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Memecoins

Meme Coins Are Everything That’s Wrong With Web3

TokenTalk Staff

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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.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Memecoins

Trump survives assassination attempt

TokenTalk Staff

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Trump survives assassination attempt
  • Former US President Donald Trump survives assassination attempt.
  • Trump-themed memecoin Maga surges 40.81%.

The American political scene is increasingly confused four months before the election. Former President Donald Trump has been the favorite of many to take over the presidency for months. Unfortunately, his campaign was marred by violence on July 14, when an individual attempted suicide.

The former president was shot at during a political rally in Pennsylvania. Gunshots were heard and gunfire erupted as he addressed supporters.

Fortunately, the secret service responded quickly and got him out of the scene. After the incident, he was seen covered in blood on his left ear and head.

These events have sparked mixed reactions from politicians and the crypto community. For example, crypto analysts and traders Michael van de Poppe reacted to the news linking politics and crypto. On page x, he stated that,

“Trump raised his fist after an assassination attempt on him. The world is falling apart. As of today, #Bitcoin has become a political statement, most likely.”

Trump MAGA memecoin soars

Likewise, cryptocurrency markets reacted immediately after the incident.

For starters, Trump-themed meme coin MAGA surged 40.81% on daily charts following the assassination attempt.

MAGA’s trading volume surged 835.01% over the same period to $39 million. At the time of writing, MAGA was trading at $8.76 with a 40% increase in market cap to $385 million, according to Coinmarketcap.

Source: Coinmarketcap

Trump’s Pro-Crypto Campaign

Although he has long been critical of cryptocurrencies, Trump has changed his tune to become the first pro-cryptocurrency presidential candidate in the United States. During his time in the White House, he has shared serious criticism of cryptocurrencies, claiming that the dollar is the only global currency.

However, with the increase in crypto voters, Trump changed his stance and started accepting crypto donations for his campaign.

In his latest remarks, he claimed that Bitcoin should be a strategic reserve asset while promoting Bitcoin mining only in the United States. Therefore, a Trump election victory would make him the first US president to be pro-cryptocurrency.

The failed assassination attempt has increased Trump’s chances of winning the election. The United States will have the first pro-crypto president if the political scene remains unchanged.

According to the investor Wclemente IIITrump’s chances are increasing. He shared this on his X page, stating that,

“Trump’s odds of winning in November are skyrocketing in prediction markets.”

Source: X

Trump criticizes US anti-crypto laws

On the contrary, the Biden administration has ignored calls from the crypto community by stepping up prosecutions of crypto companies by the SEC.

Trump used this indifference as leverage and promised to end “Biden’s hatred of crypto.”

Over the past three months, he has expressed concerns about the current administration regarding crypto, making him a vocal critic of Biden’s crypto policies.

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Memecoins

TREMP price doubles after Donald Trump shooting

TokenTalk Staff

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Donald Trump-Related Meme Coins Skyrocket After Shooting Incident

Former US President Donald Trump was the victim of a dramatic assassination attempt at a campaign event in Pennsylvania on Saturday.

While reports indicate that Secret Service agents quickly evacuated Trump from the venue, the incident has sparked an outcry among the public, including within the crypto community.

Trump-Linked Coins Surge After Attack

Trump’s rally in Butler suddenly descended into chaos after the presumptive Republican nominee was shot in the back of the head, a bullet piercing the upper part of his right ear, causing significant bleeding. Amid the chaos, Secret Service agents rushed to Trump’s aid, escorting him off the stage and transporting him to a local medical facility.

Despite the gravity of the situation, Trump managed to raise his fist in defiance to the crowd as he was led to his motorcade. The incident resulted in the deaths of one rallygoer and the suspected shooter, and two other spectators were seriously injured.

Learn more: 7 Popular Coins and Altcoins in 2024

After the assassination attempt, Trump spokesman Steven Cheung, confirmed Trump is “doing well” and is being examined. Trump also took to his Truth Social page to express his gratitude to the U.S. Secret Service and all law enforcement agencies for their quick response.

“I would especially like to express my condolences to the family of the person who was killed at the rally, as well as to the family of another person who was seriously injured. It is unbelievable that such an act could take place in our country. […] I knew immediately that something was wrong, I heard a whistle, gunshots, and I immediately felt the bullet tear the skin. There was a lot of bleeding, so I knew what was happening. God bless America! declared.

The attack on Trump has sparked strong reactions from public figures. Tesla and SpaceX CEO Elon Musk has publicly Express his support for Trump. Musk said he hoped for the former president’s speedy recovery.

President Joe Biden too replied He condemned the violence as “unhealthy” and expressed gratitude for Trump’s swift evacuation.

Interestingly, the cryptocurrency market reacted to the attempted assassination of Trump. Trump-Linked Coins See Remarkable Surge in their value.

For example, the MAGA (TRUMP) meme currency has skyrocketed from $6.31 to $9.68 before stabilizing at $7.90. Similarly, the meme currency Doland Tremp (TREMP) saw a significant increase, doubling its value from $0.38 to $0.76.

MAGA Price Performance. Source: Be in crypto

Trump’s changing stance on cryptocurrencies sparks debate

Trump’s candidacy for the upcoming November elections has has garnered considerable attention from the crypto communityThis is largely due to his recent support for the industry. Data from market prediction platform Polymarket indicates that Trump’s chances of winning have increased to 70%, while Biden’s are only 16%.

Learn more: How can blockchain be used for voting in 2024?

Trump leads election forecasts.Trump leads election forecasts. Source: Polymarket

However, it is important to note that Trump’s Stance on Cryptocurrencies has evolved over time. BeInCrypto reported that in July 2019, Trump Openly Criticized Bitcoin and other digital currencies, labeling them as “not money” and emphasizing their volatilityThis raises questions about his sincerity and the potential policy changes that could result.

In a recent blog post, Arthur Hayes, founder of cryptocurrency exchange BitMEX, Free a critical perspective on Trump’s changing position. Hayes suggested that Trump’s new support is politically motivatedaimed at attracting the young, politically active and financially influential crypto voter base in key states.

Disclaimer

In accordance with the Trust Project In accordance with its guidelines, BeInCrypto is committed to providing unbiased and transparent information. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.

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Memecoins

Shiba Inu leads market gain with 6.4% gain

TokenTalk Staff

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Meme coins bounce back: Shiba Inu leads market surge with 6.4% gain

Several large-cap meme coins, including Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) have recorded increases over the past 24 hours.

Data from cryptocurrency price tracking website CoinGecko watch that the value of the overall meme coin market is up 2.4% to $44.75 billion.

Shiba Inu was one of the main drivers of this improvement, registering a 6.4% increase over 24 hours.

At that time, the price of the meme currency was fluctuating between $0.00001596 and $0.0000171 and currently stands at $0.00001698. This increase was accompanied by a 24-hour trading volume of $217.8 million.

Shiba Inu 24-hour price chart | Source: CoinGecko

The Shiba Inu price is also up almost 7% over the past week, despite having lost 0.8% of its value over the previous fortnight. The news has also been equally bleak over the past 30 days, with the SHIB price falling almost 21% over that period.

Another notable artist among Meme Coins in the last 24 hours it’s Brett (BRETT), up 5.1% at the time of writing.

Coins Rebound: Shiba Inu Leads Market Rise With 6.4% Gain - 2Brett 24-hour price chart | Source: CoinGecko

Ranked 72nd in market cap among all cryptocurrencies and 7th among meme coins, Brett has had a torrid month, losing over 22% of its value.

Interestingly, the fall began shortly after the meme coin hit its all-time high (ATH) price of $0.1933 on June 9. It remained largely above the $0.15 level until July 4, when it slid all the way to $0.1079.

Its current price is still 40% below its ATH, although it is 13,564% higher than its all-time low price from earlier this year.

Dog with hat (Wireless) and Pepe have also increased by 4% in the last 24 hours. Like the other meme coins mentioned in this article, WIF and PEPE have had a rough 30 days, with WIF’s price dropping by 36.8% and PEPE’s by 30% during that time.

Coins Rebound: Shiba Inu Leads Market Rise With 6.4% Gain - 3Pepe 24-hour price chart | Source: CoinGecko

Over the past seven days, WIF has lost 19.2% of its value, while PEPE has fallen 4.5%. Both have underperformed the global cryptocurrency market, which is up 2.6%.

According to CoinGecko, PEPE has also underperformed similar companies Ethereum cryptocurrencies in the ecosystem, which are up 12.70%.

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3 Hot Meme Coins Ready To Explode: Don’t Miss Out!

TokenTalk Staff

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3 Meme Coins for up to 2000% Earnings

Whenever we talk about trendsetters in the cryptocurrency space, meme coins come first! In the fast-paced world of digital currency, there are only a few coins that are really making waves this month. These coins boast impressive pre-sales, innovative solutions, and incredible growth potential. Let’s explore three crypto coins that could bring big gains one after another!

Pepe Unchained Leads the Meme Coin Revolution

Another cryptocurrency is here to take on the popular cryptocurrency PEPE. Pepu Unchained is making waves with its ongoing presale, priced at just $0.0083926. The presale has already raised a whopping $3.43 million, leaving just 2.93% of the total supply up for grabs. Pepu strategically allocates 30% of its supply to staking rewards, 20% to marketing, and 10% to liquidity on decentralized exchanges.

Source: PEPU official website

PEPU aims to solve some of the major problems in the crypto world. Every crypto enthusiast is frustrated by Ethereum’s high fees and slow transaction speeds. Pepu promises faster and more scalable transactions with its Layer 2 solution, while preserving Ethereum’s security.

The Pepu team is gearing up for a big launch announcement, and the future looks bright. Offering an instant bridge between Ethereum and the Pepe Chain, the lowest transaction fees, and transaction speeds 100x faster than ETH, Pepu Unchained blends meme culture with serious technical advancements. Plus, it offers attractive staking rewards with a whopping 548% annual yield, making it a must-have for potential investors.

PeiPei is the explosive meme token

PeiPei coin, featuring an animated red frog meme, has been making waves since its recent launch on Uniswap. With rapid growth, PeiPei is already listed on major exchanges like Poloniex, LBank, and Gate.io, and it’s set to arrive on Coinstore soon, which they shared on the handle X.

Source: X (formerly Twitter)

PeiPei has quickly climbed into the top 30 trending coins on CoinGecko, with its market cap reaching $137.6 million this week.

Source: X (formerly Twitter)

Since its debut in June, PeiPei has shown remarkable daily growth, delivering impressive returns to early investors. This meme token is not just a passing trend, it is a serious contender for substantial gains in the cryptocurrency market.

eTukTuk leads the way in P2E gaming

eTukTuk is a new taxi-inspired gaming platform. They recently burned 30% of their tokens, sparking a rush among investors ahead of their upcoming IPO listing. eTukTuk will launch on Uniswap on July 16th. Their presale was a huge success, quickly raising $3.5 million. They are offering a massive 80% APY for staking the token.

Source: X (formerly Twitter)

Last words

As the cryptocurrency market continues to evolve, PEPE Unchained, PeiPei, and eTukTuk stand out as three coins with immense potential for substantial growth. earnings this monthWith innovative solutions, explosive growth, and strategic pre-sales, these coins deserve the attention of meme coin lovers.

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