In his book, he referred to a meme as an idea or concept to replicate contagiously from one human mind to another. Living in a modern globalized era, there is accessible technology to most of us, and in turn, exposure to memes got even more frequent. Memes have their sheer impacts on modern society from several aspects. It has affected the lifestyle, ethics, marketing, politics of all human endeavours.
What are Memes?
Memes are used to influence the minds of other people. Not only are they free and accessible, but they also spread rapidly. Memes are a way people can express anything they want to say or share anything they want to share in an artistic, original and yet entertaining manner. They are ideas that represent many things. They represent language, emotion, identity, culture, history, memories, community, hobbies, relationships, and real life.
Memes in Cryptocurrency
Memes apply to cryptocurrency, just like every endeavour involving the internet and related technologies. Public relations, advertising and marketing professionals have embraced Internet memes as a form of viral marketing and guerrilla marketing to create marketing “buzz” for their product or service. This “buzz” might just be needed to bring a crypto asset to the limelight.
In cryptocurrency, memes are a way of building community. Good memes create a shared common culture. They build strong communities, especially ones with a lot of intelligent and funny people in them, and this is one way that Bitcoin has spread through Bitcoin culture. It creates a positive feedback loop.
People underestimate the social value of memes and the social community that surrounds cryptocurrencies. So, if you focus on the tech side of things or the cryptography side of things, you will miss out on how important the social aspect is.
One way to identify a future project in cryptocurrency that is interesting and has some chance of taking off is to look at the memes surrounding them and see what the community and culture denotes.
Popular Memes in cryptocurrency
Below I have included some of my favourite memes.
Buy High, Sell Low
This is a joke used when a user posts his losses to share with the community. If an investor lost money on a trade, they were bought high and sold low. A play on the all too obvious financial advice, to buy low and sell high. It means to buy an asset at a high value and sell it at a low value. This is perhaps one of the most common trades, and it is often done when someone buys an asset quickly- possibly FOMO (fear of missing out) induced- and then, as soon as the asset dips, they sell it—usually accomplished by some negative feelings.
One way to avoid this is not to buy a crypto asset when the hype is intense, and many people are buying into the asset and causing a price pump. FOMO is usually strong at this point.
The psychology behind profitable trading is to buy a crypto asset when others are still waiting for the hype to buy it. However, this should only apply to assets with solid fundamentals, intriguing use cases and solid tokenomics. Even if such assets go down, there is an excellent chance for them to recover and gain value again.
It means to Hold a stock despite losses, adversity, and volatility, confident that the price will increase. A combination of diamond and hand emojis represents the phrase.
On a lonely rainy night in late 2013, the misspelling was born in a drunken rant on the Bitcoin talk forums. It represents the absolute refusal to sell your coin. Later, Crypto traders interpreted the word to mean “Hold on for Dear Life” and don’t sell.
This is internet slang for wrecked. This catchword implies someone who has experienced a heavy financial loss due to a bad trade or investment in the crypto world.
We are in a meme era of investing. You could feel like you are part of the crypto joke in a meme economy, but the joke could still be on you. All memes fall out of favour at some point. Many people aren’t buying Shiba Inu coins because they think it’s futuristic technology.
Some devoted traders declare that they plan to “hold” or have a “diamond hand,” implying that they will not let go regardless of what occurs. When things become challenging, though, a core group of people are determined to meme their way through it. Even if the financial situation is dire, the joke remains amusing.