Every day, it is possible in the rapidly evolving environment of cryptocurrency that some of them gain extremely high popularity and reach millions of users and others disappear without anyone ever noticing. Being a Nigerian and having a close eye to the crypto market, I have been witnessing that hype, technology, and community support have the power to make or break a project. The knowledge of the causes of the occurrence of this assists the investors and developers to make sound decisions.
Explosive marketing and hype are one of the primary causes of the crypto projects that go viral. A lot of successful projects begin with creating excitement with the help of social media, influencers, and partnerships. When individuals listen to the news of a project via credible channels, they become interested and make investments. To illustrate, certain crypto coins received enormous popularity simply due to online communities. Although they did not really possess much value, their noise attracted millions of users. This demonstrates that perception and hype are at times stronger than the actual technology.
The other reason is real world application and innovation. Real world problem solving projects or those with unique features tend to be growing rapidly. An example is the type of tokens that enable payments to be made easier, less transaction cost, or have decentralized financial services which tend to attract users. People do not simply search coins to exchange but they need convenient systems that could make life easier or business quicker. A good product that is developed in a project tends to survive the test of time more than the one that is concentrated on hype.
It is also greatly influenced by community and trust. A community that is loyal and active tends to develop a project at a higher pace. Users refer to it, market it and defend it through the internet when they believe in a project. Transparent and consistent developers are trusted whereas those developers who vanish or behave in a suspicious manner lack trust in a short time. I have observed projects fail silently due to the lack of communication on the team or going back on promises. Everything in crypto depends on trust.
Finally, there are timing and market tendencies that influence success. An idea that is introduced at the appropriate time can become viral so easily. However, even powerful projects fail when the market is declining or the people lose their interest in crypto. Success and failure can hugely depend on timing.
Forming a conclusion, when a crypto project is accompanied by a good marketing, real-life value, credibility of a community, and timing of its occurrence, chances are high that it will explode in popularity. Those projects which do not include such aspects tend to slip out of sight. Being a person who has been observing the market, I think that the secret is simple, to create something worthy, to be honest, and to relate with people. And it is the way that a crypto project really wins.
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