Since the site already has code in place for upvoting and downvoting posts, comments, videos, images, etc, I believe it would be reasonable to code and beneficial to have upvotes and downvotes for entries because it'd get more people involved in entries by knowing they can upvote and downvote them. Favoriting across all images and videos is significantly less popular to do than upvoting, which is another reason why there should be the option to upvote/downvote next to the favorites button. This would also give an excuse to add another couple sections for people to explore under the 'MEMES' tab of this site: 'Most liked', and 'Least Liked', as is already available for images and videos.
Thoughts on this idea?