Meme Season is Over – What’s Next for Meme Tokens?

Last year, the meme tokens crypto industry dominated in what was called the meme season. But now that the hype surrounding meme tokens has subsided, what does the future hold for this category of crypto?

HOKK FinansOne of the original meme tokens, which reached a market value of $ 800 million at the height of the “meme season” in May 2021, believes that the most successful meme tokens will be those that offer specific uses to customers.

In an interview with Fintech TimesHOKK CFO Mark Basa discusses the future of meme tokens and gives advice on how meme tokens can succeed in a rapidly changing crypto market.

TFT: What is a meme token?

MB: A meme token is a cryptocurrency that is formed around a popular meme and is community-based projects that are usually run by a loyal and loyal community. Memes are things that go viral on the internet, such as a picture, image or icon, and are simply fun. So you make tokens based on certain memes – for example, Dogecoin is based on the Japanese Inu dog.

TFT: What caused the meme crypto hype to die down?

MB: Most people say that the decline in meme crypto is due to lack of utility, which is very true. But I think lack of strategy and direction is also a big factor. Basically, go to the top meme tokens and see who runs them daily. The majority are not run by strategically minded business people. So if you do not have a strategy manager, a brand director or a CFO, how are you going to scale to the market and react when the market moves? If you are a developer, water is difficult to navigate.

Maybe meme-token leaders missed out on building brands in the long run and do not know how to lay out strategies or go through specific market cycles. They continue to deliver what they believe is accurate and what they believe the market wants, but meme tokens must actually be based on partnerships and appropriate types of funding and licensing to make them more legitimate. I think they lack strategy and business more than anything else.

TFT: Will they ever reach the same popularity levels as they had before?

MB: I think those who survive will reach high levels, maybe not the same popularity they once had, but something else. For example, we transform HOKK Finance and move away from all hype marketing to focus on building things with real benefit.

You need to stay away from the whole token and price action. Instead, focus on building things like decentralized blockchain applications or building video games that people love to play.

TFT: Are meme tokens a more risky investment than a standard cryptocurrency?

MB: Many meme tokens do not have public layers. At HOKK finans, we have a whole team of people on book, licensing and registration. We have taken the necessary care to make this an official company.

The others are probably more risky since you do not know who is behind them. It can be risky because you can be scammed. If you can not see the team, there may be a bunch of kids running a meme token. You end up giving them your money and they do not know how to execute strategy. As a result, some of these tokens end up with treasuries of up to billions of dollars. Do these young children know how to spend or manage this money? Probably not.

TFT: What is the future of meme tokens?

MB: In the future, the most successful meme tokens will be the ones that adapt and change to the market. So if I were one of the most prominent players, I would try to team up with some significant investors and players to help build a public team that can go out there and help build a brand.

I’m talking specifically about tokens with some major players who support them – experienced advisors who have experience in building large companies and people who know business strategy.

They know how to enforce a real business strategy to grow the company. They have so much money, which means they can do anything. They could have their own exchange and basically have everything they wanted, and that’s what other meme tokens need to do.

TFT: How does the cryptocurrency market’s attitude affect meme tokens? Is there a more accelerated bear / bull market for meme tokens?

MB: Meme tokens will always be pumped by news and speculation. In HOKK we have tried to distance ourselves from the idea of ​​focusing on symbol price. What is important is that we build in bear markets and bull markets, and we do not listen to anyone’s fears, insecurities or doubts.

We just keep going, regardless of calm or rough waters. We believe something will come out on the other side if we continue to build. So the crypto market attitude will always be that meme tokens are a scam until something unique happens. We want to transform HOKK from a meme token into a serious company that builds things that people love and like.