Experts told whether it is worth bringing to the market another token without functionality and in what ways 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 who own altcoin has exceeded 995 thousand. In October, the number of Shiba Inu holders increased by more than a third, and the token itself has risen in price by more than 1000%.
Other projects continue to develop as well. For example, the developers of Floki Inu have 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, ads for altcoin appeared on public transport in London with the slogan “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.
The topplabs.org experts explained how to create your own "meme" token and what is needed to successfully promote it.
Anyone can create a token
There are hundreds of thousands of different digital coins, says Nikita Zuborev, senior analyst at Bestchange.ru. According to him, no more than a hundred are in the field of vision of crypto investors. This means that the marketing strategy is responsible for the success of the token, which almost always depends on monetary investments, Zuborev added.
“Technically, creating a token is very simple. Anyone can do it. But without several hundred thousand dollars and hundreds of man-hours for its promotion, this is a pointless exercise, "the analyst emphasizes.
Zuborev revealed the technical algorithm for creating a token:
- Install the Metamask browser extension;
- Find a ready-made Ethereum smart contract template on the network;
- Edit the template by changing the required data (token name and other parameters);
- Send a smart contract to the blockchain and pay a commission for its execution.
“The commission for the execution of a smart contract will be $ 30-50, depending on the load on the network. And after 5 minutes and $ 30, your token is created, ”the analyst concluded.
How to promote your token
The cost of "meme" cryptocurrencies directly depends on the "hype" around them, which is usually created by influencers, explained Maria Stankevich, Development Director of the EXMO crypto exchange. According to her, 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 of its kind "meme" cryptocurrency, the token gained real fame thanks to the tweets of Elon Musk, the expert recalled.
"By themselves, the coins are worth nothing and do not mean anything, users will buy them only on condition that someone" downloads "them to earn money," said Stankevich.
According to the expert, it is much more interesting, more promising and more difficult to create a project that will solve any problems of the industry, instead of doing another dummy project.
One of the popular ways to promote tokens is to send most of them when distributing the emission to celebrities, says Zuborev. This is exactly what the Shiba Inu project did, which sent half of the emission of its tokens to the co-founder of Ethereum Vitalik Buterin. Later, Buterin 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. According to Zuborev, in the early stages of development, when no one knows about the altcoin, it should be added to small decentralized trading platforms. Also, a senior analyst at Bestchange.ru advised adding a token to aggregators like Coingecko and Coinmarketcap, but for this the project must have documentation (at least a white paper).
“In the future, depending on the budget, you can attract media personalities, popularize the token on forums and in community chats,” Zuborev added.