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Memecoins

Make good use of memecoins, says Ethereum co-founder Vitalik Buterin – and he has examples – DL News

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Make good use of memecoins, says Ethereum co-founder Vitalik Buterin – and he has examples – DL News
  • Despite having little or no utility, some memecoins have a valuation in the billions.
  • Ethereum founder Vitalik Buterin suggested tying them to charity or finding other ways to exploit taders’ desire for fun and profit.

Every day, crypto traders trade billions of dollars worth of memecoins – blatantly useless tokens with tickers that often point to internet memes like Pepe the Frog.

Vitalik Buterin, co-founder of Ethereum, believes there is a better way.

Memecoin creators should set aside a large portion of their tokens for charitable causes – or, better yet, create crypto-based video games designed to help low-income gamers, he said on his site Internet. Blog Friday.

“I have no enthusiasm for coins named after totalitarian political movements, scams, rugpulls or anything that seems exciting in month N but leaves everyone upset in month N+1,” said he writes, referring to an eruption of offensive memecoins on the Solana blockchain.

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“At the same time, I appreciate people’s desire to have fun, and I’d rather the crypto space somehow swim with that current rather than against it.”

Memecoin mania

Dogecoin is the original meme coin. It was made as a joke in 2015, mocking the speculative frenzy that often gripped the crypto economy.

It wasn’t digital money or digital gold, like Bitcoin. This did not represent governance rights in a digital cooperative, such as Arbitrum’s ARB. It had no integrated return, nor connection to another stable asset.

But Dogecoin’s market cap surged to over $88 billion during the 2021 bull market. And paved the way for other equally stupid and useless tokens.

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Last year, PEPE has taken Ethereum by storm. This year, Dogwifhat jumped on Solana. Both now have a market capitalization above $3 billion.

Most have no intrinsic value and their value is entirely determined by hype and the investor’s gain (or loss) by the timing of its release.

Memecoins accounted for around 5% of Ethereum transaction fees over the past month, according to data collected by data analyst James Tolan.

And they represent a similar percentage of trading volume on Ethereum’s decentralized exchanges, according to SixDegree Lab.

Thursday, meme coin trading volume overcome $113 million on Ethereum.

Positive sum tokens

“If people value having fun, and financialized games at least sometimes seem to offer that, then could there be a more positive-sum version of this whole concept?” » said Buterin.

His first idea is rather simple: a certain percentage of a newly issued memecoin, or the transaction fees it generates, should be set aside for charity.

According to Buterin, the most successful example might be Dogelon Mars, an Elon Musk-themed token.

In 2021, he transferred Dogelon worth $145 million to the Methuselah Foundation, a space travel and anti-aging nonprofit dedicated to “making 90 the new 50,” according to its website .

This was 43% of Dogelon’s circulating supply, causing panic among other investors, who feared a fire sale that would destroy the token’s value. But the non-profit association promised be a good steward of the token.

“We will take the same nurturing approach with our Dogelon Mars holdings because we understand that the value of cryptocurrency depends on maintaining public trust and capturing their imagination, just like baseball cards or other objects of value. collection”, David Gobel, co-founder and CEO of the foundation. said in a statement at the time.

“We want $ELON to continue to gain value over the long term.”

Later that year, holders of Dogelon vote to finance an experiment led by Methuselah.

“The community has donated funds to send award-winning vascular tissue research to the International Space Station (ISS), where experiments can continue beyond Earth’s gravity,” the nonprofit said on his blog.

“The ability to grow human organs will be important for crews who will eventually be involved in deep space travel.”

While the token’s value has exploded since the heady days of 2021, Vitalik believes the foundation has delivered on its promise.

“Both Methuselah Foundations and the Dogelon Mars community appear to be developing a positive-sum relationship with each other, retroactively converting $ELON into a charity coin,” Buterin said.

Other charity-related pieces were less successful.

GiveWell Inu – named after a Shiba Inu, like most dog-themed memecoins – donated its profits to GiveWell, Buterin noted. But it’s limited deceasedwith only one or two transfers per day on average.

Video games

Buterin is more optimistic about the impact of crypto-based video games.

While some have criticized the so-called play-to-earn model employed by crypto-based games such as Axie Infinity, Buterin hopes to see “Robin Hood games” – new crypto-based games designed to benefit players at low income.

“If the goal is to satisfy people’s desire to have fun, we should not create simple copy-and-paste coin-ops, but rather more complicated and interesting games,” he wrote.

Additionally, “games that improve the economic situation of low-income gamers, in particular, are more likely to leave their communities better off than they were before.”

Aleks Gilbert is DL News‘ DeFi correspondent based in New York. You can reach him at aleks@dlnews.com.

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Memecoins

Memecoins in deep distress, while FLOKI, WIF, BONK and PEPE plunge hard

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Memecoins for 3x profits by the end of May!

The bearish cartel launches a new attack on the crypto space and drags the BTC price below $65,000 for the first time in the last 40 days. Meanwhile, memecoins like FLOKI, WIF, and BONK cost close to double digits. Here’s what to expect from these tokens by the end of the month.

FLOKI (FLOKI) Price Analysis

FLOKI Price is testing one of the crucial ranges after the latest crackdown in crypto markets. The token has plunged almost 10% since the early hours of trading while defending the lower support zone. Therefore, a slight downward movement could initiate a 12-15% decline, but technical data suggests that a rebound could be on the horizon.

FLOKI price plunged and reached the lower band of the Gaussian channel. Although the channel continues to remain bullish, a slight drop to $0.000016 could trigger a bearish signal. However, the RSI turned down and tested the lower threshold, which could initiate a strong rebound, thus avoiding excessive losses. Therefore, after consolidation in a narrow range, a rebound could occur, pushing the levels above $0.00017.

dogwifhat (WIF) Price Analysis

WIF Price has been stuck in a deep downtrend since the beginning of the month, which continues to intensify every day. The price is approaching the consolidation peak and therefore appears subject to a strong rebound. However, technical data does not suggest a strong possibility of a trend reversal.

The Gaussian channel has just turned bearish, while the Balance Volume (OBV) is heading towards the lows. These indicators suggest that the price may continue to move towards the lower targets as the bulls failed to defend the lower support. Selling pressure has been building up and hence the price is expected to maintain a downward trend as the bears hold greater dominance.

Bonk (BONK) Price Analysis

Similar to other memecoins, BONK price has also fallen below the crucial range but continues to remain under the bullish influence. The price was repeatedly rejected at the high, causing extreme exhaustion among the bulls. Therefore, a bearish trade has occurred, which is expected to initiate a reversal very soon.

The recent breakout suggests that price is close to completing a double top pattern; however, it may trigger a bounce before reaching the neckline. The RSI has fallen to the lower threshold and is trying to initiate a rebound. Therefore, BONK price could see a decent rise over the weekend and reclaim $0.000025.

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Memecoins

Crypto: the new generation Memecoin Borpa arrives in Stakeland!

TokenTalk Staff

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Crypto: the new generation Memecoin Borpa arrives in Stakeland!

In the ever-changing world of crypto, a new star has been born: BorpaToken ($BORPA). Featured on Stakeland, this next-generation memecoin promises to revolutionize the market with its playful and deflationary approach to finance.

The $BORPA crypto meme is coming to Stakeland!

Stakeland is an innovative social staking platform that strengthens the Memeland ecosystem and promotes growth of memecoins. By allowing users to stake $MEME and other cryptocurrencies, Stakeland provides a unique opportunity to earn tokens from promising new projects at minimal costs. With significant anti-bot measures to ensure fair distribution of $MEME rewards, Stakeland positions itself as a key player for investors looking to engage in the dynamic world of memecoins.

Landing on Stakeland, $BORPA will merge its speculative nature and cult appeal to generate even more interest from the crypto community. With its charming memes and innovative gameplay, BorpaToken will provide a unique and engaging experience to users.

The start of farming on Stakeland is scheduled for Wednesday, June 19, 2024! Marking the start of a new era for memecoin investors and enthusiasts. Participants are invited to bet their $MEME on Join the adventure and take advantage of the opportunities offered by $BORPA from day one.

Borpa continues to revolutionize the world of memecoins

BorpaToken is positioning itself as a strong bet on the future of memecoins, outpacing other crypto niches as the industry evolves from technology to culture. With 41% of the supply reserved for mining liquidity incentives spread across five chains, BorpaToken is poised to set new standards in the memecoin space.

The whitelist campaign has already generated considerable buzz, distributing 4,180 “golden tickets” with a $200 allocation to members and key partners to maximize attention around the launch. This approach ensures widespread engagement and gives everyone a fair chance to secure early investment opportunities in the $BORPA token. This winning strategy saw allocations reach $65 million! Well beyond the $220,000 the BorpaToken team hoped to raise from preferred holders. This almost 300% explosion shows the community’s confidence in $BORPA.

In conclusion, BorpaToken, $BORPA, is much more than just a memecoin; it is a promise of financial entertainment and potential gains in a market seeking freshness and innovation. With its imminent launch on Stakeland and its multiple blockchains, as well as the start of farming, $BORPA is ready to capture the imagination of investors and establish itself as a major player in the crypto scene in 2024.

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Memecoins

BOME and Meme Coin Offer Reverse Entry with Breakout Chances

TokenTalk Staff

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As overall market conditions are more volatile than ever, the bullish trend of meme coins is taking a hit. However, low-cap meme coins like BOME and MEME show a possibility of recovery from crucial support.

With the rally momentum and breakout chances, will these even low-cap meme coins lead to a bull run next week?

BOME reversal to $0.00882

With a morning star pattern at $0.0082, the BOME price trend presents a positive cycle chance in the daily chart. The Book of MEME coin showed a 5.42% price rise last night at the crucial support level.

Trading View

Additionally, the daily BOME price chart shows a downward trend, forming a resistance trendline. This bearish phase forms a descending triangle pattern, keeping the bullish growth in check.

Currently, the meme coin is trading at a price of $0.0087 with an intraday decline of 1.55%, reflecting intraday weakness. However, the daily RSI line shows bullish divergence during the recent declines at $0.0082.

With some optimism, a reversal rally can reach the overhead resistance trendline by surpassing the $0.010 mark. A trendline breakout rally can reach the $0.0188 mark.

MEME Coin Price Breakout Rally Eyes $0.025

With a downtrend in motion, MEME coin price action is showing a falling wedge in the daily chart. The falling wedge trend is observed in several altcoins under current market conditions, suggesting a pullback phase. However, the recent overnight jump hints at a positive cycle within the trend.

Trading View

Currently, MEME price is trading at $0.01943 with an intraday decline of 1.86%, following last night’s 7.58% jump. The overnight jump formed a morning star pattern at the crucial support trendline, revealing strong chances of a reversal.

Considering the reversal momentum, the meme coin price may challenge the overhead trendline near $0.025. Additionally, a bullish rally can cause prices to rise to the psychological mark of $0.050.

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Memecoins

DEGEN ranks #2 in Memecoin metrics despite notable drop in value » The Merkle News

TokenTalk Staff

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DEGEN ranks #2 in Memecoin metrics despite notable drop in value » The Merkle News

DEGEN recently achieved an impressive ranking, securing second place in various on-chain metrics for memecoins.

This includes the number of traders and the number of transactions, placing DEGEN just behind the popular Dogecoin (DOGE). This is particularly notable given that DEGEN’s market capitalization is only 0.79% of that of Dogecoin.

Despite this success, DEGEN experienced a significant drop in value. Over the past 24 hours, its value has fallen by 11%, contributing to a total drop of 27% over the past seven days.

On-chain data reveals that Whale 0x7be offloaded all 40.21 million DEGEN tokens, worth approximately $429,000, in exchange for 122.8 ETH at an average price of $0.01092 per token.

DEGEN Whale posts notable loss after sale

Interestingly, this whale initially acquired the DEGEN tokens with 300 ETH, valued at $891,000, at an average price of $0.0222 each on April 14, 2024.

This recent sale resulted in a substantial loss for the whale. After selling the tokens, the whale recorded a loss of 177.2 ETH, which equates to approximately $639,000, a four-month decline of 59.1%.

Fluctuations in DEGEN’s value highlight the volatility inherent in the memecoin market, even though the token generates significant trading activity and trading volumes.

Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.

Follow us on twitter @themerklehash to stay up to date with the latest news on Crypto, NFT, AI, Cybersecurity and Metaverse!

Image source: jtdee23/123RF // Image effects by Colorcinch



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