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Here's Why Mimetic (MEME) Is Running Now And What's Next

Here's Why Mimetic (MEME) Is Running Now And What's Next
Written by
Chris Sandburg
Published on
November 28, 2017
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As bitcoin heads towards the $10,000 mark, news media attention from outside of the sector is undoubtedly set to heat up.There's a good chance we'll see this attention filter through to the ICO space and the tokens and cryptocurrencies that underlie it and, indeed, we're already seeing a number of tokens move this week.One of the week's biggest movers so far is Memetic (MEME).Here's a look at what's moving the coin right now and where we expect things to go next.There's a good chance that many reading won't have heard of this one but – at the same time – there's a possibility that the same readers might be familiar with its figurehead on the back of some alternative association. MEME One Day ChartSource: coinmarketcap.comSpecifically, this token used to be called PepeCoin (and, in some instances, still is). Pepe is the cartoon frog that, at one point, was associated with white supremacists in the US and was the root of allegations that US President Donald Trump supported said supremacists based on the use of Pepe's image in some campaign PR efforts.In reality, Pepe the frog has long been a staple of what we might call the "meme economy" online and was high jacked by supremacist groups and – in turn – by the mainstream media as representative of the former.Anyway, when this coin first came about it was called PepeCoin (this is back at the start of last year) but, once the political storm fired up surrounding its use by certain fringe groups, the company behind the coin, Memetic, was forced to change the name if it wanted to maintain listings on various exchanges.Since this time, the coin is officially referred to as MEME (for the purposes of exchange listings) but, colloquially and in much of Mimetic's communication, it's referred to as PEPE.So what's it all about and why is it moving now?The blockchain on which MEME rests was designed as a storage unit for memes. For anyone not familiar with the term, it's defined as follows:"(A meme) is an idea, behavior, or style that spreads from person to person within a culture — often with the aim of conveying a particular phenomenon, theme, or meaning represented by the meme."More often than not it's an image with some text overlaid, designed to be funny.So, Mimetic recognized that people were creating these memes and they were then shared, altered, all that sort of thing. This isn’t surprising, given that they are designed to go viral, but the original creators weren’t able to pick up any credit for the content they created.Mimetic is an attempt to remedy this. Basically, a creator can store his or her memes on the mimetic blockchain and – in turn – can establish the fact (and have this fact etched into an unchangeable record) that they are the creators and IP owners of the meme in question.It seems trivial to anyone not familiar with this culture but – as the rise in price of the blockchain's coin, MEME, has shown – it's far from it.MEME currently trades for $0.36. Go back to January 1 this year and this number dips to $0.0014. That's a more than 25,000% run in less than twelve months. Over the last twenty-four hours alone, MEME is up 47%.What's behind the run?The token is approaching a fork, which is expected to take place in around 7 days. Action always heats up in anticipation of a fork in this space and it's likely that the majority of the action we are seeing is rooted in this fork.The token also just picked up a fresh exchange listing and is now available to trade on Cryptopia – an up and coming cryptocurrency exchange based in New Zealand.We will be updating our subscribers as soon as we know more. For the latest updates on MEME, sign up below!Image courtesy of Memetic

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