Despite the bear market in the crypto world, a Colorado local is convinced there is still potential in the field and has created a new cryptocurrency, Clowncoin.
“We noticed people had a huge interest in clown-related content. Clowns are easily memeable,” says Dave Mattarocci, co-founder of Clowncoin. “There’s an abundance of clown material in the world – it can be the Joker or That or Ronald McDonald. We want to bring the fun element. Clowns are associated with joy and humor, and that’s what we want to impart – joy, laughter, and a thrilling investment opportunity.”
Mattarocci is from Pueblo and came up with the meme coin. He was joined by another Coloradan, as well as a handful of people from other parts of the US.
What is a meme coin, you ask?
“A meme coin is a crypto term for popular coins, sometimes featuring comic or animated memes, which are supported by enthusiastic traders and followers online. While meme coins can be fun, they are also high-risk investments and may have no real worth,” states Investopedia. “Dogecoin, Shiba Inu, and other coins which offer entertainment over usability come under this category. When trading meme coins, it is crucial to comprehend the risks in order to avoid sudden losses and volatility.”
It is also recommended not to invest too much money in meme coins.
Although cryptocurrencies such as Bitcoin and Ether have substantial dollar values and can be used to purchase items and even pay taxes in Colorado, meme coins are more about sharing viral material and building a community, rather than saving for retirement.
“Technically, a meme coin is a coin with no practical use, a piece of software, or whatever a utility coin is. Meme coins are more community-based, more social media based. The utility lies in the community and what type of content you can create,” clarifies Mattarocci.
Clowncoin is aiming to “reach out to local Colorado companies and organizations that want to collaborate” and also plans to “reach out to influencers and celebrities to do some charity work,” according to Mattarocci. Accordingly, Clowncoin has posted original music videos on its YouTube channel which include rap music videos about the crypto.
“I would really love for this to be big in Colorado. We want this to be a people-led project. We want those who are interested to join the community and invest. We want them to have the opportunity to make a contribution however they want,” says Mattarocci.
In addition to Dogecoin and Shiba Inu, which have Shiba Inu dogs as their memes, there are also meme coins like Pitbull, PepeCoin, and Catcoin.
“We are actually built off of Catcoin. Most of our core team came from Catcoin. We were not very satisfied with the way the Catcoin team was running the project,” states Mattarocci. “Once we launch [Clowncoin], we give up control to the community itself. Basically, we invite our community members and our investors to help out and communicate with the community, create unique content for crypto, and we’re hoping to make this big. We want to provide a fun and secure investment for those who are fed up with the crypto world since it can be quite risky.”
Although Clowncoin, which has about 400 investors, has a global reach, with people from Italy, the Czech Republic and Australia investing in the meme coin, it is not surprising that two of its founders are from Colorado.
The Centennial State has become a hub for Web3 and crypto technology, due to a powerful tech industry along the Front Range and an annual crypto conference called ETHDenver. Additionally, Governor Jared Polis has taken an active role in promoting Colorado’s crypto-friendly environment, such as by launching a program in September which allows Coloradans to pay state taxes using cryptocurrency. Even so, this crypto scene does not necessarily affect Pueblo.
“I know the Denver area is probably going to be the best place for cryptocurrency. We don’t really have much in the southern part of the state,” states Mattarocci. “To educate people about the topic, I am going to be setting up booths at local events. In fact, I’m going to do a booth this weekend in Pueblo at a local nerd convention.”
The value of cryptocurrencies has decreased significantly over the past year. The technology behind cryptocurrencies is extremely powerful and has tremendous potential. But the high volatility of currencies and the recent collapse of crypto trading company FTX and the conviction of its founder, Sam Bankman-Fried, have given crypto critics plenty of ammunition against cryptocurrency