Meme Coins Need an Ecosystem Approach to Be Seen as Sustainable Assets

Meme coins have dominated the crypto narrative in 2024, for better and for worse. With a market cap of $55 billion, they now represent more than 2% of the entire crypto market.

Meme coins have had a wild ride in 2024, becoming a major force in the crypto market. With a combined market cap of $55 billion, they now account for over 2% of the total market. This is a remarkable achievement, especially for leading tokens like DOGE and SHIB, which started out as purely speculative digital currencies that were created and traded for fun.

Despite the impressive gains, meme coins are still plagued by a lack of long-term sustainability and utility. Unlike major cryptocurrencies such as Bitcoin, Ethereum, and Solana, which are used to power a wide range of DeFi functionalities, most meme coins have not found their footing in this area. This is largely due to the fact that these tokens were not designed with utility in mind. Most meme coins are still being created to capitalize on viral trends and memes, which means that most tokens also die out once the hype or related trend is over.

This is a concerning trend, which is leading meme coins to be classified as mere pump-and-dump tokens rather than value-driven assets.

Less Speculation, More Ecosystem Building

For meme coins to be recognized as a sustainable asset within the crypto market, their developers must pivot their approach. As we have seen time and time again, projects that are driven solely by viral marketing and hype tend to fizzle out very quickly. Instead, meme coins developers should focus on highlighting utility, building a complete DeFi ecosystem where their tokens can be utilized to achieve value-added services – such as staking, liquidity provisions, gaming, NFTs, and payment services.

The primary goal of every meme coin developer should be to create a community-first approach. These tokens must have a viable real-world use case and aim to build a strong and engaged community. Members should be able to find a practical use for their assets, rather than simply holding the token and waiting for the price to increase.

The next step should be to explore partnership opportunities. One of the biggest problems with meme coins today is the lack of credibility. Scams, rug pulls, pump-and-dump schemes, and fake endorsements have plagued the meme coin community’s trust, leading to concerns from prominent figures like Ethereum’s Vitalik Buterin.

This is why developers need to establish long-term partnerships with other brands and projects throughout the industry. Partnerships demonstrate a token’s long-term ambitions and serve as a testament to the industry’s overall trust in the project. At the same time, these tokens should also have a philanthropic angle. Meme coins are all about the community, and there should be strategic initiatives to give back to society.

Incorporating these aspects into a meme coin’s development cycle can help to create an ecosystem where users can enjoy the fun and speculative side of these tokens while also receiving real-life value for their investments. And it’s not just a conceptual idea. New tokens are already making significant strides with an ecosystem approach, such as LAIKA.

Learning from LAIKA’s Ecosystem Approach

Launched earlier this year, LAIKA is the latest Solana-based meme coin to hit the market, completing its TGE in early June. However, unlike most Solana meme coins, LAIKA has launched with a vast ecosystem, allowing its community to access various DeFi services.

The meme coin’s ecosystem boasts seven core components. First, there’s the LAIKA token, which is currently listed on CEXs – Bitget and MEXC – and leading DEXs, Jupiter and Raydium. Then, there’s the LAIKAVERSE, a fully immersive Web3 metaverse platform that enables users to choose an avatar and generate rewards through in-game resources. There’s the LAIKA WALLET, a multi-chain Web3 crypto wallet that supports transactions for 100+ coins and is available on the Google Play Store and Apple App Store.

LAIKA also has an upcoming free-to-play Moon Mission mobile game, which will integrate NFTs and different GameFi mechanics. The developers are further planning to introduce LAIKA’s own exclusive blockchain network.

While focusing on these ecosystem elements, LAIKA has also developed a viral marketing campaign to create engagement within its community. Earlier this year, the developers announced the Moon Mission, sending a toy dog into Earth’s lower orbit. This initiative paid homage to the token’s name and was streamed live on their YouTube channel.

Concluding Thoughts

LAIKA serves as a prime example of how meme coin developers can prioritize building a strong community and ecosystem. It enables users to capitalize on different Web3 and DeFi features with their assets. It shows that meme coins can retain their fun, humorous, light-hearted traits while also driving wider utility across the market. It’s also crucial for users to identify tokens that have long-term goals, rather than those that only bet on speculative trading.