How Elon Musk has Contributed to the growth of Meme Coins

Since the inception of cryptocurrency in 2009, it is gradually being implemented in the way that we exchange, obtain and transfer finances digitally. If blockchain technology continues to develop, it could revolutionise us into the new iteration of web 3.0 – which would see cryptocurrencies at the forefront of the financial sector and ultimately become ubiquitous. However, one new type of coin that crypto has introduced is the meme coin – a token that is centred around a viral image or internet meme.

Many of these meme tokens thrive due to their distinct and humorous branding, and what boosts their popularity further is the public endorsement of high-profile figures. From celebrities to entrepreneurs, these notable figures help the value of meme coins rise mainly through the use of social media platforms such as Instagram, Twitter and Facebook. One of the main supporters of crypto is billionaire Elon Musk, who has a significant influence on the crypto market. This article will explain how Musk’s influence affects cryptocurrencies.

Elon Musk – Billionaire and Crypto Influencer

Over the past year, Tesla founder and entrepreneur Elon Musk has been one of the biggest influencers when it comes to crypto. When Bitcoin came into existence in 2009, Musk showed no interest in getting involved with the virtual currency. Then suddenly in February 2021, Elon Musk publicly announced that Tesla purchased $1.5 billion worth of Bitcoin. This endorsement resulted in the further popularisation of cryptocurrencies, at a time when people were trying to discover new ways to make financial returns – which the COVID-19 pandemic ironically also contributed towards.

Musk has also unintentionally inspired other meme coins to come into fruition, such as Dogelon Mars (ELON) and Floki Inu (FLOKI). Dogelon Mars follows the traditional pattern of meme coins which are usually centred around dogs, and run under the Polygon and Ethereum ecosystem. Dogelon Mars runs under the theme of several themes in meme coin culture, with its name being a portmanteau of Elon Musk and Dogecoin – a coin that the entrepreneur is an active advocate of. Additionally, the ‘Mars’ part of the name derives from the moon meme – alluding to the potential heights the currency could reach. Similarly, Floki Inu is another canine-based coin that refers to itself as a movement rather than a meme coin. The blockchain network is named after Elon Musk’s Shiba Inu dog, Floki – conveying Musk’s influence in the meme sector of the crypto market.

How Big Eyes (BIG) could attract Elon Musk

An upcoming meme coin which would undoubtedly want the attention of Elon Musk is Big Eyes (BIG), a cryptocurrency that characterises itself as a community-driven token which aims to shift affluence into the decentralised finance (DeFi) ecosystem. In addition, Big Eyes plans to donate 5% of its earnings to ocean-based charities – an aspect that could attract Musk to the currency as he is an active donator to multiple charities. The blockchain network aims to provide a self-propagating outlet for hypergrowth through NFTs that offers access to more content and events.

A unique selling point that differentiates BIG from other meme coins is its anime-style cat mascot, which has large pupils. This provides something new to the crypto meme culture, as many meme coins use canines as their form of identification. The token’s primary features are its community-driven nature, dynamic tax system and tax-free incentives. Big Eyes intends to have 90% of its 200,000,000,000 available at launch, and with its several unique elements, it has the potential to draw the eyes of Elon Musk.