Internet memes have been a prominent part of online culture. A meme is best defined as a piece of satirical content that is rapidly spread online, particularly on social networking platforms. With the number of social media platforms increasing in the 2010s, the facilitation of memes being spread became easier.
Meme culture has even transcended into the world of cryptocurrencies, with the sub-sector of the market being partially dominated by ‘meme coins’ – crypto tokens that are based on viral images. Dogecoin was the cryptocurrency that pioneered the wave for meme coins such as Shiba Inu and ApeCoin to come into fruition.
A new blockchain network looking to elevate meme coins in crypto is HUH Token – an open source decentralised cryptocurrency.
HUH Token – The First ‘Utimeme’ Crypto
HUH Token (HUH) is considered the world’s first ‘utimeme’ cryptocurrency. The term ‘utimeme’ is a portmanteau of the words utility and meme, representing how the blockchain network combines the functionality of utility tokens with the satirical style of meme coins. The developers believe that a token created with the tokenomics of a meme cryptocurrency but with the coherent useability of a utility token creates a harmonious ecosystem that enables a multitude of growth possibilities.
The project intends to create a decentralised metaverse where participants gain from the data they generate. This data will bring value to the influencers and individuals, as HUH believes that all data influence is a currency to be shared and not just sold for profit.
Tokenomics to drive sustainable rapid growth in the value of the HUH token will be the premise for reward and transactions across a purposeful social media platform called ‘MetHUH’, where users’ data ownership is taken seriously from a crypto perspective. With MetHUH, users can be rewarded in HUH for exchanges of engagement and content.
HUH’s ambition does not end there. They aim to garner the attention of multiple high-profile figures, one of them being entrepreneur Elon Musk. The new blockchain network has a charity wallet with 20% of HUH Tokens allocated for Musk whilst having a button that takes you directly to his Twitter – a strategic method to encourage users to get his attention. If Musk is not interested in HUH, the tokens will be donated to men’s suicide prevention conservations to combat that global issue.
Shiba Inu – The Canine Coin
Shiba Inu (SHIB) is the crypto market’s second most popular meme coin. Since it entered into the market, it has captivated people through its cute and lighthearted branding. They aimed to be a direct competitor of Dogecoin, giving itself the alias ‘Dogecoin Killer’ to represent its eagerness to dethrone it as the number one meme coin in the market.
The meme coin quickly gained popularity and value due to its endorsement from several notable influencers. Two individuals who are primarily responsible for the growth of SHIB are Elon Musk and Vitalik Buterin.
Buterin had a specific role in helping the meme coin gain popularity when he conducted the most significant crypto donation last summer. He gave approximately 50 trillion worth of SHIB to the India Crypto Covid Relief Fund. Buterin then burned 40% of its total supply to a dead wallet, inadvertently ensuring that Shiba Inu has long-term sustainability and success.
ApeCoin – The Monkey Movement
The APE Ecosystem uses ApeCoin (APE), an ERC-20 utility and governance token, to encourage and empower decentralised community building at the forefront of web 3. Through a decentralised governance system in charge of the ApeCoin DAO, APE holders can govern themselves. On how the ApeCoin DAO Ecosystem Fund should be used, they can also vote.
The token is designed to support community-led projects that advance meme culture in the metaverse and act as a decentralised protocol layer for community-led initiatives. The APE Foundation is a platform that supports community-led governance on the blockchain network and aims to become increasingly decentralised over time.
Due to its association with the Bored Ape Yacht Club, a collection of 10,000 different Bored Ape NFTs, ApeCoin has become extremely well-known. The Ethereum blockchain hosts these NFTs, which are unique online collectibles.
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