Brand Dimensions In Meme Cryptocurrencies: An Exploratory Study Using Unstructured Financial Data

Abstract

This research study explores the emerging brand dimensions of meme-based cryptocurrencies. It employs a comprehensive analysis of Dogecoin and Pepe Coin, drawing on unstructured, user generated content from Yahoo Finance. Using qualitative data analysis software (Provalis) and exploratory factor analysis, the study identifies distinctive branding elements that differentiate meme coins from traditional cryptocurrencies. These elements include humor appeal, community sentiment, speculative enthusiasm, and perceived legitimacy. The theoretical foundation of the study is anchored in the diffusion of innovations framework, providing a robust theoretical lens through which to understand the impact of specific brand characteristics on adoption behavior. The findings suggest that users' perceptions of these technological assets are not solely determined by technological and financial factors. Rather, they are also influenced by emotional and cultural dimensions that emerge within the online environment. This study is a novel contribution to the growing body of research in the emerging field of cryptocurrency branding. It demonstrates the value of using text mining to capture dynamic, real-time market narratives in a state of constant flux. The findings also have important implications for crypto marketers, fintech entrepreneurs, and regulators interested in the psychological basis of cryptocurrency valuation and adoption. To ensure the validity of these findings, it is crucial to examine brand perception within specific timeframes and incorporate cross-platform analyses to improve the generalizability of the results.