Memecoins Dogechain DC - DOGE Dogecoin

Memecoins have been a staple of Dogechain ever since our chain of memes and dreams launched in August 2022. As the first DEX was deployed on the network, our community embraced memecoin trading and made it one of the major factors of TVL.

That said, not everyone is sufficiently tech-savvy to launch their own token. Moreover, forking from an existing token contract can sometimes carry over some malicious code that can hurt communities on the road.

For this reason, the Dogechain team has released the much-anticipated Build-A-Doge Workshop, a no-code platform for launching DOG-20 tokens. With this new feature, everyone can now safely create their own meme token and start a community around it.

This article will give you all the ins and outs of creating a meme token with Build-A-Doge and explain some of the main steps you should take to set up your meme token project for success.

Memecoins — A Stroke of Genius in the Crypto World 🧠

Memes have become an integral part of our social lives. They garner attention and spread ideas across various industries and communities. They also allow people to use a common, lighthearted language to communicate about serious societal or economic issues on a global scale. Over the years, this media form has become one of the most significant sources of entertainment and communication.

So, we shouldn’t be surprised that the crypto community has adopted memes as a means of communication and evolved this usage into powerful financial instruments. Memecoins have become insanely popular and genuine market drivers.

Dogecoin as a Precursor for the Meme Token Economy

The first meme coin ever created was Dogecoin, initially as a joke. Software developers Billy Markus and Jackson Palmer launched Dogecoin’s mainnet in 2013 as a fork of Litecoin. Markus initially came up with the idea, getting his inspiration from a popular internet Shiba Inu meme. Palmer later helped Markus turn his idea into a workable cryptocurrency.

Over the years, Dogecoin has provided substantial returns to early investors and has established itself as one of the most widely used payment cryptos in the industry.

In 2021, this success spurred a memecoin revolution, when we saw hundreds of dog-themed coins launch, some of them becoming incredibly successful. Today, $SHIB, $FLOKI, and similar tokens are trading on high-profile exchanges and are widely accepted as a means of payment.

There is no definitive answer to why meme tokens became so popular. Different individuals take an interest in them for a variety of reasons. Many investors find meme coins attractive due to the potential for rapid gains. Popular meme coins like Dogecoin, Shiba Inu, and now, PEPE, have a well-documented history of posting rapid, exponential price gains.

Others enjoy the fact that meme coins represent crypto’s light-hearted side. Many might be a fan of the specific meme, dog, or another animal that the meme coin was inspired by. For these users, the meme coin might serve as more of a collector’s item or a way to connect to a community.

Why Create Your Memecoin on Dogechain?

Even though the meme token hype had died off for a while due to bear market conditions, we are seeing a reemergence of the narrative with $PEPE. Consequently, the Build-A-Doge Workshop comes at just the right time to reignite the meme token hype on Dogechain.

For a wide range of reasons, Dogechain sets itself apart as a chain where memeconomy can thrive:

  • Uses Dogecoin as gas — Dogechain is the only blockchain that empowers the original memecoin and allows holders to use it as gas on the network.
  • Low-cost transaction fees — transactions on Dogechain cost a fraction of a cent. In contrast to Ethereum, costs for swaps are 100x lower on Dogechain. This allows traders to make smaller, incremental trades without impacting their gains.
  • Affordable token creation tool — Build-A-Doge requires only 10,000 $DC to create your token, a fee established to limit spam requests for smart contract calls.
  • Trustworthy trading platformsQuickSwap on Dogechain provides communities and token creators with a permissionless decentralized exchange with ongoing support and advanced features.
  • Reliable smart contracts with the Build-A-Doge Workshop — the standard smart contract template for tokens created with Build-A-Doge ensures that there is no hidden malicious code allowing for 100% buy/sell taxes or honeypot rugpulls.
  • Affordable liquidity lockers — Liquidity lockers like FlokiFi allow token creators to build trust within their community.
  • A powerful, meme-loving community — our chain has gathered a highly engaged community that embraces the meme token economy.

All in all, Dogechain has all the required tools for building meme tokens and engaging communities.

Creating Your First Memecoin — Step-by-Step Guide

Before you get started with the Build-A-Doge Workshop and launch your token, understand that not all meme tokens are equal. Your relative success will mostly depend on the hype that your token manages to create. That being said, there are some fundamentals that can help you set up for success and scale a large community.

Pick your meme/brand

Like with any initial business idea, this will be probably the most important prerequisite for your token. Choosing a name, brand, and logo will follow you throughout the journey, and having an original idea will allow you to stand out from the crowd,

Moreover, meme tokens can sometimes follow narratives that are able to assemble different communities. Charities, contrarian lines of thought, and anti-maximalism have proven to be themes that a large portion of the crypto community rallies behind. Instead of a simple hype bandwagon, your meme token can connect your community in a language they relate to.

Set up your community tools

While the entire crypto industry runs on community fuel, this is even more prevalent with meme tokens. Consequently, setting up your socials to manage your community and communicate with them effectively is an essential prerequisite.

Here’s a non-exclusive list of what you should set up:

  • Twitter account — to communicate regularly with your community and connect with crypto influencers.
  • Telegram channels — this is a great tool for ongoing communication and providing your community with timely updates. You can set up buy/sell bots, and automate the channel to post your token contract address and charts.
  • Discord — just like Telegram, Discord provides you with a plethora of tools that can help you engage your community.

While these three social tools can meet most communities’ needs, you can up the antes by creating an Instagram and TikTok account if you have the bandwidth to provide content there.

Create a website

You will need a community-rallying point around your meme token. Even if you manage to create a huge amount of hype, users will want to know more about your brand and narrative.

Your website should provide essential info about the token, brand, ideology, and tutorials on how to onboard new users.

Mint your token with Build-A-Doge Workshop

Once you’ve taken care of the essentials, you can create your token using Build-A-Doge. Before you enter the required information in the fields, try doing some research and calculations about the total supply of your token. This will play a part in the distribution of your token and the possible price appreciation going forward.

Meme tokens usually have a huge supply (trillion/quadrillion), allowing their users to buy millions of tokens with a couple of dollars.

Once you have decided on this important element, follow these simple instructions:

  • Ensure you have 10,000 $DC for the anti-spam fee and some DOGE for gas.
  • Enter your Token Name (full name for your Token)
  • Enter your Token Symbol (which will be used by exchanges)
  • Provide the number of decimals your token should have. (18 is standard).
  • Enter the total supply of tokens you want to mint.
  • Provide the Dogechain wallet address where you want to send your newly minted tokens. The best approach is to create a fresh Dogechain wallet for this purpose.
  • Click on “Mint my DOG20 Token” and sign the transactions.
  • Approve your Metamask extension to spend your $DC for the anti-spam fee. If your transaction doesn’t go through because of high demand, try setting your gas fee above 300 Gwei.
  • Sign the minting transaction.
  • Add the token to your Metamask wallet.
  • Check your token on the Dogechain Block Explorer.

That’s it, your token has been created and is accessible through the wallet address you provided.

Create wallets for specific allocations (optional)

If you have specific tokenomics in mind, you can now provide allocations of your tokens to different wallets.

Each allocation should have a specific purpose and a specific percentage allocated for each purpose. For example:

  • Team allocation — 5%
  • Marketing — 5%
  • Community Airdrops — 20%
  • Exchanges liquidity — 70%

Providing your community with the wallet addresses of each allocation will allow you to build trust and solidify your position with them.

Set up a liquidity pool on Quickswap

The next step in your meme token journey is to set up a liquidity pool for your token and allow users to trade it.

Understanding liquidity

Liquidity is a fundamental part of crypto. Liquid assets are easily converted back and forth, without huge price variations or slippage. In this regard, liquidity pools (LPs) play a crucial part in the creation of a liquid DeFi system.

Liquidity pools are piles of digital assets that are locked in a smart contract. They are used to facilitate trading by providing liquidity to DEXes. Automated market makers (AMMs) use them to allow digital assets to be traded automatically.

The price of the tokens in the pool is determined by a mathematical formula of the AMM and depends on:

  • The size of the trade
  • The size of the pool

This means that larger pools can accommodate bigger trades without significantly moving the price.

In its basic form, a liquidity pool holds 2 tokens, e.g. $wDOGE and your newly created meme token. This creates a market for that pair of tokens, allowing users to start trading these tokens with the AMM accommodating their swaps.

Any user can become a liquidity provider (LP) by providing a 50/50 split of these tokens to the pool. The pools provide incentives to LPs by rewarding them with a fraction of the trading fees or other rewards, proportional to the amount of liquidity they supplied.

As the token creator, you will be the initial liquidity provider, determining the initial price of the token.

Budgeting your LP for price discovery

Before you create your first LP, you will need to carefully budget the number of meme tokens you wish to pool against the main trading pair, for example, wDOGE.

Let’s say you decided that 70% of your 100 billion total supply should be allocated for exchanges. Additionally, you decided that 30% of those 70% needs to go to decentralized exchanges and the rest to centralized exchanges.

In this case, you can allocate 21 billion tokens to the Quickswap LP with wDOGE.

The next step is to see how much wDOGE you are willing to lock in the LP. Let’s say you wish to provide a decent amount of liquidity and allocate 100,000 wDOGE of your own funds to the LP.

The liquidity pair will look something like this

21,000,000,000 $MEME ↔️ 100,000 $wDOGE

Once you approve your pool, this will set an initial price of 210,000 $MEME/$wDOGE for your token.

Creating a pool on Quickswap on Dogechain

The process of creating an LP on QuickSwap is fairly straightforward:

  • Visit the dApp and connect your Dogechain wallet
  • Select the “Pool” tab on the top of the web page
  • Select the V2 or V3 version of the AMM
  • Click on “Select a token” and paste the token contract address for your meme token.
  • Click on the second “Select a token” button and choose the token pair — $wDOGE, for example.
  • In the “Deposit Amounts”, choose the number of tokens you wish to lock in the LP for both assets. If we follow our previous example, it will be 21,000,000,000 $MEME and 100,000 $wDOGE.
  • Preview and approve your LP.

⚠️ Understand that providing liquidity for a token is a long-term commitment. Removing this initial liquidity is extremely frowned upon and might be considered a rug pull by your community. Consequently, ensure that you are devoted to supporting your project long-term with no anticipation of recovering your LP assets in the near future.

Lock your liquidity (optional)

Blockchain technology provides token creators with tools that allow them to lock their LP for a certain amount of time, called liquidity lockers.

Locking liquidity removes the ability to manipulate the market by removing liquidity from the LP and crashing the token’s price.

When liquidity is locked, it means that the tokens or cryptocurrency are kept in a smart contract, where they cannot be moved or traded for a certain period of time. This is usually done to provide stability and security to the token’s price and prevent large fluctuations caused by sudden increases or decreases in supply.

Locked liquidity provides several benefits to your project, including greater stability in the token’s price, increased confidence in the project, and greater resistance to market manipulation. This makes it more attractive to investors, who are more likely to invest in projects with locked liquidity. Additionally, locked liquidity can create a more predictable supply schedule for the token, which can make it easier to plan for long-term investments.

An example of a popular liquidity locker on Dogechain is FlokiFi, which allows you to lock both V2 and V3 AMM LPs.

Market your token

Finally, once your token is out on the market, you can start marketing it to your community. While we can’t give you a full lesson on how to market a meme token in this article, there are some guidelines you should follow such as:

  • Reach out to various meme token supporters and communities.
  • Reach out to crypto influencers that might be interested in your project.
  • Use marketing tools such as airdrops and giveaways to certain token holders to increase your reach and user base.
  • Cherish your community and turn them into repeat users and ambassadors for your brand.
  • Create on-chain engagement campaigns that bring utility to your token.
  • Create lots of memes around your project! Engage your community constantly around your narrative through Telegram stickers, and Crypto Twitter memes.
  • Collaborate with other projects on Dogechain to increase your reach and engagement. For example, you could reach out to Mantra to whitelist your token for purchasing NFTs on their marketplace.
  • Get your token listed on aggregators like Coingecko or CoinMarketCap. This will help your community access vital data such as price, volume, supply, and market capitalization.
  • Once you have decent volume and reach, you can start contacting centralized exchanges that have integrated the Dogechain mainnet to list your token. While DEXes are a great way to get started, listing your token on a popular exchange could allow mainstream users to access your tokens. It will provide much-needed trading volume, keeping the price of the token stable and under the spotlight of a broader audience.

While this is not an exclusive list of how to market your meme token, it’s a good foundation to set your project up for the long term and possibly ride the next hype wave.

Wrapping Up

Memes are an extremely powerful narrative in the crypto industry. Many believe that the 2021 memecoin hype was just a precursor of things to come and that they may become even more prevalent in the future.

The Build-A-Doge Workshop provides you with all the tools you might need to get started with your own meme token and join the growing memeconomy on Dogechain.

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