How to Create Your Own Meme Coin?
The excitement and buzz around meme tokens have sparked users to consider how to release their own digital asset. In fact, it's not as complicated as one might think.
Creating a meme coin has some similarities to launching a standard token, yet it features a few distinct elements. In this article, we'll explore how to create and release a successful meme coin, and provide insight into the required resources and funding.
Why are memes so hot right now?
According to CoinMarketCap, meme coins and similar tokens have a market capitalization of $17 billion. Dogecoin and Shiba Inu, boasting a combined market cap of $15 billion, make up the lion's share of this total. Recently, the buzz around meme-assets escalated with the dramatic rise of PEPE and FLOKI.
The list of memecoins on CoinMarketCap (https://coinmarketcap.com/view/memes/)
So why have meme coins caught on? Here are some reasons:
- High recognizability due to simple, catchy names.
- Absence of lofty promises from developers.
- Clear and open design and concept.
- Endorsement by influencers (such as Elon Musk's frequent Dogecoin tweets).
- Backing from the crypto community through integration into payment systems, exchange listings, and more.
Essentially, meme coins have served as a fun and engaging gateway into the world of cryptocurrency for new users. Another contributing factor to meme coin growth is that users tend to hold onto them, rather than sell. Had DOGE and SHIB buyers sold off their assets after the initial profit, prices would've reverted to pre-growth levels.
Interestingly, two out of the top twenty assets by market capitalization are meme coins, held by users for their appealing names and logos.
Picking a token name
Go for a name that's simple and catchy. The more attention it grabs, the better. That's why a lot of meme coins relate to animals like dogs, cats, and frogs. Aim for a name that resonates globally and can be easily understood across various age groups.
Tying your token to a well-known meme or a universal joke is usually a good idea. Most of these have no copyright issues as their creators are often lost to the annals of the internet.
Building a website and drafting documentation
Here, the same rules apply: avoid complicated algorithms, jargon, and lofty profit promises. Remember, a meme is all about fun and entertainment, and your approach to such an asset should reflect that. You could have a single-page website that features the token name, a few engaging images, and a short descriptive text.
The cornerstone of meme coin documentation is its tokenomics, which should also be kept straightforward. You could either burn the majority of the tokens or distribute them in a form of an airdrop to stir up excitement and public interest. For example, PEPE's creators burned 93% of the tokens, with the remaining tokens used to provide liquidity for exchange listings.
PEPE meme coin's tokenomics. Source:https://www.pepe.vip/
Choosing a blockchain for your meme coin
For the best results, consider launching your meme coin on newer networks and blockchains that don't have a plethora of similar assets. For instance, in the past month, meme coins following the BRC-20 and DRC-20 standards have been thriving on the Bitcoin and Dogecoin blockchains.
When a blockchain is flooded with similar assets, user attention and liquidity may be spread too thin, hindering the project's success.
Issuing your meme coin
Creating a standalone blockchain for your meme coin isn't necessary. A simpler method involves taking a pre-existing smart contract from a source like GitHub, plugging it into a development environment (for example, Remix Ethereum), and modifying the project name and token quantity. This then allows you to launch your asset.
If you prefer to avoid handling code directly, there are token creation platforms available, such as:
- DxSale;
- PinkSale;
- CoinTool;
- Dodo Finance.
Remember, you'll likely need to add your coin's image separately via its blockchain explorer.
Airdrop and marketing campaign
Once you've launched your coin, it's time to get the word out. There are several strategies you can use for promotion:
ā Listing your coin on decentralized and centralized exchanges
ā Organizing free activities and coin giveaways
ā Producing video content about your coin
ā Listing your coin on analytical resources like CoinGecko and CoinMarketCap
It's common for users to utilize independent smart contract explorers, like DexTools, with a particular focus on meme coins. These platforms provide information on price trends and trading volumes. Some meme coin creators even engage in artificially inflating their trading activity to enhance the perceived popularity of their project.
How much money is needed?
Launching a token can be as cost-efficient as $100. When it comes to building a website, you can either create it yourself utilizing various online builders, or you can hire a professional. A straightforward single-page site could cost up to $2000.
The majority of the funds when generating and promoting a cryptocurrency asset will probably be spent on listings. Even if your goal is merely to list your coin on a decentralized exchange (DEX), you should aim for at least $10,000 to ensure your trading pair is stable and the price adequately responds to the traders' buy and sell actions. Other expenditures can fluctuate and pertain to promotional campaigns and other initiatives the developer might want to integrate.
Conclusion and disclaimer
Even if your endeavor to create a successful meme coin doesn't succeed, this attempt can still provide a valuable opportunity to acquire skills in cryptocurrency programming, marketing, and project promotion. This experience could positively influence your future pathway in the cryptocurrency sector.
Please bear in mind that this material is not trading advice. Instead, it sketches an approximate sequence of actions necessary for launching your own asset. Always weigh the risks and potential outcomes before making any decisions.
