It’s hard to forget January 2021 when a group of Redditors went toe-to toe with Wall Street and pushed the Gamestop share price to unimaginable levels. Dogecoin, a cryptocurrency that was originally created to make fun of Wall Street, was adopted by the richest man in the world and has a market capital close to $90billion.
HOKK Finance Inu was one of many memes that benefited from Dogecoin’s success. It reached a staggering $800 million market cap. However, the founders abandoned it and it crashed down 99%. Bull market panic, anyone?
It is now reimagining itself as a DeFi player “powered via memes”. Memes are fascinating, regardless of what you think. Unfortunately, there is also a dark side to memes. Innocent retail investors can be used as exit liquidity by creators in what amounts a pump-and dump scheme. The whole issue of regulation is important – what should be permitted?
There are also fascina ting network effects. A community of thousands, nay millions, is worth a lot no matter how you swing it. How can this community and its branding be turned into a legitimate business? HOKK Finance is trying to find the answer to this question, a company that was created from the ashes of Hokkaido Inu’s meme coin.
Podcast with Mark Basa
Mark Basa has been involved in crypto since 2011, and has worked on many different projects. After starting out as a buyer, he has wandered around the crypto space. Today, he is the Director at HOKK.
Mark and I met up for the latest episode on CoinJournal to talk about all things memes: the dark side, scams, euphorias, network effects, regulation, and why they are so valuable.
It was different, but it was still fun. It’s all just a simulation.