Meme coins: a passing fad or a financial game changer?

Franklin Templeton has not ignored meme coins, it has actually been shining a light on them - Avalanche Foundation, too. Templeton is doing so because meme coins growth is synonymous with network growth; Avalanche, for recognising “on-line culture and memetic culture”. Research by CoinGecko deemed meme coins as the most profitable investment of 2024 Q1. An average of eighty-eight participants in the global meme coin industry shows that the market cap recently surpassed $59billion. Born from internet jokes and online communities, the first Dogecoin and Shiba Inu are increasingly attracting interest, possibly driven in part by some of their stella performances - e.g. BONK has risen in value by over 4,000% in the last year alone. The first, Dogecoin, was launched in 2013 - four years on the heels of Bitcoin. But unlike altcoins, which have utility, meme coins do not purport to have this. Their recent surge in popularity is fuelled by a potent mix; strong online communities, often spurred…