Memecoins, a unique category of cryptocurrency with lighthearted origins, have captured the attention of the crypto market in 2024. While their initial rise stemmed from internet jokes and celebrity endorsements, some meme coins are demonstrating surprising staying power and evolving beyond their comedic roots.

Meme Coin Performance and Investment Considerations

A recent Forbes report by Sandy Carter, Chief Operating Officer at Unstoppable Domains, highlights the impressive performance of meme coins. Despite Bitcoin’s dominance in headlines, meme coins have delivered exceptional returns, with some exceeding 1,300% year-to-date.

Read Also: Shiba Inu Lead Dev Lauds SHIB’s Supremacy over XRP, BNB, and SOL in Current Bull Season

However, the report emphasizes the importance of investor due diligence. Speculation and celebrity endorsements can fuel short-term gains, but long-term success hinges on real-world utility and a strong project foundation.

Shiba Inu: A Case Study in Utility

Not all meme coins are created equal. Shiba Inu (SHIB) is a prime example of a meme coin developing practical applications. A recent partnership with Zama.ai aims to integrate SHIB with fully homomorphic encryption technology.

This collaboration has the potential to enhance security and risk management solutions within the financial sector, potentially setting new standards for cryptocurrency and traditional finance.

Forbes noted:

“Shiba Inu is one of the largest memecoins by market capitalization and recently announced a partnership with Zama.ai to develop a fully homomorphic encryption platform. This means that Shiba Inu will be able to create identity, security and risk management solutions that are embedded within payment and other financial technologies. This doesn’t just drive enhanced privacy and security in the memecoin or crypto sector, but is setting standards for the traditional financial industry as it converges with the crypto economy.”

Community Engagement and Utility Drive Growth

Building a large and active community is another key factor for meme coin success. Floki Inu (FLOKI) exemplifies this concept. It positions itself as a “People’s Cryptocurrency” and fosters a strong community through utility-driven projects and non-fungible tokens (NFTs).

Integrations with the Valhalla Metaverse play-to-earn game and a dedicated NFT marketplace contribute to its value proposition. Additionally, Floki University, an educational platform for new crypto investors, demonstrates its commitment to community growth. With a market capitalization exceeding $2.1 billion, FLOKI’s approach is proving effective.

Leveraging Established Blockchain Technology

The choice of blockchain can also significantly impact a meme coin’s potential. Bonk, built on the Solana blockchain, leverages an existing ecosystem with over 250 DeFi applications. This integration positions Bonk to benefit from established infrastructure and potentially drive future growth within the decentralized finance (DeFi) space.

Like any cryptocurrency investment, thorough research is crucial before entering the meme coin market. As Carter suggests, investors should prioritize factors like a coin’s utility, community engagement, and development team. The ability to solve real-world problems and offer unique functionalities beyond existing cryptocurrencies is a strong indicator of a meme coin’s long-term viability.

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Read Also: Amazon Founder Jeff Bezos Lauds Dogecoin Founder’s Intelligence

The recent story of a SHIB investor who turned a $2,625 investment into $1.1 million over three years serves as a testament to the potential returns but also underscores the inherent risk involved in this asset class.

On the ground for XRP Ledger Apex 2024, we caught up with
Jazzi Cooper, Lead Product Manager at Ripple X and a major driving force behind its ambitious mission. In an
exclusive interview, Jazzi shared insights into Ripple X’s role in reshaping
the financial landscape and paving the way for a future powered by blockchain
technology.

Why Traditional Finance Needs a Disruption

“Traditional finance rails today, as we know, are
insufficient. Payments take multiple days if not weeks (…) and settlement is slow,” Jazzi remarked,
setting the stage for a discussion on the urgent need for disruptive solutions
in the financial sector.

The bold promise of blockchain technology lies in its
potential to revolutionize financial systems, a vision embodied by Ripple X and
its dedication to the XRP Ledger. As traditional financial infrastructures
strain under the weight of inefficiencies, Ripple X champions a future where
transactions are swift, transparent, and decentralized. This ambition is not
merely a theoretical exercise but a concerted effort to redefine how value is
transferred and recorded.

One of the main drivers for this charge is Jasmine Cooper,
affectionately known as Jazzi, who heads the Institutional DeFi Products group.
Her team’s mission is to cultivate a suite of products that capitalize on the
unique strengths of the XRP Ledger, thus offering a robust alternative to the
entrenched financial systems that dominate today’s markets.

On Redefining Value Transfer

“The XRP Ledger is purpose-built for value transfer.
We think it’s a very ideal blockchain environment for the issuance, the
movement, the trading of tokens,” Jasmine emphasizes, underscoring the
platform’s suitability for disrupting traditional finance.

Central to Ripple X’s strategy are three key product
verticals: tokenization, financial protocols, and infrastructure. Tokenization
involves the creation of digital tokens that represent real-world assets,
offering a new avenue for asset management and investment. Financial protocols
cover on-chain trading and lending, leveraging blockchain’s transparency and
efficiency. The infrastructure vertical focuses on building the essential
components, such as oracles and cross-chain bridges, which support the seamless
operation of these systems.

Out with the Old?

“Most of fintech today, all of your neobanks, all of
your digital wealth advisors, these have moved a little bit forward by offering
nice UIs… But they’re still sitting on the same old rails.”

As a stark contrast, one of the most exciting developments at Ripple X is the
introduction of multipurpose tokens, a new standard designed for the
tokenization of real-world assets.

“We’ve introduced a new token standard called
multipurpose tokens that’s purpose-built for tokenization of real-world
assets,” explains Jasmine, shedding light on Ripple X’s commitment to
innovation.

This innovation allows metadata to be
directly attached to the blockchain asset, ensuring a higher degree of
reliability and utility. Such advancements pave the way for more sophisticated
use cases, such as bond and equity tokenization, and open up new possibilities
for asset management and investment.

Accessible Blockchain for All: User-Centric Design & Financial Inclusion

Shifting gears, Jasmine’s perspective on the interplay between technology
and society underscores a fundamental truth: technology must align with user
needs and expectations to achieve widespread adoption.

“We ultimately have to meet people where they are in terms
of their tolerance for usability, for risk, for trust, user experience that they
demand across the board,” Jazzi added.

This principle guides
Ripple X’s development efforts. Instead of imposing complex, crypto-native
solutions that might alienate everyday users, Ripple X aims to meet users where
they are, providing intuitive and accessible products that leverage
blockchain’s advantages without overwhelming complexity, thus emphasizing the
importance of user-centric design.

Financial inclusion is another cornerstone of Ripple X’s
vision. By democratizing access to financial services, blockchain
technology can empower individuals in regions where traditional banking
infrastructure is inadequate or nonexistent. Decentralized lending protocols,
for example, can offer capital to those who lack access to conventional
financial institutions, thus fostering economic opportunities and growth in
underserved communities.

Looking ahead, Ripple X is poised to make significant
strides in the realm of real-world asset tokenization. Upcoming announcements
and projects promise to further integrate blockchain technology into various
sectors, enhancing the liquidity and utility of digital assets. Additionally,
the EVM side chain initiative aims to bridge Ethereum’s extensive developer
community with Ripple’s robust infrastructure, creating synergies that could
drive further innovation and adoption.

Wrapping up

In the face of skepticism and the noise surrounding
cryptocurrencies, Ripple X’s commitment to practical, impactful solutions
stands out. By focusing on real-world problems and developing technology that
enhances user experiences, Ripple X is not only pushing the boundaries of what
blockchain can achieve but also ensuring that these advancements are accessible
and beneficial to a broad audience. The future of finance, as envisioned by
Ripple X, is one where blockchain technology seamlessly integrates into our
daily lives, enhancing efficiency, transparency, and inclusion in ways that
traditional systems have long struggled to deliver.

On the ground for XRP Ledger Apex 2024, we caught up with
Jazzi Cooper, Lead Product Manager at Ripple X and a major driving force behind its ambitious mission. In an
exclusive interview, Jazzi shared insights into Ripple X’s role in reshaping
the financial landscape and paving the way for a future powered by blockchain
technology.

Why Traditional Finance Needs a Disruption

“Traditional finance rails today, as we know, are
insufficient. Payments take multiple days if not weeks (…) and settlement is slow,” Jazzi remarked,
setting the stage for a discussion on the urgent need for disruptive solutions
in the financial sector.

The bold promise of blockchain technology lies in its
potential to revolutionize financial systems, a vision embodied by Ripple X and
its dedication to the XRP Ledger. As traditional financial infrastructures
strain under the weight of inefficiencies, Ripple X champions a future where
transactions are swift, transparent, and decentralized. This ambition is not
merely a theoretical exercise but a concerted effort to redefine how value is
transferred and recorded.

One of the main drivers for this charge is Jasmine Cooper,
affectionately known as Jazzi, who heads the Institutional DeFi Products group.
Her team’s mission is to cultivate a suite of products that capitalize on the
unique strengths of the XRP Ledger, thus offering a robust alternative to the
entrenched financial systems that dominate today’s markets.

On Redefining Value Transfer

“The XRP Ledger is purpose-built for value transfer.
We think it’s a very ideal blockchain environment for the issuance, the
movement, the trading of tokens,” Jasmine emphasizes, underscoring the
platform’s suitability for disrupting traditional finance.

Central to Ripple X’s strategy are three key product
verticals: tokenization, financial protocols, and infrastructure. Tokenization
involves the creation of digital tokens that represent real-world assets,
offering a new avenue for asset management and investment. Financial protocols
cover on-chain trading and lending, leveraging blockchain’s transparency and
efficiency. The infrastructure vertical focuses on building the essential
components, such as oracles and cross-chain bridges, which support the seamless
operation of these systems.

Out with the Old?

“Most of fintech today, all of your neobanks, all of
your digital wealth advisors, these have moved a little bit forward by offering
nice UIs… But they’re still sitting on the same old rails.”

As a stark contrast, one of the most exciting developments at Ripple X is the
introduction of multipurpose tokens, a new standard designed for the
tokenization of real-world assets.

“We’ve introduced a new token standard called
multipurpose tokens that’s purpose-built for tokenization of real-world
assets,” explains Jasmine, shedding light on Ripple X’s commitment to
innovation.

This innovation allows metadata to be
directly attached to the blockchain asset, ensuring a higher degree of
reliability and utility. Such advancements pave the way for more sophisticated
use cases, such as bond and equity tokenization, and open up new possibilities
for asset management and investment.

Accessible Blockchain for All: User-Centric Design & Financial Inclusion

Shifting gears, Jasmine’s perspective on the interplay between technology
and society underscores a fundamental truth: technology must align with user
needs and expectations to achieve widespread adoption.

“We ultimately have to meet people where they are in terms
of their tolerance for usability, for risk, for trust, user experience that they
demand across the board,” Jazzi added.

This principle guides
Ripple X’s development efforts. Instead of imposing complex, crypto-native
solutions that might alienate everyday users, Ripple X aims to meet users where
they are, providing intuitive and accessible products that leverage
blockchain’s advantages without overwhelming complexity, thus emphasizing the
importance of user-centric design.

Financial inclusion is another cornerstone of Ripple X’s
vision. By democratizing access to financial services, blockchain
technology can empower individuals in regions where traditional banking
infrastructure is inadequate or nonexistent. Decentralized lending protocols,
for example, can offer capital to those who lack access to conventional
financial institutions, thus fostering economic opportunities and growth in
underserved communities.

Looking ahead, Ripple X is poised to make significant
strides in the realm of real-world asset tokenization. Upcoming announcements
and projects promise to further integrate blockchain technology into various
sectors, enhancing the liquidity and utility of digital assets. Additionally,
the EVM side chain initiative aims to bridge Ethereum’s extensive developer
community with Ripple’s robust infrastructure, creating synergies that could
drive further innovation and adoption.

Wrapping up

In the face of skepticism and the noise surrounding
cryptocurrencies, Ripple X’s commitment to practical, impactful solutions
stands out. By focusing on real-world problems and developing technology that
enhances user experiences, Ripple X is not only pushing the boundaries of what
blockchain can achieve but also ensuring that these advancements are accessible
and beneficial to a broad audience. The future of finance, as envisioned by
Ripple X, is one where blockchain technology seamlessly integrates into our
daily lives, enhancing efficiency, transparency, and inclusion in ways that
traditional systems have long struggled to deliver.