Experts told whether it is worth bringing another token without functionality to the market and how to promote it to increase popularity
In the cryptocurrency industry, “meme” tokens stand out, the popularity of which continues to grow among crypto investors. This is indicated by the rapid growth in the number of Shiba Inu holders. The number of crypto investors owning the altcoin exceeded 995 thousand. In October, the number of Shiba Inu holders increased by more than a third, and the token itself rose in price by more than 1000%.
🏆 New Record: $SHIB reaches an astonishing 995,000+ holders.
Current Holder Count: 995,093
💹 The top 1K ETH wallets is holding 48,842,196,839,625.44 $SHIB ($2,155,583,334 USD)#SHIB #ShibArmy
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) November 23, 2021
Other projects also continue to develop. For example, the developers of Floki Inu entered into a partnership agreement with the Italian football club Napoli. As part of the agreement, the cryptocurrency logo will be placed on the club’s players’ uniforms and billboards at its home stadium.
In October, an altcoin advertisement already appeared on public transport in London with the slogan “Missed Doge? Get Floki” (“Missed Doge? Get Floki”). After that, it became known that the UK Advertising Standards Authority (ASA) began checking the Floki Inu advertising campaign. The regulator checks the legality of promoting such products in public transport systems.
How to create your own “meme” token and what is needed for its successful promotion?
- Anyone Can Create a Token
There are hundreds of thousands of different digital coins, no more than a hundred fall into the field of view of crypto investors. This means that it is the marketing strategy that is responsible for the success of the token, which almost always depends on monetary investments.
“Technically, creating a token is very simple. Everyone can do it. But without a few hundred thousand dollars and hundreds of man-hours to promote it, this is a meaningless exercise ”
- The technical algorithm for creating a token:
- Install the Metamask browser extension;
- Find a ready-made Ethereum smart contract template online;
- Edit the template by changing the necessary data (the name of the token and its other parameters);
- Submit a smart contract to the blockchain and pay a fee for its execution.
- “The fee for executing a smart contract will be $30-50, depending on the load on the network. And after 5 minutes and $30 your token has been created.
- How To Promote Your Token?
The cost of “meme” cryptocurrencies directly depends on the “hype” around them, which is usually created by influencers, if initially there are no resources to promote the coin or contact with a well-known media personality like Elon Musk, then it will be difficult to make the token popular.
Despite the fact that Dogecoin is the first “meme” cryptocurrency of its kind, the token gained real fame thanks to Elon Musk’s tweets, the expert recalled.
“The coins themselves are worth nothing and do not mean anything, their users will buy them only on the condition that someone will “pump” them to earn money”
It is much more interesting, more promising and more difficult to create a project that will solve any problems of the industry, instead of making another empty project.
One of the popular ways to promote tokens is to send most of them when issuing to celebrities, This is exactly what the Shiba Inu project did, which sent half of the emission of its tokens to Ethereum co-founder Vitalik Buterin. Buterin later burned 90% of his Shiba Inu tokens and donated the remaining 10% to charity.
Another important step in promoting the “meme” cryptocurrency is listing on exchanges, in the early stages of development, when no one knows about the altcoin, it should be added to small decentralized trading platforms. Also advised adding a token to aggregators like Coingecko and Coinmarketcap, but for this the project must have documentation (at least white paper).
“In the future, depending on the budget, you can attract media personalities, popularize the token on forums and in community chats”
