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rypto Memes: A History of the Narratives Driving Crypto Forward
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10 Crypto Memes: A History of the Narratives Driving Crypto Forward
Cointree
These crypto memes have shaped the culture of bitcoin, Ethereum and the entire crypto space since day one, and they’re much more than funny jokes on the internet. They’re ideas that move through our minds and shape culture.
What do we know about crypto memes? Well, at Cointree we’ve been a crypto exchange here in Australia since 2013, so we’ve seen a few. We were here when the HODL meme was born, when Dogecoin launched, and when the Bitcoin sign guy photobombed the head of the US central bank. More importantly, we've helped tens of thousands of Aussies stack sats and buy the dip.
Are these crypto memes really that powerful? Don’t take our word for it, scroll down and see for yourself. Or as we say in crypto; Don’t trust, verify.
The Don’t trust verify meme is at the core of crypto culture.
1. Don’t trust, verify
If there was one meme to epitomise Bitcoin, it’s this; Don’t trust, verify. The core idea of the blockchain is that you don’t have to trust a bank or any other central authority with your money.
When you give a bank your money, you can’t actually see what they’re doing with it or if they still have it. But Bitcoin and other cryptocurrencies are different.
The blockchain lets you check the ledger so you can verify that you’re holding your coins. You’re in complete control.
Hold on for dear life and don’t sell your crypto.
2. HODL
The HODL meme originated in December 2013 when a user named GameKyuubi made a post on the popular BitcoinTalk forum. He meant to write “I AM HOLDING” to show he wasn’t going to sell his coins even though the price had risen dramatically. Instead, perhaps having had a few cold beverages, he mistyped it and wrote, “I AM HODLING.” From that moment, Bitcoiners stopped ‘holding’ their coins and began ‘hodling’ them.
However, the story doesn’t end there. As new investors who didn’t know the origin story entered the crypto space, the meme evolved to become an initialism for ‘Hold On For Dear Life’. Bitcoiners used it as encouragement to maintain their conviction and ‘hodl’ their coins through the volatility.
There was no better evidence that this crypto meme had permeated the culture than when the US Senate wanted to know its meaning during a Senate Committee on Banking.
A buy bitcoin sign being held up on TV during a Congress hearing.
3. Bitcoin sign guy
In 2017, U.S. Federal Reserve chair Janet Yellen was testifying to Congress. Suddenly, a guy sitting a few seats behind the central bank head photobombed her with a ‘Buy Bitcoin’ sign.
The footage was shown live on TV and has been viewed millions of times. It went on to spur a ‘Buy Bitcoin’ street art. For his efforts, Bitcoiners tipped the advocate a total of 6.3 bitcoins, now worth close to half of million dollars.
It’s a very fitting crypto meme. A random guy stole the spotlight from the world’s most powerful central banker to promote a stateless cryptocurrency... And he got rich.
A popular crypto Twitter personality jokes about buying the dip.
4. Buy the dip
Buying the dip is repeated non-stop whenever the crypto market falls. You can buy the dip by making a purchase when the market falls. Then, when the price rises again, the temporary correction will appear as a temporary dip on the price charts. Buy low, sell high as the saying goes.
For example, when bitcoin’s price dropped in September of 2021, the El Salvador President Nayib Bukele announced that he bought the dip. It was no small purchase, with the government buying 150 bitcoins. “They can never beat you if you buy the dips,” said the president.
How can you buy the dip? One way is to buy incrementally as the price falls. Another is to wait until the price settles at a support level and buy in. Or you can use Cointree’s auto buy feature and automatically make a buy when the market dips to a predetermined level.
The original Dogecoin meme.
5. Dogecoin
What is Dogecoin? It started as a crypto meme and has grown to become one of the largest cryptocurrencies in the space. Much wow.
The meme coin was based on the Shiba Inu Doge meme. While it was only meant to be a joke, it gained popularity over time and eventually won the attention of billionaire technologist, Elon Musk who helped push the token to new heights.
It went on to inspire a whole litter of copycats, including the Ethereum based Shiba Inu (SHIB).
Vitalik Buterin standing in front of
