In a recent AMA titled Memes to Millions: The Next Big Thing, blockchain strategist Anndy Lian shared his thoughts on the blazing trend in crypto: memecoins.

Lian, who is also a Techopedia columnist with more than 175,000 followers on X, talked about the role of community in memecoins, their impact on the crypto market, and the future of NFTs.

The session was hosted by Binance Community Associate ‘Diana’ and involved Anndy fielding questions for the audience.

The full two-hour video AMA is available below, but we take a closer look at the highlights of the discussion.

Can Memecoins Have Real Utility?

The first question Anndy came across was if memecoins could ever have real-world utility. “Yes, memecoins can have utility, but not at the beginning stage,” he said.

He explained that memecoins, which often start as community-driven hype, have the potential to evolve into more utility-focused projects. For instance, early-stage memecoins like Dogecoin started as a joke but later became widely used for tipping and micropayments.

Anndy also noted that, at the start, memecoins are only about community. “Only community — you know, technology can come later,” he said.

Are Memecoins Too Risky for Beginners?

Anndy acknowledged that the crypto market as a whole is risky, but memecoins carry an added layer of volatility. “All crypto coins are risky. It’s not about memecoins only,” he said.

However, he also shared some tips for investing in memecoins.

“If you want to do any form of memecoin investment or any other investment, always do your own research. This is the number one thing.”

“The second thing is…you have to then understand what kind of investor you are. Are you a retail investor, or are you an accredited investor?

“In general, most people are retail investors…they do not really understand the kind of risk [they are taking].

“Some started to play with derivatives, and they lost all their money. So, you first have to understand the risks involved.

“Ask yourself — are you willing to risk $1,000 to potentially gain 10x in six months, or do you prefer steady returns like 2x in three years? These are the questions investors must answer honestly.”

He further emphasized the importance of diversifying investments and not putting money into projects based solely on hype. He also suggested using tools like Bubble Maps to assess wallet activity and project legitimacy.

In a recent report, Binance Research also said that the survival rate of memecoins is alarmingly low. According to the report, 97% of memecoins launched over the past year have seen their trading volumes drop to nearly zero, essentially making them essentially defunct.

The Role of Community in Memecoin Success

“Community is everything when it comes to memecoins,” Anndy said. He noted that while the technology underpinning these coins can come later, a loyal and active community is crucial for their survival and growth.

He cited examples of coins like Dogecoin and Shiba Inu, which have thrived due to their dedicated communities despite initial skepticism about their technological merit.

“If you are a memecoin, try your best to build your community fast. Try to work hard by talking to different exchanges, go to their posts, talk to them, pin them, add them — whatever you can do, just do it on a daily basis.”

Watch the Full AMA with Anndy Lian & Binance

The Rise of NFTs

Anndy, who authored the book NFT From Zero to Hero, shared his perspective on the role of NFTs in crypto. “I think things like NFTs, for example, are a really nice-to-have tool. I would not say it’s a utility; it’s a very good tool for people to interact, to exchange, and so forth,” he said.

“I do see that NFTs will eventually come back much later, and memecoins will definitely be the first to push it,” he added.

However, he also cautioned against repeating the mistakes of the last NFT boom, where many projects lacked long-term value.

“I hope this time around, this NFT craze is not just about money or some crazy prices but becomes a big tool for people to create communities.

“I do not really want to see the same outcomes that happened in the last NFT boom, because a lot of these NFTs right now — they are not working anymore due to maintenance and other issues.”

Considerations Before Investing in Memecoins

Anndy advised investors looking to navigate the memecoin market to take a cautious and analytical approach.

“First of all, there are a lot of free tools online — Bubble Maps and so forth.

“If you want to put your own money into memecoins, you will definitely need to use all these tools to see and understand how the project is — and see whether the wallets are concentrated and how all the transactions are being made.”

He also said investors need to avoid blind trust.

“Some leader might come to you and say, ‘Oh, someone robbed my wallet, my wallet is hacked, or maybe they will tell you that my secret key is being stolen.

“You don’t need to believe. You should only believe in what you can really see, which is the chart you can look at, the volume.

“Don’t believe, in say, ‘The founder is dead’. I know of projects where the founder died a few times.”

Exchanges and Memecoins

Anndy believes exchanges should take a tailored approach when listing memecoins:

“Memecoins need a separate set of criteria for listing. They can’t be judged by the same metrics as Layer 1 blockchains,” he argued.

He suggested that exchanges focus on metrics like genuine community engagement rather than inflated follower counts.

“I just urge exchangers to really look deep into how particular meme projects are doing. Look at all the key metrics, and from there, you make a decision.

“I urge exchanges including Binance, OKX, and whoever else: please have a separate set of criteria so that we can understand the meme market a lot better and get the right kind of meme to the exchange right in the very beginning.”

He also encouraged meme projects to actively engage with exchanges. “Don’t just wait for exchanges to notice you — approach them, build relationships, and grow your visibility.”

Partnerships for Memecoins

Anndy also noted the importance of collaboration, advising memecoin projects to use partnerships to enhance their ecosystems.

“Work with NFT platforms, Layer 1 blockchains, or tools like Copex to create value and gain rewards,” he said.

“I always encourage people or meme projects to make more money. Their main asset is the community. Bring the community to platforms like Copex where you can trade and get their native tokens.”

“Use the native tokens, sell them, don’t worry, just sell them and then use that as a marketing fund because it’s going to be a win-win. You bring people to them, you get some some good commission.”

Future Trends Beyond Memecoins

Shifting gears, Anndy discussed broader trends in the crypto space. He expressed excitement about the intersection of AI and DeFi, saying, “AI-related crypto projects, especially in finance, are going to be a major trend.”

“I still hope to see one or two more new layer narratives pop up in this cycle.”

“We have things like Aptos… but I hope to see a new narrative that’s going to pop up this time. I’m not sure what it could be, you know, it could be a meme-related one, but I really hope to see some new Layer 1 coming up to make some big waves so that everyone can go crazy.”

The Road Ahead for Memecoins

Looking to the future, Anndy predicted the rise of a few significant memecoins that will dominate the space in the next 1-2 years. He also called for older meme projects to stay true to their identities.

“Do not just give up. Just keep the name because it’s a legacy for all of you and your community members. Some of the coins that are dead — they are still in my wallet. It acts as a reminder for me that during that period of time, I met a lot of good friends.

“I hope people can look at this for a longer period and not just for one or two months and then after that change to another project. That’s meaningless.

“If you want to start a project, you continue to stay with it. I think people love you even if they can’t make money — they will still love you.”

The Bottom Line

Memecoins may start as jokes, but their success hinges on loyal communities and a clear vision.

As Anndy advises, approach the memecoin craze with curiosity, caution, and a dash of humor — because in crypto, it can be about making money, but it is also about enjoying the ride.

Source: https://www.techopedia.com/news/ama-with-anndy-lian-what-life-with-memecoins-has-taught-me

Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com