Memecoins
In defense of meme coins
I get it: meme coins are stupid. Not serious. A waste of time. They give the impression that the cryptocurrency industry is trivial. Full of speculators. Vitalik Buterin is probably right that the entire industry would be better off if people focused on legitimate projects instead.
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But. Buuuuut: the only thing more boring than trying to financialize memes is complaining about meme coins. One can have many deep thoughts about how meme coins are emblematic of this age of “financial nihilism,” but shame on anyone who says them out loud, especially if you’re holding a bag.
I don’t necessarily think that meme coins should be celebrated, especially not for the reasons most often given. At this point in the cycle, these are light chips, even “blue chips” like Shiba Inu (SHIB) or dogwifthat (WIFE) – they are not really attracting new adopters; at least not yet. I think it is questionable to say that the “communities” that form around meme coin investing are sustainable in the long term. And it is, of course, irresponsible to suggest that these tokens are creating “generational wealth” for people.
Meme coins are what they are: highly speculative investment vehicles. The fact that there seems to be an almost infinite amount of interest and capital to invest in them essentially proves that “speculation is a use case”, regardless of whether you agree with the sentiment expressed there.
Fair enough to criticize casinos or state-sanctioned gambling like lotto on moral grounds, but meme coins exist for the same reason: people like to dream that their life can change in an instant, without having to do much Work. It’s an itch that can’t simply be scratched, and it turns out that gambling on blockchain-based tokens is as good as a scratch card.
More fundamentally, it is becoming clear that meme coins are tools for coordinating and measuring attention. It’s in the name: meme coins talk camouflage – or the process by which ideas acquire cultural value through sharing.
As Ravi Bakhai, who is building a meme coin trading platform called Hype, explained, meme coins have essentially become a large, generalized betting market to determine how relevant something is at any given time. For example, that of Iggy Azalea MOTHER token it literally put a price on his fame and the rapper’s ability to attract an audience of cryptocurrency enthusiasts.
Now, a lot has been said about cryptocurrencies’ place in the market over the years “attention economy”, based on the idea that attention itself is a scarce commodity, and it’s easy to overestimate the value of “crowdsourcing” popularity in this way. Essentially, what meme coins revealed about the world is that people like cute dogs and they can be incredibly racist.
But that doesn’t mean the primitives behind meme coins can’t one day be more useful. In the same way that prediction markets help us understand sentiment because users with “skin in the game” are incentivized to tell the truth, meme coins can also help tone down the noise.
This is the idea behind the emerging “PoliFi” category, a mix of politics and finance, and the series of tokens such as JEO BODEN, MAGA and elisabath whore which some people use as a metric to bet on those candidates’ chances of re-election. But this must not be limited to politics.
As CEO of Calaxy Ceesay only recently wrote in a piece for The Defiant: “Memecoins are a great example of how any collective group of individuals can create the economic infrastructure to facilitate trade, commerce, and collaboration without the need for a middleman. Before blockchain, this was virtually impossible.”
Finally, like the creation of dogecoin (DOGE) as of late 2013, it’s worth noting that meme coins are essentially just a blank canvas for “performance art,” like Tez puts it. Co-creators Billy Markus and Jackson Palmer claimed that DOGE was just a parody of Bitcoin.
This actually gets to the heart of the most trenchant criticism of meme coins: they reveal the financial and psychological mechanisms that essentially make all cryptocurrencies work. Although it is unlikely to be bitcoin (BTC) it’s going to zero, it only has value because a crowd of people say yes, which is the same reason why something like the BALD token momentarily had value (and then he didn’t).
The only real difference is that one is supported by the belief that the digital age needs a functioning store of value and the other by a desire to make fun of the person who runs Coinbase. Some see this as proof that BTC is a giant Ponzi, while others cry at the beauty of the economic miracle of aligning people through shared interests.
Likewise, the worst aspects of meme coins apply to the rest of cryptocurrencies as well. Celebrities flipping tokens and using their fans as exit liquidity is unseemly. Carpet pulls are objectionable. The relentless pursuit of wealth is shocking. But there’s actually something more honest about meme coins. They have no illusions about the game being played.
Ultimately, the stance on meme coins will likely depend on how serious they are. There are genuinely people out there who think that meme coins are giving cryptocurrencies a bad name, unaware of the fact that most people view cryptocurrencies that way anyway.
I don’t think I’ll ever buy a dog token. But betting against the monetization of virality seems like a losing strategy.
Amid speculation about Joe Biden’s future in the 2024 presidential race, memecoins tied to potential successors like Kamala Harris have surged, in contrast to the volatile trajectories of Biden-inspired “Joe Boden” and “MAGA” coins.
As the United States enters election season, it is becoming clear that both campaigns are using cryptocurrency funds and conversions much more than in previous years.
According to recent relationshipsThere is speculation that Biden is considering his future in the 2024 race, prompting traders at Polymarket to raise the odds of the Democrat exiting to nearly 80% on Wednesday, up from 55% previously.
This sudden increase follows a week of volatility in By Polymarket “Biden Drops Out of the Race?”, which has attracted nearly $10 million in bets. Before last week’s debate with Donald Trump, the odds of the same question were at 20%.
The White House has denied all rumors that Biden is considering withdrawing.
Memecoins
Memecoins associated with Joe Biden and Donald Trump have has undergone significant fluctuations in recent months. But these recent reports about Biden’s health have caused a surge in memecoins for his potential successors.
Joe Boden (EARTH) the currency has had a rather difficult six months. BODEN rose to nearly $0.80 in April before collapsing to its current price of $.035. This is a decline in value of more than 95% from its all-time highs.
The MAGA (BRISCOLA) has experienced similar volatility. It reached an all-time high of $17.37 in June before falling to its current price of $5.35.
Biden’s Replacement Memecoins
Over the past 24 hours, memecoins inspired by political figures who could replace Joe Biden, such as “Kamala Coin” (inspired by Vice President Kamala Harris) and “Buttigieg Bucks” (inspired by Pete Buttigieg), have seen a surge in market value.
Kamala coin (FUCK) increased by more than 110% last day.
According to CoinGecko data, another memecoin, “Gabin Noosum” (NOOSUM), is up 15% over the past 24 hours, and a coin inspired by independent presidential candidate Robert F. Kennedy Jr., the misspelled “Ruburt F Kenidy Jr” (KENIDY), has gained 10% over the same period.
Key points
- Solana meme coins have seen average returns of 8,469% YTD, far outpacing Ethereum’s 962%.
- Political meme tokens have emerged as a $784 million subcategory within the $57.7 billion meme coin market.
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Solana-based meme coins have significantly outperformed their Ethereum-based counterparts, producing an average return of 8,469% compared to 962% for Ethereum meme coins year-to-date. According to the “CMC 2024 H1” report, this contrast highlights a wave of speculative capital flowing into the Solana ecosystem.
Image: CoinMarketCap
The explosive rallies of WIF and BONK on Solana have attracted attention and capital from other chains, fueling a cycle of meme coin upside and further investment. While meme coins exist on multiple blockchains, Solana and Ethereum have dominated in terms of activity and trading volume.
Ethereum meme coins, typically launched in 2023 or earlier, have a more established presence. In contrast, most Solana meme coins entered the market in late 2023 or 2024, capitalizing on the recent surge in interest.
In particular, political meme tokens have emerged as a subcategory, with a total market cap of $784 million out of a $57.7 billion meme coin market. MAGA meme coin (TRUMP) has seen gains of over 5,100% this year, influenced by Trump’s vocal support for cryptocurrencies and acceptance of cryptocurrency donations for his campaign.
Image: CoinMarketCap
As cryptocurrencies become a hot topic in the U.S. elections in November, political meme-based coins will continue to attract speculative interest, CoinMarketCap’s report notes.
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19:18 ▪ 4 minute read ▪ by Mikaia A.
The memecoin world on Solana is buzzing with performances that exceed all expectations. Despite a rocky start, Solana has managed to turn things around and establish itself as a prominent leader in the meme cryptocurrency space, outperforming Ethereum by 800% since the beginning of the year.
Memecoin on Solana: Up 800% vs. Ethereum
Last April, the memecoin flame on Solana it seemed to trembleInvestors, disappointed by the poor performance and the recurring problems of some crypto memes, were starting to lose hope.
Top 10 Solana Cryptocurrency Memes – Source: CoinGecko
However, Solana decided to take the bull by the horns. Blockchain has undertaken a series of measures to address the problem of problematic memecoins and clean up its ecosystem. These efforts quickly paid off.
CoinMarketCap relationships from the first half of 2024 to prove that Solana-based memecoins have outperformed Ethereum by 800%An impressive performance that clearly illustrates Solana’s resilience and innovation.
Memecoins as Dogwifhat (WIF), Bonk (BONK) and Billy (BILLY) contributed to this success. Dogwifhat jumped 12.34% in just 24 hours, becoming the top meme coin on Solana. As for Billy, its market cap has risen 97% to $117 million.
These successes are explained by Solana ability to attract talented developers and create an environment conducive to the growth of memecoins.
Additionally, Solana has quickly adapted to the challenges posed by the meme cryptocurrency market, particularly by improving security and promoting transparency of transactions.
The Growth of Meme Cryptocurrencies on a Growing Blockchain
The growth of meme cryptocurrencies on Solana isn’t limited to a few isolated successes. It reflects a broader trend across the memecoin ecosystem.
With a market share of 9.64%, Solana dominates the industry, leaving Ethereum and other blockchains behind.
This dominance can be attributed to several factors. First, the Solana community commitmentwhich was able to mobilize significant resources to support and promote memecoins.
Secondly, Solana technological innovationwhich offers fast and low-cost transactions, thus attracting many developers and investors.
The successes of Dogwifhat and Billy illustrate this dynamic well. In addition to their impressive performances, these meme cryptocurrencies have benefited from massive community support and celebrity promotion.
For example, Ariana Grande shared a meme highlighting the cryptocurrency Michi, which led to an 18% increase in its value. These initiatives clearly show how Solana has managed to create an attractive and dynamic ecosystem for memecoins.
Finally, celebrity influence and increased capital invested in meme cryptocurrencies have also played a key role. Solana has been able to capitalize on these opportunities to strengthen its market position and attract new investors. Blockchain continues to record growth milestonessolidifying its status as a leader in the memecoin industry.
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Mikaia A.
The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I was there for someone
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.
The cryptocurrency world has recently witnessed a curious phenomenon: the rise of memecoins inspired by potential replacements for Joe Biden as the Democratic Party’s presidential candidate. In the last 24 hours, these digital coins have seen surprising growth, while the memecoin “Jeo Boden,” a parody of President Biden, has suffered a significant decline in value, falling by more than 30%.
The Memecoin Phenomenon and Its Connection to Biden
Memecoins are cryptocurrencies created as a joke or to pay homage to famous peopleInternet memes or cultural events. Unlike more traditional cryptocurrencies like Bitcoin or Ethereum, memecoins often have no intrinsic value or advanced technology behind them. Their popularity and value are largely dependent on social trends and current hype.
Memecoins inspired by political figures who could replace Joe Biden have seen exponential growth in the past 24 hours. Coins like “Kamala Coin” (inspired by Vice President Kamala Harris) and “Buttigieg Bucks” (inspired by Transportation Secretary Pete Buttigieg) have seen significant increases in market value.
This growth can be attributed to several factors. First, speculation that Biden may not run for a second term has created a wave of interest in possible Democratic candidates. This interest has been reflected in the memecoin market, where investors are trying to capitalize on the hype surrounding these figures.
Additionally, memecoins tend to be heavily influenced by social media trends. With names of potential candidates circulating on platforms like Twitter, Reddit, and TikTok, it’s no surprise that related memecoins have attracted the attention of investors.
The Decline of “Jeo Boden” and the Role of Social Media
In contrast, the memecoin “Jeo Boden” has seen a dramatic decline in value, falling by more than 30% in the past day. This decline can be interpreted as a reflection of investors’ diminishing confidence in Joe Biden’s political future. As speculation about his retirement increases, interest in a memecoin dedicated to him is decreasing.
Furthermore, the decline of “Jeo Boden” could also be a consequence of the memecoin market itself, which is known for its extreme volatility. Investors who had bet on “Jeo Boden” may have moved their funds to the new emerging memecoins, looking to profit from changes in the political landscape.
Social media plays a crucial role in the spread and popularity of memecoins. Online communities on platforms like Reddit, particularly subreddits like r/cryptocurrency and r/wallstreetbets, often serve as epicenters for discussion and speculation about memecoins. When a new meme or political figure goes viral, related memecoins can see a rapid increase in value.
Additionally, social media influencers and celebrities can have a significant impact. Tweets and posts from influential personalities can drive thousands of people to invest in a specific memecoin, further fueling hype and market volatility.
Final considerations
The rise of memecoins inspired by potential replacements for Joe Biden and the simultaneous decline of “Jeo Boden” highlights the unpredictable and volatile nature of the cryptocurrency market, especially memecoins. While these digital currencies can offer quick profit opportunities, they are also subject to drastic fluctuations based on social trends and political speculation.
For investors, it is essential to approach this market with caution, be aware of the risks, and not invest more than you are willing to lose. Memecoins are an interesting cultural and financial phenomenon, but like all trends, their value can be ephemeral and subject to rapid change.
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