Dogecoin was initially created as a joke by Billy Markus and Jackson Palmer. Little did they know that their brainchild would become one of the largest cryptocurrencies by market cap and inspire an entire sector of memecoins, which are cryptocurrencies based on internet memes and jokes.
Despite lacking specific use cases or underlying utility, memecoins are popular among crypto enthusiasts due to their fun aspect and lower correlation to the rest of the crypto market. They offer a good opportunity for speculation, especially when Bitcoin and the crypto sector move within sideways channels for weeks to reach stability.
However, pseudonymous crypto expert Altcoin Sherpa criticized memecoins, calling them rugs that do nothing productive and attract gamblers, degenerates, and plebs in the crypto space. But, he also acknowledged that memecoins can go 500x+ in a matter of days, which is something no ‘normal’ coin or Bitcoin can do.
To increase the potential of memecoins, some are adding functionality or a vision. SnailBrook, for example, aims to become a global force for change and collaboration while delivering equal opportunities to all crypto enthusiasts. It is integrating AI technology to increase efficiency and tap into the fast-growing AI market. SnailBrook’s goal is to become “the meme of all memes” and build a utopia for memecoin fans and investors.
SnailBrook’s founder, Finn, envisions crypto as a broken industry due to over-centralized actors manipulating data to gain the lion’s share of profits. SnailBrook aims to promote true decentralization and create opportunities for everyone.
By integrating AI with blockchain’s unique features such as decentralization, security, and transparency, memecoins can drive innovation. Memecoins that have actual functionality and integrate innovative technologies like AI have the potential to be part of the next altcoin season.