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Research and Insights

Andrew Ho, CFA

Senior Research Analyst
(Investment Strategy)

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RESEARCH DISCLAIMER
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Contents
Key Takeaways 5

1. What Is a Meme? 6

2. Memes in Web3 and Crypto 9

3. Success Factors of Memes 14

4. Do Memes Have Value? 16

5. The Future of Memes 18

6. Conclusion 19

References 21

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Key Takeaways
● Memes were originally defined as units of cultural information that spread from
one person to another. They have now evolved to include anything that is a joke
or humorous image circulated online and become a primary way of
communication on the internet, permeating deep into popular culture.

● Memes have also become an integral part of the cryptocurrency world, most
recognisable in meme coins, non-fungible tokens (NFTs), and the Metaverse.

● What makes a meme successful is how viral it becomes through sharing. Factors
like social currency, triggers, emotion, publicness, practical value, and stories can
contribute to a meme's spread.

● Memes have value due to their ability to create network effects and generate
engagement. However, since memes can play an important role in shaping
culture, they should not just be valued for economic gain but also for cultural
importance.

● The future of memes is likely to include potential creation by artificial intelligence

(AI) and new forms beyond image and text. Memes also have roles to play in
helping to build Web3 ecosystems.

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1. What Is a Meme?
Memes were once perceived solely as peculiar images created by certain online
communities for their own amusement. However, memes have permeated deep
into popular culture and emerged as a primary mode of communication across
the internet. Practically anything can be transformed into a meme, including
people. For those who fortune favours, being memed can even lead to celebrity
status.

Today, a meme is commonly understood to mean anything that is a joke or

humorous image circulated online. Memes often incorporate self-deprecation,
sarcasm, and irony. They can take the form of images, videos, or texts that others
can copy, share, and modify, potentially altering their original intended meaning. A
study by Statista showed that memes were amongst the top types of content most
likely to be shared on social media by Gen Z and millennial internet users in the
US.

The Evolution of Memes

Memes have a rich and complex history that can be traced back to the early days
of the internet. But the term ‘meme’ was actually first coined by one of the world’s
foremost evolutionary biologists, Richard Dawkins, in his 1976 book The Selfish
Gene, where he used it to describe a unit of cultural information that spreads

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from one person to another, much like a gene spreads through a population. In
other words, ideas and thoughts were as self-replicating and adapting as the
genes found within all forms as DNA. Etymologically, meme is a shortening
(modelled on gene) of mimeme, which comes from Ancient Greek mīmēma,
meaning 'imitated thing', itself from mimeisthai ('to imitate'), from mimos ('mime').

“What lies at the heart of every living thing is not a fire, not warm breath, not a ‘spark
of life.’ It is information, words, instructions.” —Richard Dawkins

Jacques Monod, the Parisian biologist who shared a Nobel Prize in 1965 for
working out the role of messenger RNA in the transfer of genetic information, also
wrote this about ideas:

“Ideas have retained some of the properties of organisms…Like them, they tend to
perpetuate their structure and to breed; they too can fuse, recombine, segregate their
content; indeed they too can evolve, and in this evolution selection must surely play an
important role.”

In the 1990s, memes began to take on a more visual form with the rise of internet
forums and imageboards. One of the earliest and most popular examples was the
‘Dancing Baby’, a 3D animation that went viral in 1996 and was shared widely
across the internet.

As the internet continued to grow and evolve, memes became an increasingly

important part of online culture. In the early 2000s, image macros (pictures with
humorous captions) and ‘LOLcats’ (pictures of cats with captions written in broken
English) became particularly popular on sites like 4chan and Reddit.

In the mid-2000s, social media platforms like Facebook and Twitter began to
emerge, providing a new platform for memes to spread. Memes like the ‘Success
Kid’ and the ‘Bad Luck Brian’ quickly became household names, with millions of
people sharing and remixing them across the internet.

Timeline of Some Popular Memes

Date Meme Image

Mid to late Dancing Baby:

1990s
Also called ‘Baby Cha-Cha’ or ‘the
Oogachacka Baby’. A 3D-rendered
animation of a baby performing a
cha-cha-type dance.

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Early 2000s All your base are belong to us:

Based on a badly translated phrase from

the opening cutscene of the Japanese
video game Zero Wing.

2006 LOLcats:

Image macros consisting of humorous

photos of cats with superimposed text
written in a form of broken English
known as lolspeak.

2006 Rickroll:

A bait-and-switch prank that involves

posting a hyperlink supposedly relevant
to the topic at hand in an online
discussion, but re-directs the viewer to
the 1987 music video of "Never Gonna
Give You Up" by singer Rick Astley.

2007 Success Kid:

A reaction image of a baby at a beach

with a smug facial expression. It has
been used in image macros to designate
either success or frustration.

2008 Trollface:

A Rage Comics character wearing a

mischievous smile that is meant to
represent the facial expression of an
internet troll.

2010 Doge:

Mainly associated with pictures of Shiba

Inu dogs and internal monologue
captions. Came from the misspelling of
‘dog’ in photos taken of a Shiba Inu by its
owner Atsuko Sato. The cryptocurrency
Dogecoin is also based on this meme.

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2013 Crypto meme coins:

The original crypto meme coin, Dogecoin

(DOGE), was created. Meme coins are
cryptocurrencies that are created based
on memes.

2014 Awkward Moment Seal:

An image featuring a seal with a

wide-eyed expression and captions
describing socially awkward or
uncomfortable situations. Part of the
‘Advice Animals’ macro image series that
started in 2006.

2020 Meme stocks:

Listed shares of a company that has

gained viral popularity due to
heightened social sentiment. Originated
in the Reddit forum r/wallstreetbets. The
first ‘meme stock’ was GameStop.

Sources: Crypto.com Research, Knowyourmeme.com

2. Memes in Web3 and Crypto

Memes have become an integral part of the cryptocurrency world, with many
popular ones adopted by the community and used to promote various projects.

While some may see the use of memes in the crypto world as frivolous or
‘unprofessional’, others argue that they are an important part of building
communities and engaging with users. According to YPulse’s latest social media
behaviour survey, 75% of those aged 13 to 36 (and 79% of those between 13 and
17) share memes — and this demographic overlaps with the age group that
cryptocurrency is the most popular with.

Memes can be a powerful tool for spreading awareness and generating

excitement around a particular crypto project; they can also be a way to inject
some humour and personality into what could be an otherwise serious and
technical field, making it potentially easier for newcomers to the space. Currently,
meme coins and NFTs are the main representations in the crypto space and have
become an important part of the market.

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Meme Coins
Meme coins are cryptocurrencies that were created based on memes. The
original and most prominent meme coin is Dogecoin (DOGE), created in 2013 by
software engineers Billy Markus and Jackson Palmer. Dogecoin was branded
around the popular meme ‘Doge’, which originated from the misspelling of the
word ‘dog’ in photos of a Shiba Inu by its owner Atsuko Sato. In general, a meme
coin can be created on top of other Layer-1 blockchains (e.g., PEPE was first
released on Ethereum) or launched as a native token by creating a whole new
blockchain (like Dogecoin).

The founders of Dogecoin say they created it to poke fun at Bitcoin, but it quickly
gained a devoted following and achieved cult status, a pattern that would become
a hallmark of subsequent meme coins. In a notable example of its fervent
community, Dogecoin supporters raised approximately US$30,000 to fund the
Jamaican bobsleigh team's trip to the 2014 Winter Olympics in Sochi, Russia. The
story received widespread coverage from mainstream media outlets, which
further boosted Dogecoin's profile and attracted more investors.

Endorsements from celebrities then propelled Dogecoin to new heights. Amongst

its most prominent supporters is Elon Musk, the Tesla and SpaceX CEO who
sometimes tweets about Doge and Dogecoin. Musk has even appeared on a
Saturday Night Live skit where he humorously referred to himself as the
‘Dogefather’. The endorsements from celebrities also drove the meme coin season
in 2021.

Top 5 Meme Coins by Market Cap

Coin Description Symbol Market Cap

Dogecoin Based on the popular ‘Doge’ US$10.18 billion

(DOGE) internet meme and featuring a
Shiba Inu as its logo, DOGE is a
cryptocurrency that was forked
from Litecoin in December 2013.

Shiba Inu SHIB is an experiment in US$5.19 billion

(SHIB) decentralised spontaneous
community building created under
the Shiba Inu ecosystem.

Pepe Based on Pepe the Frog, an US$615.15 million

(PEPE) anthropomorphic frog from the
comic series Boy’s Club by Matt
Furie.

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Baby Doge Birthed by fans of the ‘Doge’ meme US$304.74 million

Coin community. Primary utility is
(BabyDoge) building a fun meme community to
spread awareness of animal
adoption.

Floki The utility token for the Floki US$300.52 million

(FLOKI) ecosystem.

As of 22 May 2023 Sources: Crypto.com Research, Crypto.com Price

Trading volume of meme coins has surged at various times over the years. Most
recently, the meme coin narrative has been dominated by Pepe (PEPE). The meme
is based on Pepe the Frog, which is an anthropomorphic frog character from the
comic series Boy’s Club by Matt Furie. The popularity of PEPE is driving the current
resurgence of meme coins.

In our exclusive report Quantitative Analysis of Meme Coins, we take a

quantitative look at performance, correlation, and duration studies of meme
coins. Become a Crypto.com Private member and get access to the report today.

For example, we found that meme coins can have a meteoric rise in price during
the run-up phase, followed by a descent that is just as rapid. Meme coins with
larger market cap such as DOGE tend to be more resilient, with prices generally
taking more days to decline.

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Meme NFTs
Popular internet memes have also been forged into NFTs:

Top Memes-Turned-NFTs

Auction Price
Meme NFTs Sample
(approx. in US$)

Charlie Bit My Finger $761,000

Nyan Cat $590,000

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Disaster Girl $500,000

Overly Attached $411,000

Girlfriend

Grumpy Cat $83,400

Trollface $69,362

Keyboard Cat $64,455

Source: Crypto.com Research

There is no question that memes have become a ubiquitous part of

cryptocurrency. It's likely they will continue to play a prominent role in shaping
culture and identity in the crypto space, especially given the demographics of the
user base and the extensive use of social media.

Memes have also made their way to the Metaverse. For example, SHIB
demonstrated an impressive journey from meme coin to building a strong
community — and now to expanding into the Metaverse. SHIB — The Metaverse is
a decentralised virtual world built on top of Shibarium, SHIB’s Ethereum-based
Layer-2 blockchain network. Inspired by the Shiba Inu meme coin, the Metaverse
project will allow users to own, build, and monetise their own virtual land.

Become a Crypto.com Private member and access our full report on Web3 and Meme
Economy to read more about crypto memes in NFTs and the Metaverse.

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3. Success Factors of Memes

Ultimately, what makes a meme successful is how viral — or popular — it
becomes through social sharing. But what causes certain content to spread
rapidly online? Is it chance, or can content be deliberately designed to go viral?

A useful framework can be found in the research of Jonah Berger, a marketing

professor at the University of Pennsylvania and an authority on social influence.
After analysing thousands of viral pieces of content to comprehend what prompts
individuals to share them, Berger published the ‘secret recipe’ for viral content in
his book, Contagious: Why Things Catch On. Berger reveals that the success of viral
content can be attributed to six elements, or “STEPPS”: social currency, triggers,
emotion, public, practical value, and stories.

Social Currency
Social currency refers to the actual and potential value from presence in social
networks and communities, including both digital and offline. It's the idea that a
person's social status is influenced by the information they possess. People tend
to want to be the one who is always in-the-know and has great recommendations.
Therefore, valuable content is shareable content. Leveraging social currency can
build a loyal and engaged audience to help spread the message.

Effective and innovative content that resonates with people considers their
aspirations and who they want to impress. However, social currency is not just
about following the latest trends; instead, it could be more effective as a unique
trendsetter. A study by Michele Coscia at the Harvard Center for International
Development showed that memes similar to already existing ones were less likely
to become popular.

Triggers
A trigger refers to a word, phrase, or image that elicits a particular message in the
audience's mind. Essentially, anything that brings the message to the audience's
recollection counts as a trigger. This leads to more viral content since people
remember it due to the aligned triggers.

Emotion
Unsurprisingly, people tend to share content that sparks their emotions. Positive
feelings of wonder and enthusiasm propel people to share content; on the other
hand, sad or negative feelings often inhibit sharing. Thus, tapping into people’s

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passions and interests to stimulate emotions can prompt them to share memes
widely. For instance, dog lovers might find the Doge meme amusing or endearing.

Public
Berger uses the phrase "built to show, built to grow" to describe this element.
The more public something is, the more likely people will imitate it. Sensitive
subjects, content that elicits divisive opinions, inappropriate content, and
irrelevant information can all discourage people from sharing. Content that has a
broad appeal and public element makes it easy for people to recommend to
others and help it spread easily within networks.

Perhaps the most famous example in crypto is Tesla and SpaceX CEO Elon Musk’s
tweeting of Dogecoin (and temporary changing of Twitter’s blue bird logo to a
Shiba Inu in one particular instance), which has helped to spread awareness of the
meme coin.

Practical Value
Beyond simply being knowledgeable, people also wish to be useful by sharing
information that can benefit others. Content with practical value is pertinent and
insightful towards the audience's interests or challenges, and can repeatedly be
referenced and utilised as a resource.

In crypto, the practical value of meme-related assets is derived from their utility.
For example, Dogecoin is accepted for payments by some real-world companies.
By integrating utilities into these meme-based assets, Web3 builders can make
them more valuable and appealing to a wider audience. Together, utility and
memes can drive up user demand and bring like-minded people closer — a
strategy utilised by CryptoKitties, CryptoPunks, and Bored Ape Yacht Club: all
notable projects that have leveraged internet meme culture.

Stories
Information is absorbed best when it’s incorporated into a story since stories can
actually change how we think and feel. A growing body of brain science offers
insights into what's behind these experiences. For example, on functional MRI
(magnetic resonance imaging) scans, many different areas of the brain light up
when someone is listening to a narrative. As one hears a story unfold, their brain
waves actually start to synchronise with those of the storyteller. Thus, stories can
give the audience fuel for conversations, for example, over lunch or chats by the
coffee machine. They will retell it over and over again, helping the content go viral.

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In crypto, for example, the use of laser eyes superimposed on profile photos is
meant to symbolise support for, or bullishness on, Bitcoin. It was originally created
by a Twitter user named ‘Chairforce’, who designed the #LaserRayUntil100K
campaign in February 2021. Adopted by several influential personalities, the
meme quickly caught on within the crypto community, especially on social media.
Without using any words or fancy imagery, it has rallied a faction of the crypto
community and become a permanent signal for Bitcoin maximalists everywhere,
mainly as an expression of their support of the ideologies that Bitcoin holds and a
reinforcement of a sense of belonging and loyalty.

4. Do Memes Have Value?

Judging by the increasing use of meme marketing by brands, it’s evident that
memes do hold value. In one case study, research showed that regular marketing
yielded 5% engagement on social media, while using memes resulted in 10 times
more reach with 60% organic engagement. Additionally, crypto meme coins’
market capitalisations of billions of US dollars provide further indication that
memes possess value.

Network Effects
One way memes derive value is from network effects, the phenomenon where the
value of a product or service increases as more people use it. In the tech industry,
including crypto, where companies compete for market share and user
engagement, network effects are an established and crucial factor in
determining the value of a product or service. A study found that network
effects accounted for nearly 70% of the value creation in tech over the past 20 or
so years. Essentially, the more users a particular product or service has, the more
valuable it becomes, and the more rapidly its overall value increases.

Facebook, for instance, has 2.98 billion monthly active users. The more people use
Facebook, the more valuable it becomes to its users, as they have access to a
larger network of friends and connections. This, in turn, attracts more users to the
platform, further increasing its value.

Memes, as carriers of ideas, stories, and shared cultural experiences, are effective
in engaging audiences, building communities, and going viral very quickly. Memes
are valuable because they have the potential to drive network effects.

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Valuing Culture — Not Just About Money

Recall that memes were originally defined as units of cultural information that
spread from one person to another. But how do we value culture? It is the basis
of our identities, relationships, and world views.

Traditionally, corporations have viewed culture in a utilitarian way as a means to

maximise profits through controlling distribution and production. Significant
resources are spent maintaining control over cultural trends to benefit
shareholders. The risk is a monocultural worldview for centralised economic gain;
this way of valuing culture often rewards clout-chasing over true culture-building.

Blockchain-based technologies like NFTs (which make use of memes) could

change how culture is created, owned, and valued by decentralising its
production and distribution. Here are some ways NFTs can shift culture towards
a more distributed model:

● Democratising ownership. NFTs enable individual creators and artists to

become the direct owners and distributors of their digital cultural works.
They can sell, trade, and licence their content directly to consumers without
corporate middlemen. This grants creators stronger property rights and
economic autonomy.

● Empowering participants. NFTs make it possible for anyone with an

internet connection to participate in the creation and distribution of culture.
The barriers to entry are significantly lowered, empowering more diverse
voices and perspectives to shape culture.

● Distributing value more equitably. With NFTs, creators capture a larger

share of the economic value generated by their cultural works. The profit
structures of centralised gatekeepers and middlemen can be
disintermediated, distributing value more broadly amongst contributors.

● Enabling new business models. NFTs allow for innovative

community-based business models, where value accrues more widely
amongst ecosystem participants. This less-centralised approach to financing
cultural production unlocks new possibilities.

● Redefining cultural ownership. NFTs represent a shift from ownership of

copies to ownership of originals — unique digital assets whose scarcity
confers value. This changes the relationship people have with cultural
objects and could transform cultural commerce.

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● Supporting niche communities. NFTs facilitate the formation of niche

cultural communities focused on specific content, identities, and interests.
These grassroots communities allow for more tailored and local cultural
experiences.

● Questioning accepted narratives. When culture is produced and owned in

a decentralised way, dominant narratives and assumptions are more likely
to be challenged. This friction spurs innovation and the emergence of
alternative perspectives.

Of course, realising this potential depends on how NFTs and related technologies
are actually implemented. But the basic properties of decentralisation,
disintermediation, and distributed ownership inherent in NFTs could help push
culture towards a more participatory, community-oriented model that better
respects the true value of creative and cultural contributions.

5. The Future of Memes

Memes have become a ubiquitous part of modern communication, with countless
examples of viral content spreading rapidly across social media platforms. As we
look to the future, it's clear that memes will continue to play a significant role in
shaping our cultural landscape.

● One trend likely to continue is the increasing use of memes in marketing

and advertising. Netflix is an example of a company with a successful
meme-marketing strategy. As brands seek to connect with younger,
tech-savvy audiences, memes offer an effective way to engage with them in
a playful and relatable way. This trend is likely to continue as social media
and digital marketing become more prevalent.

● Another trend is the rise of niche memes and subcultures. As the internet
continues to fragment into smaller communities and subcultures, there is an
increasing number of memes specific to certain groups or interests. For
example, there are memes that cater to fans of particular TV shows, video
games, or music genres. This trend is likely to continue as the internet
becomes more personalised and tailored to individual interests.

● Artificial intelligence (AI) is another area where memes are likely to play a
role in the future. As AI technology becomes more advanced, it's possible
that bots and algorithms will create memes that are tailored to individual
users' interests and preferences, taking on forms beyond image and text.
This could lead to a new era of personalised memes that are highly targeted
and engaging.

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● Memes have different roles to play in helping to build Web3, where they
aid in building culture and communities within the space. Some notable
meme projects helping to establish Web3 are Doge NFT, SHIB — The
Metaverse, and Floki Inu.

Become a Crypto.com Private member and access our full report on Web3 and Meme
Economy.

With the ever-increasing use of memes, there are also concerns about their
impact on society. Memes can be powerful tools for spreading misinformation
and propaganda, and it's important to remain vigilant in our consumption and
sharing of them. Furthermore, the potential for memes to be used for harmful
purposes, such as cyberbullying, is something that needs to be addressed. As long
as we approach memes with a critical eye and use them in a thoughtful manner,
they will remain a valuable and entertaining aspect of our online culture for years
to come.

6. Conclusion
Memes have become an integral part of online culture and communication,
particularly amongst younger generations. They have evolved from simple in-jokes
to a primary mode of cultural transmission, spreading ideas and narratives
through humour and virality. Memes are also deeply embedded in the crypto
world, most recognisable in meme coins, meme NFTs, and the Metaverse.

While many dismiss memes as frivolous or trivial, they actually play an important
role in shaping identities, communities, and narratives within digital spaces. The
success of memes lies in their ability to distil complex concepts into simple yet
powerful packages that resonate with people and spread easily. Memes act as
‘living stories’, encapsulating broader socio-cultural meanings through their visual
appeal and relatability.

Memes enable network effects by building hype, awareness, and communities

that drive growth and increase the value of projects. However, we must also
recognise that culture has intrinsic value beyond economic measures. Blockchain
technologies like NFTs offer the potential to decentralise and distribute cultural
production and ownership in a way that better rewards creative contributors.

While memes will likely continue to play an important role in shaping culture in
the future, there are also concerns about their potential downsides. They can be
used to spread misinformation and for cyberbullying. Therefore, a critical eye and
intentional use of memes are necessary to balance their benefits and risks.

In conclusion, memes in crypto are here to stay — they have proven effective at
expressing and propagating ideas that generate cultural value. But we must

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recognise the complex impact they wield in both positive and negative ways.
Treated with proper awareness, memes can remain an entertaining and valuable
aspect of internet and crypto culture while minimising potential harm. An
inclusive, balanced, and discerning approach to memes is key to realising their full
potential in shaping the future of online communication, community, and culture.

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References
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https://www.crypto.com/vip/report/signin/1/. Accessed 23 May 2023.

Gleick, James. “What Defines a Meme?” Smithsonianmag.com,

https://www.smithsonianmag.com/arts-culture/what-defines-a-meme-1904778/
#2Akv6QO8CAbbieJF.99/. Accessed 23 May 2023.

Knowledge at Wharton Staff. “Contagious: Jonah Berger on Why Things Catch On.”
Knowledge.wharton.upenn.edu,
https://knowledge.wharton.upenn.edu/article/contagious-jonah-berger-on-why-
things-catch-on/. Accessed 23 May 2023.

Kostidakis, Perry. “The Evolution of Memes.” Complex.com,

https://www.complex.com/pop-culture/2019/03/evolution-of-memes/. Accessed
23 May 2023.

Tropica.eth. “The Value of Culture is World Building.” Mirror.xyz,

https://mirror.xyz/tropica.eth/C9CbyLs5M4F_ntBR293EcSeBmswondaug4YPJxFb
_QA/. Accessed 23 May 2023.

Wired.com. “The WIRED Guide to Memes.” Wired.com,

https://www.wired.com/story/guide-memes/. Accessed 23 May 2023.

Wu, William. “Quantitative Analysis of Meme Coins.” Crypto.com/Research,

https://crypto.com/vip/report/signin/1/. Accessed 23 May 2023.

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