#DYOR!! #memecoins"

Meme coins are mostly known as cryptocurrencies that originate from internet memes or humorous characteristics, and quite a few meme coins have an overall bad reputation in crypto trading.

However, in the end many coins like that faded from the public eye, leaving us with large meme coins that still consistently survive to this day.

Then the skyrocketing prices of some meme coins raise the question, namely, what factors contribute to the success of meme coins?

The answer, according to experts in a webinar organized by the Huobi Research Institute, lies in a combination of pro-commoner and anti-elite sentiment, which is also paired with high accessibility.

Meme coins share some common features such as size and low entry prices. The underlying idealism behind their creation and distribution often focuses on fairness and equality.

"People like meme coins because they are easy to recognize," said Director of the Huobi Research Institute, Flora Li in a press release, Tuesday (8/2/2022).

Li added that buyers of meme coins are often lured by the promise of getting rich overnight.

"They tend to choose low-value coins, where one can buy large volumes with little money, so that crypto newcomers get a sense of satisfaction plus the illusion that the worst losses are also minimal," Li said.

According to Li, meme coins also represent the rise of counter-elite culture. The world has traditionally been controlled by elites, so the idea that history can be made by the power of ordinary citizens is very appealing to many people.

Co-Chairman of the Singapore Blockchain Association, Chia Hock Lai, explained that there are two conditions that can support the success of meme coins.

“It first takes a bull market. "Second, it requires positive reviews and support from influencers, such as Elon Musk's public support for Dogecoin," said Lai.