Successful participation in the crypto market, especially in the meme coin space, requires heightened creativity to break through the industry’s noise. The ease through which tokens are created and deployed generates a new gold rush, allowing millennials to dabble with technology and memes after DogeCoin proved it could change the status quo. Doge-inspired crypto by-products took over the market, creating an industry-perception shift.
DogeCoin Manufactured for Taste
The level of creativity of the blockchain space exceeds any expectation. For example, DogeCola, a cryptocurrency inspired by the popular DogeCoin, announced the release of a non-alcoholic beverage. While the link between cryptocurrencies and drinks bears no correlation, users on Twitter emphasized that it is a great marketing mechanism.
According to the project’s announcement, DogeCola has approved the distribution of their samples. Given the well-established moon analogy, the token is committed to delivering the “moon taste,” a flavor that “tastes” like money. DogeCola’s well-thought out marketing tool is reflected in its tokenomics, which according to Benzinga, “makes it very clear that it was meant to spur speculation,” similar to other meme coins.
According to Maslow’s hierarchy of needs, food and water are some of our most basic fundamental human needs. In 2010, a user already purchased 2 pizzas using 10,000 BTC’s, currently valued at $480 million. Moreover, an MIT study showed participants will spend free Bitcoins for sushi or beverages while others will save it for projected wealth.
A 2020 study surveying 983 participants illustrated that 14% of participants said cryptocurrencies could be used to purchase food and other commodities, debunking the idea of a store of value. In Arnhem, a company founded by Peter van Der Meijde is integrating Bitcoin payment for merchants such as Spar. Thuisbezorgd, based in the Netherlands, started accepting Bitcoin in 2014 for their food delivery app.
Crypto and the food and beverage industry match perfectly. For example, a popular U.S. fast-food chain, Quiznos, is now accepting crypto as payment for sandwiches, while in Australia, users can purchase Coca-Cola from vending machines using crypto-wallets. Although none of the industry is promoting blockchain ‘flavors’, some companies do accept crypto to access non-crypto tastes.
Added Value for Supply Chain Management
Bitcoin is rarely used for payments and when people use it, they purchase food or drinks. However, the underlying technology adds more value to the entire industry as distributed ledger technology applications can ease supply chain management costs and improve traceability. Projects like VeChain Thor are already working with the Chinese government to track products in other industries effectively.
Among popular western companies, Walmart, the U.S. supermarket chain, explored and implemented a blockchain system to make product traceability easier. Moreover, Starbucks Corporation introduced a blockchain-based software that allows both users and farmers to track the whereabouts of their coffee. The coffee giants use a blockchain system that is developed and implemented by Microsoft.
Blockchain is becoming used and integrated into every industry sector. DogeCola’s release is similar to how Red Bull approaches their product management and release. Thus, the “moon taste,” in our opinion, is only a marketing slogan that only deviates investor’s attention from the bigger industry goal.