How to Create Your Own Meme Coin: Strategies, Risks, and Success

February 12, 2024

Crypto World

Ana Rojas

Meme culture is all about the Internet. Meme coins are cryptocurrencies that are based on humor and satire. Their names, branding, and logos are heavily influenced by memes, and they frequently lack use case specificity. Moreover, they are often associated with social media trends, community involvement, virality, and the possibility of rapid market gains to draw in younger, tech-savvy cryptocurrency investors.

The very first meme coin was Dogecoin and was created in 2013. Doge is a meme that shows a shiba inu with funny lettering surrounding it that says things like ‘such wow,’ ‘much concern,’ and ‘many fast.’ As a joke, Dogecoin gained little traction until the 2016–2017 cryptocurrency bubble burst, during which time its value surged. Like the rest of the cryptocurrency, it faced a significant devaluation when the bubble burst in 2018. 2020 saw a modest recovery in its value, but not to the heights of previous years. Despite its humble beginnings, Dogecoin has gained credibility as an investment option for certain individuals because of prominent supporters such as Elon Musk.

Many new meme coins have emerged in the years after Dogecoin was first created. The most well-known and successful ones are Pepe coin, which is based on Pepe the Frog, Shiba Inu, and variations of the original Dogecoin, such as Doge Dash and Dogelon Mars. The excitement generated by these coins on social media increases their appeal and strengthens the bonds between owners. Digital hotspots for memes, advice, and experiences related to coinage are created via online forums, social media groups, and chat apps. Furthermore, these communities have an impact that goes beyond the people who belong to them. These groups have stimulated interest in finance and cryptocurrency among a wider readership by using humor and memes to make finance relatable and approachable. The community impact of meme coins certainly has positive aspects, such as fostering financial literacy and broadening access to investment opportunities.

Top 4 meme coins, source: Cryptorank.io

Meme Coins and Altcoins

Regular coins, sometimes referred to as cryptocurrencies, are digital or virtual money that is secured by encryption. They are decentralized systems that make it possible for peer-to-peer, safe online transactions. These coins are made to solve problems in the real world and have inherent value. Bitcoin, for instance, was developed as a virtual substitute for fiat money, but Ethereum was intended to support distributed applications and smart contracts free from third-party influence, fraud, control, or outages.

On the contrary, meme coins are a type of cryptocurrency that originated as jokes or memes but have since grown in acceptance and value. Creating a valuable meme coin takes research, planning, and dedication to ensure its success.

How to Create Your Own Meme Coin

To begin with, it’s good to know memes and research the market. Before you start the process of making your own meme coin, you should have a compelling and distinct idea in mind. A fundamental component of your coin’s identification should be your concept, which should appeal to your target market. Since the concept is what will draw in and keep potential users interested, think carefully about the kind of humor, visual, or notion that will be connected to your coin. To ensure that this idea is original and compelling, it is imperative to brainstorm and polish it.

You can also start the next crypto trend. To increase your social media mentions, it’s important to have community members serve as ambassadors and post content such as videos and memes. Your project has a greater probability of success the more times your meme coin is mentioned (including when tweets, memes, and other content are shared on social media platforms like Twitter).

It’s also important that you adhere to the legal and regulatory framework in order to safeguard both the interests of your users and the integrity of your project. To make sure your meme coin complies with the laws and regulations in your jurisdiction and other areas where you plan to operate, you should consult legal professionals. It is essential to abide by legal regulations in order to prevent potential legal problems that can jeopardize the project’s success.

Before Creating a Meme Coin

Before setting out on a meme creation journey, make sure you have these items:

• Supported wallet. It is critical to use a reputable wallet, so make sure to do the proper research prior to using any wallet. Learn more about crypto wallets to understand the differences.
• Ensure sufficient funds in your wallet. Make sure you have enough funds available in your wallet to cover network and service fees. Fees are paid in the native cryptocurrency of the network used to create your own token.
• Select a network and token standard (ERC-20, ERC-1400): selecting a suitable blockchain network and token standard are the first steps of defining the features of your own token. As each blockchain supports distinct token standards, the decision of your token’s standard will also depend on the network used.

Technical Aspects of Meme Coin Creation

Making your own meme coin requires making a basic decision regarding the blockchain platform you use. You have two options: either build your own blockchain, which is a more technically demanding option, or base your own meme coin off an already-existing blockchain, such as Ethereum, Binance Smart Chain, etc. Scalability, interoperability with current wallets and tools, and transaction fees are just a few of the aspects that your platform selection will greatly affect. It is advisable to investigate and choose the platform that most closely matches the objectives of your project. You can also use a launchpad platform for creating your meme coin, such as MemePad.

MemePad Start Page

Your meme coin’s graphic components are crucial to building a powerful and enduring brand. This includes creating the coin’s logo, deciding on a fitting color palette, and creating a cohesive overall design that expresses your meme idea. Users will notice your coin’s visual element immediately, therefore it’s critical to devote time and energy to crafting an appealing, well-designed design that enhances your idea. It’s always beneficial to launch a website to feature your meme coin.

Your meme coin’s smart contract serves as its technological foundation. All in all creating a token often requires technical expertise and knowledge of smart contracts, posing a challenge for those without coding proficiency. Your meme smart contract will outline the coin’s name, symbol, total supply, and any other characteristics or features you wish to include. Creating a smart contract usually calls for knowledge of programming languages or the help of a blockchain engineer. This is an important stage since it guarantees that your coin will function as per your specs and fulfill user expectations. Alternatively, you can use popular services, such as Token Tool, an intuitive platform that makes it easier for anyone to create their own cryptocurrency token with only a few clicks.

And don’t forget about tokenomics. The term ‘tokenomics’ describes the meme coin’s economic framework. The entire supply, the method of distribution, and any other features or advantages your meme currency provides must all be specified. Choose whether the quantity of your coin will be fixed or will increase over time, and think about adding features. You should also decide on redistributing tokens to holders or automatically locking down liquidity. These elements may affect how valuable people think of your meme coin and generate interest among potential investors looking to create a meme coin.

Marketing and Community Building

How do you promote your meme coin? Below you will find some great tips and strategies for making it popular: 

• Social media. Utilizing social media to your advantage is crucial since it’s the most efficient marketing technique available for meme coins. Make sure your coin has accounts on all the major social media networks, such as Twitter, Reddit, Telegram, and Discord.
• Community. Developing a robust community is essential to your meme coin’s success. You must establish a community where your backers and investors may interact, exchange updates and news, and experience a sense of belonging.
• Influencers. Using influencers to promote your meme coin can help it become more visible and widely used. Seek out influencers with a sizable social media following who are involved in the crypto space.
• Giveaways and contests. Organizing competitions and prizes is a good method to create interest in your meme coin. For sharing your content, inviting new members, or finishing particular goals, you can give your community members free coins or other benefits.
• Listings. You can make your meme coin more credible and visible by listing it on cryptocurrency listing sites like CoinMarketCap and CoinGecko. These websites provide a wealth of cryptocurrency-related data, including market capitalization, volume of trades, and price history. 
• Incentives. Offering incentives for early investors is an effective way to generate interest and create a sense of urgency around your meme coin. By doing this, you can grow your initial investment and build momentum for your meme coin.
• Paid advertising. Using paid advertising to expand your audience and draw in new backers and investors can be a successful strategy. To market your meme currency to a specific audience, you can use paid advertising such as Google AdWords, social media ads, and others.

Monetizing Your Meme Coin

With enough success, you can monetize your newly developed meme coin. ICOs are a popular way to do it. An ICO, or initial coin offering, is another name for a token sale that is used to raise money for blockchain companies. During a token sale, a portion of the project’s tokens are offered to project backers in return for cryptocurrencies, most commonly Ethereum or Bitcoin. The project’s development and ecosystem expansion are financed by the money collected through token sales. However, token sales are highly unregulated, which means that there is a degree of risk involved, including regulatory risks, high volatility, and project’s collapse.

If your meme coin develops a strong brand presence, you can explore opportunities for merchandising and licensing. This could be making extra money by charging for the use of your brand by other parties or selling branded goods. You can additionally try and integrate your meme coin within online games or virtual worlds. This could involve creating in-game currencies or allowing players to earn or trade these cryptocurrencies within the game. Revenue can be generated through transaction fees or by selling virtual goods for your meme crypto.

Challenges and Risks When Creating a Meme Coin

First of all, it’s essential to consider market psychology. Investors are more likely to be upbeat and confident in their choices when they have a positive outlook on the economy. When more individuals want to buy, this positive feeling may push prices higher, resulting in a bull market. On the other hand, if investors become unconfident, they might liquidate their holdings, which would trigger a bear market. Two strong emotions that affect market psychology are greed and fear. Fear can drive investors to panic and sell their holdings during uncertain or bad news situations, sending values spiraling lower. However, greed can also lead to excessive purchasing and irrational exuberance, which can drive prices to unaffordable heights.

The general attitude or mood of investors towards the market is referred to as market sentiment. It may be impacted by news pertaining to the company, geopolitical events, or economic indices. A bullish atmosphere can be produced by positive sentiment, while a bearish market can be produced by negative sentiment. Always consider market trends. It would be a bad idea to try and launch your meme coin during a deep recession or without much hype around the meme idea.

Memes also make a great asset for scam projects and pump-and-dump scams due to their speculative character. The hazards connected to meme cryptocurrencies are further exacerbated by regulatory concerns. For instance, at the end of April 2023, for example, in an X thread, famous scam sleuth ZachXBT discovered a person whose crypto wallet address was linked to 114 meme coin scams, created in the span of 1.5 months.

To add to the concerns, meme coins are a decentralized, international phenomenon that exists outside of national boundaries. Regulators from many nations and areas must work together and in concert, even though they may have different priorities, standards, legal frameworks, or other goals. However, obstacles related to politics, the economy, culture, or technology may make such coordination and cooperation difficult or nonexistent. Therefore it’s critical to keep up with changes in the regulatory environment and any potential legal issues. Through self-education and staying updated about current advancements, you can adjust to evolving legal mandates and minimize possible hazards that might affect the standing of your project and the welfare of your users.

PEPE Meme Coin Success Story and Lessons Learned

Pepe coin is widely regarded as one of the most successful meme coins since Dogecoin and Shiba Inu, and it can be named a real-life success story among meme crypto coins. In April, 2023 this coin had an increase of over 10,000%, attracting the interest of major financial media such as CNBC. It was a sign that the meme coin industry was still booming even in the midst of the crypto winter. Pepe Coin was among the first widely popular memes that wasn’t centered around a Shiba Inu, and it served as the model for numerous clone tokens, such as the Pepe v2.0 currency.

At its height, $PEPE’s daily trading volume exceeded $3 billion. The coin has a market valuation of more than $415 million and has increased by 1,775% since debut, despite a decline since the spring. Additionally, the trading volume is close to $70 million every day. With its enduring trading volume and growing appeal, $PEPE has every chance to pump once again.

PEPE Coin Price History, CoinMarketCap, 12 February 2024

Conclusion

Meme coins often reflect a hype or are based on a joke. Dogecoin, the most well-known meme coin in the world, started off as a joke about the irrational speculation that was then going on in the cryptocurrency market. Some regard meme coins as a representation of culture and a way to give people back control over their finances, while others view them as a ‘get rich quick’ scheme.

Whatever may be the case, meme coins are a unique and often speculative category of cryptocurrencies. Social media, participation in the community, hype, and connections to memes or popular culture are what give them their worth. Meme currency success can be influenced by things like vibrant communities, celebrity support, and exchange listing. If you’re interested in creating your meme coin, it’s possible to do so by following a series of steps, but it’s crucial to consider the associated risks and regulatory considerations. Keep it all in mind, whenever you start creating your meme coin, and don’t forget to do your own research.

Regardless of whether you are new to crypto or have been there for a while, it’s essential to stay informed and protected while buying and holding digital assets. To keep updated on the latest news and invest in crypto with no risks, use StealthEX, a platform with over 1400 coins available for secure exchange. Just go to StealthEX, choose the amount of the cryptocurrency you want to swap, for example, ETH to DOGE, and click Start Exchange.

Make sure to follow StealthEX on Medium, Twitter, Telegram, YouTube, and Publish0x to stay updated about the latest news on StealthEX.io and the rest of the crypto world.

Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.