Memecoins
Meme Coins Are Everything That’s Wrong With Web3
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of the crypto.news editorial team.
Ah, meme coins. The glittery trinkets of the crypto world. Once, they were just a fun joke, a playful side project for crypto enthusiasts. Today, they’re a staggering $56 billion industry, dwarfing more serious innovations like decentralized physical infrastructure networksOf pine, $23 billionand real world assets, RWAs, $4.5 billion.
It’s as if we’ve collectively decided that shiny, ephemeral pieces are more valuable than solid, long-term infrastructure projects that could truly revolutionize our world.
Let’s be clear: meme currencies are the antithesis of Web3. They are not about decentralization, freedom, or the next iteration of the Internet. They are about fast money, hype, and, more often than not, disappointment. As we’ve seen, 5.7 times the number of tokens compared to 2021, it is high time we recognize the unsustainability of this trend.
Why does this matter? Because meme currencies are tarnishing the credibility of Web3. They are distracting from serious projects, draining liquidity from ecosystems, hurting retail investors who are slow to jump on the hype, and turning potential long-term investors away from the industry altogether. To bring the conversation back to the true mission of Web3, we need to tackle this phenomenon head on.
Remember when Dogecoin was just a joke? It was a fun, light-hearted experiment that somehow gained popularity and captured the internet’s imagination. Then along came BONK, PEPEand many more. The initial appeal was understandable: they were accessible, fun, and promised quick returns on investment.
But when did it all go downhill? Somewhere along the way, memes went from being a fun internet joke to an unsustainable industry where newcomers are losing a lot of money. Historical trends suggest that we may be nearing the peak of this bubble. Or maybe it will inflate even more before it inevitably bursts. Either way, the trajectory is worrying.
Celebrity obsession with meme coins only makes the problem worse. Take for example: Iggy Azalea’s MOTHER Token and Hulk Hogan’s HULK token. Despite Azalea’s attempts to legitimize the token, it has been plagued by insider trading scandals. Blockchain data revealed that insiders bought 20% of the token supply before the official announcement and quickly dumped their holdings for a $2 million profit, leaving regular investors holding the bag.
Hogan’s HULK token suffered a similar fate; the token’s market cap has skyrocketed to $17 million shortly after launch following promotional messages allegedly from Hogan’s Twitter account. However, the market cap dropped to just $8,000 within hours due to large amounts sold by insiders.
These incidents show how meme coins can manipulate investor confidence and divert resources from more deserving projects.
Practical use cases for memes? Virtually nonexistent. Reliability? Even less so.
Insiders often exploit their social media status to manipulate the meme coin market for personal gain. A notable example is the scandal involving Ian and Dylan Macalinao, founders of Saber Labs on Solana. The brothers created a network of interconnected defi protocols using 11 pseudonymous identitiesBy stacking these protocols on top of each other, they inflated the total value locked (TVL) on Solana, making it appear more robust than it was. This artificial inflation attracted more investors, increasing the value of Solana’s native token, SOL. At its peak, Sabre and its associated protocols counted for $7.5 billion of Solana’s $10.5 billion TVL, several billion of which were double-counted. The scheme was dismantled when one of their protocols, Cashio, was hacked, losing $52 million. The U.S. Department of Justice is investigating the Macalinao brothers for their deceptive practices, highlighting the need for transparency and regulation in the crypto space.
Such manipulations not only mislead investors, but also undermine trust in the broader cryptocurrency ecosystem. This case illustrates the risks posed by influencers who use their platforms to deceive their followers for financial gain.
At its core, meme coins conflict with the core values of Web3. Web3 is built on principles of decentralization, transparency, and accountability of individuals over central authorities. It aims to create a more open, equitable, and user-controlled Internet. Here’s how meme coins undermine these values:
- Decentralization and trust: The main goal of Web3 is to decentralize power and eliminate the need for trusted intermediaries. However, meme coins are often rely on relies heavily on centralized influencers and marketing campaigns to generate buzz. This centralization of influence contradicts the decentralized ethos of web3. influencers or celebrities can have a significant impact on value of a meme coin with a single tweet, this undermines the trust and decentralization that web3 aims to achieve.
- Transparency and accountability: Web3 places a high value on transparency and accountability, ensuring that all transactions and activities are publicly verifiable on the blockchain. Meme coins, however, are notorious for their lack of transparency. Many meme coin projects are launched anonymously, with little to no information about the developers. This lack of accountability leads to frequent scams and frauds, where developers disappear with investors’ funds.
- Empowerment and innovation: Web3 seeks to empower users and developers to create and innovate freely. Meme coins, on the other hand, often divert attention and resources away from innovative projects. The focus on quick profits and speculative trading stifles the growth of projects that aim to bring utility and tangible advancements to the blockchain space. For example, significant funds and attention are diverted away from defi projects that provide useful financial services to underserved communities and instead flow into the volatile and speculative meme coin market.
- Sustainability and long-term vision: Web3 aims to create sustainable, long-term solutions for the internet. Meme currencies, however, are often short-lived phenomena, fueled by momentary hype and speculation. This short-term focus can be detrimental to the overall health and sustainability of the blockchain ecosystem. Projects that could offer long-term benefits are overshadowed by the quick profits promised by meme currencies, leading to a lack of sustainable investment in truly transformative technologies.
One of the most insidious impacts of memes is their effect on liquidity across blockchain ecosystems. Memes often divert capital that could be used to support more stable and innovative projects. For example, during periods of high meme activity, significant amounts of liquidity are drawn into speculative trading, leaving less available for legitimate decentralized finance projects and other blockchain innovations.
This phenomenon creates a volatile environment in which genuine projects struggle to maintain stable liquidity. The erratic flow of capital generated by meme hype can destabilize entire ecosystems. On platforms like Solana, memes have integrated into Defi and GameFi, attracting speculative investments but also increasing the risks of drawdowns and scams. This not only harms individual investors, but also undermines the stability and credibility of the entire blockchain space.
For example, in the first quarter of 2024, meme coins checked in Cryptocurrencies have the highest yields among crypto narratives, which has led to a massive influx of speculative transactions. However, this speculative frenzy has come at the expense of more meaningful projects. The extreme volatility associated with meme coins can cause sudden drops in liquidity, making it difficult for serious projects to find and maintain the funds needed for their development and growth.
Moreover, the rampant creation of new meme currencies often leads to an oversaturated market. As a recent study pointed out report19,000 new meme coins were created in a single week, many of which were potential scams. This not only serves to disperse available liquidity, but also damage investor confidence, further destabilizing the market.
The negative experiences caused by the thousands of meme coins flooding the system are unimaginable, as they make investors wary of new projects and siphon off the life savings of individuals who join too late, often leading to their financial ruin. The Twitter account (X) Confessions publishes hundreds of anonymous submissions from members of the web3 community lamenting the loss of their savings and, in many cases, their sanity as they desperately try to salvage what they can from the dumpster fire that is the meme coin frenzy.
Are meme currencies a drag on our industry? Absolutely. Will the hype fade? We can only hope. Are meme currencies the “killer use case” of the next bull run? Let’s pray that they don’t.
The hype around cryptocurrencies is a scourge on Web3. They represent everything that is wrong with the current state of cryptocurrencies: short-term thinking, greed, and lack of real innovation. To save our industry’s reputation, we need to focus on projects that offer real value and embody the true principles of decentralization and freedom.
It’s time to move away from the lure of shiny, worthless cryptocurrencies and shift the conversation toward building a solid, decentralized foundation for the next iteration of the internet. Only then can we hope to realize the transformative potential that Web3 promises.
Meme Coins Dominate 2024: Increase Over 1,800% – What’s Next?
Frank Mathis
Frank MathisCo-founder and CEO of GenesysGo, has a diverse career spanning creative writing, day trading, and 12 years of financial planning. After experimenting with blockchain and being an early adopter of the Solana ecosystem, Mathis co-founded GenesysGo in 2021 to create a faster, more reliable, and more secure decentralized data storage protocol. Their flagship product, shdwDrive, is built on Solana and aims to bridge the gap between blockchain technology and traditional business infrastructure. GenesysGo is powered by a new type of decentralized data storage consensus mechanism built from the ground up by the GenesysGo team.
Memecoins
Memecoins dominate major derivatives in terms of open interest | Flash News Detail
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Memecoins
Have a profitable August with Shiba Inu and Mpeppe (MPEPE) Don’t miss the winnings
August offers investors a unique opportunity to capitalize on the potential gains offered by Shiba Inu (SHIB) and Mpeppe (MPEPE)These two memecoins take advantage of the viral nature of internet memes and popular culture, attracting a diverse and enthusiastic audience. In this article, we’ll look at why Shiba Inu (SHIB) and Mpeppe (MPEPE) are poised for gains this month and why you shouldn’t miss out on the potential profits.
The viral power of memecoins
Memecoins have the inherent ability to leverage the viral nature of internet memes and popular culture references. This can lead to rapid spread of the cryptocurrency’s brand and message across various online platforms, potentially appealing to a broader and more diverse audience. Shiba Inu (SHIB) and Mpeppe (MPEPE) are great examples of how this viral potential can translate into substantial community growth and market presence.
Shiba Inu: riding the wave of popularity
Shiba Inu (SHIB) has established itself as a major player in the memecoin space. With its cute canine mascot and strong community support, Shiba Inu (SHIB) has gained a significant following. The coin’s ecosystem continues to grow, with projects like ShibaSwap adding to its utility and appeal. Investors are optimistic about Shiba Inu’s future, expecting it to ride the wave of popularity that has kept it in the spotlight.
Ecosystem expansion
THE Shiba Inu (SHIB) The Shiba Inu (SHIB) ecosystem is constantly expanding, offering new features and utilities that enhance its value proposition. Projects like ShibaSwap provide users with opportunities to stake and earn rewards, making Shiba Inu (SHIB) more than just a meme currency. This expansion helps solidify its market position and attract a wider audience.
Balancing humor and professionalism
Mpeppe (MPEPE) offers a unique and light-hearted approach to the serious world of digital assets, balancing humor and professionalism. Inspired by internet memes and the dynamic energy of football fans, Mpeppe (MPEPE) is quickly gaining traction in the crypto community.
Mpeppe (MPEPE) offers an opportunity to reach a younger demographic and tap into the viral nature of internet culture. By balancing humor and professionalism, Mpeppe (MPEPE) appeals to a wide audience, from casual meme enthusiasts to serious investors. This strategy is similar to the one that made Shiba Inu (SHIB) so successful, but with a modern twist.
Expanding Reach and Adoption
Mpeppe’s (MPEPE) ability to leverage internet culture means it has the potential to rapidly expand its reach and adoption. The memecoin’s branding and community-driven approach make it accessible and appealing, much like Shiba Inu (SHIB) in its early days.
Why August is the month to invest
As the cryptocurrency market experiences a surge in interest, August presents a great opportunity to invest in promising assets like Shiba Inu (SHIB) and Mpeppe (MPEPE) Both coins are well positioned to capitalize on the growing interest in memecoins, driven by their unique appeal and active communities.
Conclusion: Don’t miss the benefits
Shiba Inu (SHIB) and Mpeppe (MPEPE) are poised for a profitable August, leveraging their viral potential and strong community support to attract a diverse audience. With the cryptocurrency market in full swing, now is the perfect time to consider investing in these promising memecoins. Just as Shiba Inu (SHIB) captivated the crypto world with its unique appeal, Mpeppe (MPEPE) is poised to make its mark. Don’t miss out on the potential gains these innovative digital assets have to offer.
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Memecoins
Solana down 8% as its coins Dogwifhat, Billy and Neiro fall further
Solana, the fifth-largest crypto asset by market cap, has fallen 8% in the past 24 hours, according to CoinGeckolike his Meme Coin Market Prices of some coins, which can be notoriously volatile, have fallen by as much as 43% in the past day.
As the cryptocurrency market bleeds with Bitcoin (Bitcoin) down 2.7% and Ethereum (ETH) 4.2%, Solana (GROUND) was the hardest hit among the top 10 cryptocurrencies, falling 8.2% to $168 on the day, according to data from CoinGecko. Along with this, meme coin Solana suffered huge losses.
The biggest loser in the last 24 hours is the bigger of the two Black (NEIRO) on Solana which fell nearly 44% to $0.01821. These tokens were launched after the owner of Kabosuthe Shiba Inu that inspired the Doge meme, announced that she had adopted a new dog named Neiro. Interestingly, her rival on the network launched an hour beforealso called Black (NEIRO), is up 75.2%. It appears that the Solana Neiro Civil War is far from being decided.
Other big losers include: Pump.fun’s Favorites Billy (BOWL), down 26.4%, and Michi (MICHI), which fell 24.5%. Over the past 24 hours, both tokens have flipped their market caps multiple times, but dog token Billy is currently in the lead with $94 million, about $3 million ahead of Michi.
Dog with hat (Wireless), the largest meme coin on Solana, was also hit, dropping 12.4%. Bonk (BONK), the second-largest Solana meme coin, fell 9.1%. In fact, among the top 50 Solana meme coins by market cap, only four tokens are in the green, with Zoomer (ZOOM IN) leading the pack with 41.1%.
Meme coins are notoriously high-risk assets and tend to post disproportionate losses when the broader market experiences a downturn.
Brain (BRAIN), Michi (MICHI), Mini (MINI), Shark cat (SC), and many others, for example, have suffered greater losses in the last 24 hours than any of the top 100 cryptocurrencies by market capitalization.
In the world of meme coins, when it rains, it rains.
Edited by Stacy Elliott.
Memecoins
Trader Says Bitcoin’s Path to $100,000 Is ‘Currently Programmed’, Updates Outlook on Memecoin That’s Up Over 18,000% YTD
A widely followed analyst and trader expresses bullish sentiment on Bitcoin (Bitcoin) while offering his take on the memecoin built on Solana (GROUND) blockchain ecosystem.
Starting with Bitcoin, the analyst known by the pseudonym Altcoin Sherpa tell His 219,000 followers on social media platform X say Bitcoin is on the verge of hitting a six-figure price.
“There will be bumps along the way, but Bitcoin’s path to $100,000 is on schedule. Don’t get rattled or lost along the way.”
Source: Altcoin Sherpa/X
At the time of writing, Bitcoin is trading at $66,236.
According to For the widely followed trader, Bitcoin enjoys strong support between $63,800 and $65,000, where the 25, 55, 89 and 200 exponential moving averages (EMAs) on the daily chart have clustered.
Source: Altcoin Sherpa/X
Next up is the Solana-based memecoin Popcat (POPCAT). The pseudonymous trader and analyst said that among the cat memecoin family, POPCAT is one of the “best” in the long run.
Altcoin Sherpa, however, says POPCAT looks bearish on the short-term four-hour time frame and needs to climb above a range low between $0.694 and $0.724 to avoid falling further.
Source: Altcoin Sherpa/X
POPCAT was trading at $0.00379 on January 5th and is now at $0.704, a gain of approximately 18,475%.
Altcoin Sherpa also offers his take on dogwifhat (Wireless), Solana-based Memecoin. According to For the pseudonymous analyst, WIF “still looks pretty good for now” on the four-hour chart with the “best” support area sitting around $2.10.
“The average would probably be $2.30 to $2.10 if I were you and I was swing trading this one.”
Source: Altcoin Sherpa/X
WIF is trading at $2.27 at the time of writing.
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