The crypto community launches a new strategy: using memes for marketing, gaining both users and products

Written by Li Jin, Partner at Variant

Compiled by: Xiaobai Navigation coderworld

The next big thing in the cryptocurrency world may start with a popular meme coin.

An emerging go-to-market strategy (GTM) is to leverage the popular meme coins. While traditional go-to-market strategies involve first building a product and then building a community around it through marketing and memes,Community, and the new way to play is to identify a vibrant user community around a meme and then build a community that includes that meme.Tokenproducts.

By launching a project that natively integrates with a popular meme coin, new applications/infrastructure can motivate meme holders to benefit from theirTokenGet more utility from it.

Here are some examples:

• BONKbotis a Telegram trading bot on Solana that originated from the $BONK token, a Solana meme coin that was airdropped to users in late 2022. A separate team then launched a trading bot that uses a portion of the transaction fees to buy and burn BONK tokens, thereby aligning economically with token holders. The trading bot recently broke $200 million in daily trading volume (for comparison, Base's daily trading volume is only about $200 million).

• This strategy also works for infrastructure projects. Take $SHIB as an example. It launched Ethereum Layer 2 Shibarium, which uses transaction fees to destroy SHIB tokens as a token pool for SHIB.L2, a strategy that activates the existing community of holders to overcome newL2The cold start problem.

• BerachainIs a bear-themed EVM-compatibleBlockchain, launched its testnet in 2021, and its origins are also in the NFT type meme. SmokeyTheBera initially launched an NFT project called Bong Bears in 2021, and over time, it built a community and attracted an active developer and user base.

Given the high level of engagement and tribalism in the top meme communities, I think that meme-based marketing strategies will become increasingly popular across the market, allowing projects to gain traction. For example, for those developingcryptocurrencyAdding utility to meme coins for people who consume apps activates token holders, who will naturally be more inclined to find new ways to leverage their tokens.DrakulaIs a short video application,Perlis a prediction market game that both accepts $DEGEN as payment, attempting to capitalize on the popularity of the holder community (as of March, the community haswalletThe number of tokens exceeds 44,000.) Increased usage of the tokens, and likely growth in value, could drive a virtuous cycle where user interest in both the tokens and the applications that integrate them could increase.

We’ve also seen some projects take the opposite approach, starting with the product first and then launching (or closely related to) a meme to bring more attention to the project. For example, contributors associated with Jupiter, a decentralized exchange aggregator on Solana, launched the $WEN meme in January 2024, airdropping it to 1 million tokens that exchanged more than $5 on Jupiter.walletAs the first token to be launched through Jupiter’s LFG Launchpad, it also generated interest in the platform.

For theXiaobai NavigationSome considerations for projects exploring this go-to-market strategy include: the launch potential of different meme coin communities; the complementarity between meme coin holders and the project’s target audience; and the existing integration and saturation in the ecosystem (once a meme is accepted in 100 applications, will the 101st application garner as much attention?).

It’s worth mentioning that all of the above have clear benefits for MemeCoin itself, and the MemeCoin team has reason to encourage and work with projects to integrate their tokens into them.

Using meme coins as a marketing strategy and other token-relatedweb3Growth strategies are similar and include airdropping tokens to members of a specific community or to users of competing products. These strategies work becauseBlockchainThe open data of meme tokens can be used for fine-grained targeting. This strategy can also be compared to the strategies of the web2 world, from community-driven growth, where brands cultivate their customer base to increase brand word-of-mouth, to cross-brand cooperation, cross-propagation of complementary user groups, such as Lyft's cooperation with Delta. But unlike offline cooperation, which is difficult to execute due to the isolation of data and systems, encryption technology can achieve permissionless integration, and any developer can build around meme coins. In addition, the community of token holders also hopes to see the value of their tokens grow, so as to gain more economic benefits, which may promote the development of more partner projects.

While many people view memecoin trading as gambling or a strange form of financial entertainment, their growing popularity and fierce community could mean they become a viable component of a marketing strategy. For users, the new development is memecoins as assets, allowing anyone to invest in and own part of a marketing strategy, grassroots community, internet culture and community currency.

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