Each ecosystem has its own memecoin, it's a bit like having a mascot for its club! At the end of 2021, as the first Cosmos chains were starting
In the vast and ever-evolving landscape of cryptocurrencies, memecoins have emerged as a curious and captivating phenomenon. These tokens, often imbued with humor and lightheartedness, have garnered immense popularity within their respective communities. Among the most notable is $HUAHUA, a memecoin that has played a pivotal role in the Cosmos ecosystem. To delve deeper into the fascinating world of memecoins, we had the pleasure of engaging in an insightful conversation with Zdeadex, the creator of $HUAHUA. Through this engaging dialogue, we uncover the genesis, functioning, and promising future of this unique project.
Each ecosystem appears to have its own memecoin, much like a mascot for a club. As the first Cosmos chains were launching in late 2021, discussions arose in Discord channels about who would create the first meme token on Juno (CW-20, the ERC-20 version using CosmWasm smart contracts). Two members were particularly enthusiastic about the idea, and I suggested we create a meme chain to demonstrate the ease of use of the Cosmos SDK. Two short weeks later, we launched the chain on the mainnet with a few validators. Three months down the line, the chain was valued at $1.1 billion. The collapse of Terra and UST subsequently impacted the entire ecosystem.
I believe it is primarily due to a simple and relatable reference. Many people own Shibas or Chihuahuas. It is crucial to have a wide range of references, memes, gifs, and a culture that can be easily applied to community building. Humans inherently crave a sense of belonging, and cute and amusing animals that are well-known on the internet can facilitate this connection.
Memecoins serve as a marketing strategy to infuse a lighthearted touch into the otherwise overly technical nature of each project. Cryptocurrencies are largely created by engineers, for engineers. A dog figure that embodies all of this makes the concept far more accessible. This is precisely what we are attempting to achieve with Chihuahua for Cosmos.
Something simple, amusing, endearing, and devoid of grandiose promises.
The community's primary interest is financial in nature. They find this memecoin amusing and wish to share it with others, believing that it will pique their interest and lead them to join the collective. As they like to say in the industry, it is also to multiply their own investment.
There are some very interesting ideas on the horizon, ranging from the metaverse and gaming to a universal swap and a launchpad for social animals (creating the web3 identity of your pet that is known on Instagram/TikTok). We feel that this is a niche market that is nevertheless crucial for opening up new possibilities for pet owners. By highlighting and enabling this aspect, we could share these newfound riches for non-financial causes and advance other areas that require it.
The Huahua project exemplifies how a memecoin can evolve beyond a mere jest to become a valuable tool for community engagement and technological advancement. With its innovative concepts and enthusiastic community, the future of Huahua appears promising. We extend our gratitude to Zdeadex for this enlightening interview and for sharing his perspective on the future of memecoins.
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