, with Musk's nod on X causing its price to skyrocket further. LADYS describes itself as 'a point for career obstacles, charm and beauty' and 'the accumulation of influence'. That is its unique premise. Accumulating influence is about doing what you feel is right. There are times when you express your true beliefs and some people hate you for it, but your frankness inspires many others to believe. Sustainable development goes beyond rhetoric The creators of LADYS know that a mention from Musk will only take this currency so far. To maintain excitement and relevance, they plan to launch many different products and services in the near future, enhancing interaction for token holders and community members. Most memecoins have no connection to interesting activities and exciting products. This is the crux of the problem: they have to be appealing to succeed. The most successful memes - DOGE, SHIB, PEPE, etc. - have emerged through popular trends or memes on the internet while still maintaining relevance. The timeless appeal of a passionate community and investment potential According to intelligence firm Messari, Dogecoin and Shiba Inu have doubled in value by spring 2024 These Musk-related memecoins have helped establish the asset class as a force to be reckoned with. Memecoin illustrates how passionate, speculative, and volatile communities appeal to investors, drawing attention to the unique dynamics in this segment. There has been a significant shift in the perception of memecoins, specifically from frivolous and risky investments to legitimate assets. This change has allowed for much larger personal financial allocations to this class, far surpassing the amounts typically spent on entertainment activities such as gambling at a casino. It is estimated that the recent surge in memecoin prices is similar to the initial surge of Bitcoin from $100 to $1,000. However, there are winners and losers among memecoins, and Dogecoin and LADYS have proven their resilience. They have two of the most dedicated communities in the cryptocurrency space, spearheaded by Musk, whose support has been proven to be very important. Conclusion part How did Memecoin become a mainstream asset? They originated from the popular wave on social media surrounding a digital image, a virtual character, an event, or an action. Another reason for the mainstream adoption trend is the lack of a robust technical foundation requirement (unlike Bitcoin, Ethereum, etc.). Memecoin transactions are affordable and have low entry barriers, making them attractive to newcomers eager to explore cryptocurrency investments. Their online community generates content that supports the trend. They share this content to help maintain the value of memecoin. Taking advantage of community participation and hype brings profits to initial investors when a currency becomes popular. Memecoin marketers use entertainment campaigns. 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