The Rise of Memecoins on Emerging Blockchains

When Dogecoin, the world’s first memecoin launched in 2014, the ERC-20, SPL or ERC-721 standards were not yet available for quick and easy launches. In this early era of the cryptocurrency world launching memecoins required a brand new blockchain to be setup and an incentive for miners to start to mine the memecoin and secure the network

Due to this, memecoins were few and far between. When Ethereum launched and brought forward the revolutionary ERC-20 standard, this allowed tokens to be launched, tapping into the security of Ethereum without requiring a whole brand new blockchain, so memecoin launches became more frequent and the next large one was Shiba Inu. I was going to put 50 dollars in back when it had a 10 million dollar market cap, but did not due to the exorbitant Uniswap fee of 26 dollars, good thing DEXs and swapping fees have come a long way since then

Within the web-3 space, many new L1 chains have launched due to Ethereum’s scaling issues and transactions being too expensive for other sorts of applications. When each of these L1 chains launch, a meme token market usually develops. Sometimes it takes large growth or some other incentive for users to start to switch chains for meme token trading and at the moment there seems to be slow and gradual amount of money moving from the Solana meme market to XRPs new and undeveloped one

Each chain tends to have at least one mascot, usually more but one main mascot minimum. When Solana memecoins were starting to rally, I saw Solama “The unofficial official Llama of solana” and knew it would be a hit right then and there, so I bought a tiny amount at 500k and the token did over 200x resulting in a peak market cap of 100 million dollars. A few other notable ones I bought into were Solizard, Soly and Soligator which were all fuelled by Solama’s success, and succeded but not more than the main meme mascot, Solama. So upon the success of one meme mascot often times more will pop up and if you can spot the most creative ones they are likely to do well. How exactly can we spot another Solama or Porygon and find the early meme of a new chain?

Analysing the memecoins within smaller chains such as Arbitrum, Optimism and XRPL is a good place to start as often if the mememarket on these chains is quite undeveloped, and the coins on the chain are more about nostalgia as opposed to new creative meme ideas linking to the chain name. Rippy The Racoon seems like it fits all of the characteristics for a meme token mascot as it has good art, a creative style and good name related well to the XRPL chain. The Solana Foundation was famous for launching a memetoken fund which grew the users on their chain, so it wouldn't be too much to think that the XRPL foundation might do the exact same, driving more users to XRPL. So it pays to find these coins early and support the community growth

Not Financial Advice, good luck finding more meme mascots representing their native chains in the memolympics!