Building, Maintaining, and Repairing Reputation
February 26, 2025
Building, Maintaining, and Repairing Reputation
Something interesting is happening in the crypto world: fun and humorous digital assets based on memes or known figures—also called meme assets, are exploding in popularity, offering the chance to make huge profits overnight or lose everything just as fast. Some cryptocurrencies, such as Squid Coin, which is inspired by the Squid Game TV series, soared in value before concerns arose of a possible “rug pull”- A common scam in the crypto world where creators abruptly withdraw all funds, leaving investors empty-handed.
Others, like Dogecoin, started as a joke and were created as an alternative to Bitcoin, but they built a loyal community and survived in the long run. Meanwhile, influencer-backed coins—like the Hailey Welch token (created after a viral video)—vanish within days, leaving people wondering: Who was really behind this?
But this isn’t just a crypto phenomenon. Businesses, public figures, and brands face the same challenge: staying relevant in a world where public perception can shift instantly. The difference between a short-lived trend and long-term success is how well they navigate the three stages of reputation: building, maintaining, and repairing.
If meme coins can navigate the three stages of reputation—so can your business: How do you turn hype into trust—and trust into something that lasts?
Building a Reputation: Laying the Foundation for Trust
If you’re new to the market or looking to establish a strong presence, reputation-building is your first step. There’s no single formula for success, but there are some fundamental guidelines to follow.
1. Define Your Identity
Before making your first strategic move, define your core identity. What do you want to be known for? What message should people associate with your brand? While this usually happens naturally, having a clear, strategic vision is a good start.
Even though Dogecoin started as a joke, it aimed to create a peer-to-peer cryptocurrency and set it apart from the more mainstream ones. Their sarcastic approach served a purpose and resonated with a particular audience.
2. Build an Engaged Community
Reputation develops through interactions. Engaging with your audience, responding to feedback, and creating conversations around your brand creates loyalty and credibility. Social media presence and community-driven initiatives are powerful tools for reputation-building.
Dogecoin, for example, gained real value thanks to an active online community that extended beyond the coin by leveraging its online presence. The community engaged actively on social media, shaping it into more than just a cryptocurrency. Its core value was philanthropy, reflected in initiatives such as funding Olympic athletes and sponsoring a NASCAR driver. Even after one of its creators left, the community remained loyal. Unlike Dogecoin, the Hailey Welch token relied on hype alone. With no purpose or utility, it collapsed within days, and many suspect it was a scam.
Maintaining Reputation: Staying Resilient in a Changing Landscape
Once a reputation is built, the real challenge begins—maintaining it. The digital world moves fast, and staying relevant requires constant monitoring and adaptation.
3. Monitor Public Perception
What are people saying about you at this moment? Sentiment analysis, “social listening,” and online reviews can help you understand if your reputation is improving or in jeopardy. By identifying changes in perception early on, you can make adjustments before minor issues escalate into significant problems.
4. Try to Initiate a Positive Online Presence
What do people see when they search for your brand name online? Control the narrative about yourself through a strategic online presence. This includes managing social media pages, publishing articles in relevant outlets, and implementing strong Search Engine Optimization (SEO) strategies for your official website.
Repairing Reputation: Turning Setbacks into Strength
No reputation is immune to challenges. Whether it’s a public relations crisis, a misstep, or an unexpected controversy, how you respond can determine whether you recover or collapse.
5. Timing Matters
In the digital age, news spreads fast. A delayed response can allow a negative narrative to take hold, making it harder to change public perception. Addressing issues promptly, transparently, and with a clear action plan helps regain control.
In 2021, when Squid Coin investors realized they couldn’t sell their tokens and grew concerned about a potential scam, the developers failed to respond in time, leaving them without answers. It was only after the token crashed that they finally addressed the issue. The delayed and unclear response erased all trust, proving that in crisis management, slow reactions allow negative narratives to take hold, making recovery nearly impossible.
6. Use Failure as an Opportunity
Failure can also be a turning point. Stories of failure resonate with people because they are genuine and impart valuable lessons. We learn and grow from our mistakes.
In business, nearly every success story has some failure behind it. Brands and individuals who embrace their challenges, learn from them, and effectively reposition themselves can emerge stronger. In many cases, a well-managed recovery can even enhance trust and authenticity, transforming critics into supporters.
For instance, Dogecoin’s reputation suffered in 2021 when Elon Musk called it a “hustle” on “Saturday Night Live,” causing its price to drop. However, the Dogecoin community has previously helped its image through initiatives like the Doge4Water project, which provided clean water in Kenya. Musk later supported Dogecoin, calling it “the people’s crypto.” These efforts demonstrate that the right approach can rebuild a damaged reputation.
In contrast, projects like the Hailey Welch token and Squid Coin show the dangers of relying solely on hype. Squid Coin initially gained popularity but was reviled as a scam when investors realized they couldn’t sell their tokens. These failures teach us an important lesson: prioritizing transparency supports long-term success even after a pitfall.
Final Takeaways: Reputation as an Ongoing Process
Reputation isn’t built overnight, nor is it something you manage once and forget. It’s an ongoing process that requires awareness, strategic action, and adaptability.
Depending on where you are on your journey, the key lessons are:
- Define your identity before making strategic moves.
- Stay proactive in monitoring public sentiment.
- Respond carefully when challenges arise.
- Turn setbacks into opportunities for growth.
Damage to reputation can be unsettling, and while not every setback signifies a major crisis, having a well-defined strategy is crucial when a real crisis arises. In our current landscape, where reputation is a vital asset, it’s nearly impossible to thrive without effectively knowing how to build, maintain, and repair a reputation. These stages are not necessarily chronological and can change as your business evolves—the key is to recognize which stage you are in and approach it accordingly. This principle holds true for both meme assets and traditional companies.
As you reflect on your business, ask yourself: What stage is your reputation currently at, and what actions can be taken accordingly?