Memecoins
Memecoin Surge in 2024 is Proof Positive that “Cryptocurrencies” are Dead
2024 is officially the year of the memecoin, with even the scion of the likely next president of the United States (allegedly) getting into some high-utility/scam action.
On June 25, digital asset researcher Colin Wu, aka WuBlockchainreleased a report detailing the insane profitability memecoins have enjoyed this year compared to all other “crypto” sectors. Wu sums up the current mentality of the market in general as “value investing is empty, bet everything on MEME to live in the palace”, which is the most scathing indictment imaginable towards this whole rotten and corrupt space .
Those interested in Wu’s methodology will find a full explanation in his report, but we will focus on his conclusions, according to which the average price return of the top 10 memecoins in the first half of 2024 was an astonishing 1,834%. Within this category, the highest average return was an even more ridiculous 2.405%, while a single token (BRETT) increased 14.353% above its issue price.
In comparison, the tokenization of real-world assets (RWA) produced an average price return of “only” 213.5%, making it 8.6 times more profitable to speculate on memecoins. In reverse, artificial intelligence Tokens (AI) improved by an average of 71.5%, and the numbers softened further from there decentralized finance (DeFi) reporting a modest average increase of 3.4%. (In the same period, important tokens such as Bitcoin AND ET increased by almost 50% and 45% respectively.)
While memecoins were once the only expertise of the Ethereum blockchain, this domain has been usurped by rival networks such as Solana and Layer 2 as Basic (the latter the product of CoinBase (NASDAQ: MONEY) exchange).
Things got even worse after the March launch of Pump.fun, a Solana-based memecoin generation platform. Pump allows anyone with a spare $2 to create a completely useless token from scratch, leading to dozens being issued every minute, with predictable results. (Hint: rapid rise, followed by an even faster decline, after which the cycle starts all over again with the next token/hype cycle.)
Venture capitalist Andrew Kang has captured this new cryptocurrency zeitgeist a long tweet in April he hailed the “new class of memecoins” which he called “Culture Coins.” Kang defined these “cultural” symbols as embodying “the beliefs of real-world communities that share values, identities, lifestyles, and political opinions.” They don’t actually do anything yet, but please continue with your fascinating story…
As bold examples of this brave new world of memecoins, Kang singled out BODEN, which nearly hit $1 in April before quickly falling back to its current value of 16¢, and TRUMP, which peaked at over $17 on June 1 before quickly losing half of that value.
Kang stated that the strength of any given memecoin was “directly related to the strength of their communities,” which the downward spirals above imply are entirely occupied by lily-livered feminine men with poor decision-making skills, but whatever.
Kang’s depiction of these “communities” offers a glimpse of the new cynicism enveloping the memecoin industry, playing on group dynamics to pressure people into purchasing certain tokens and an implicit threat of flight from said “community” in the event in which a repentant “hodler” decides to sell out before losing everything. What are you, some kind of cheating/cuckold/soy-boy for sale now? A real man keeps an iron grip on that anvil no matter how high the water rises around his neck.
The only ones who get rich here
It’s not just rhetorical VCs and scammers promoting these featureless tokens. Consider that Coinbase now relies on memecoins well over half of its revenue from transactionswhile fee revenue from memecoin transactions on its Layer 2 Base network reached $56 million in the first quarter of 2024.
The underlying revenue figure undoubtedly increased even more in the second quarter as the memecoin craze took hold. Over 800,000 new memecoins they’ve been issued on Base since March, dwarfing those on every other chain. If there is a statistic that more vividly illustrates the utter ridiculousness of “cryptocurrencies,” we haven’t seen it.
In the meantime, Coinbase is still the sole “sequencer” (also known as a transaction validator) on Base, which launches in August 2023. Coinbase has promised that Base will decentralize these functions “over time,” but you’d be hard-pressed to find any Coinbase executives offering specifics on that timeline.
Keep that selfish mindset in mind whenever you hear about the millions Coinbase is spending on this. political lobbying efforts and ask yourself what their end game is here. There are a finite number of real dollars in this industry and those that come out late usually end up broke. So don’t be a SHOCK.
In fact, before you visit Pump.fun, why not visit our new site, Dump.misery. It works like this: you send us $2 and in return we agree to hold your $2. That’s all. No promises of riches, but since we get to the “messed up” part much faster than our rivals, we think it’s worth it.
The pharmaceutical sector has failed
A new memecoin has gained more traction than any other because of its alleged ties to Barron Trump, the nine-foot-tall son of Donald and Melania Trump. TrumpCoin (DJT) debuted about a week ago and quickly gained attention because of rumors that it carried the official endorsement of the former (and possibly future) president.
It all started with a tech blog called Pirate Wires claimed that “for conversations,” Barron was “driving” the launch of DJT. The tweet was labeled as a “advance news” by Michael Solana, marketing director of Peter Thiel’s Founders Fund and the man behind Pirate Wires. Solana later tweeted that he “did not speak directly to Trump… he simply reported what I know through sources.”
In response to these rumors, the research firm Arkham offered a $150,000 reward for anyone who could “conclusively prove the identity of the creator” of the DJT token. The size was quickly established by the online detective ZachXBT, who identified the creator of the token as none other than Martin Shkreli, the “pharmaceutical brother” who in 2017 was convicted of securities fraud and served several years in prison for running his pharmaceutical company “like a Ponzi scheme.”
Minutes after ZachXBT claimed the bounty, he She said Shkreli “the panic is me” a complaint who had “1000 proofs that I created [DJT] with Barron. Around the same time, ZachXBT revealed that “one of DJT’s big insiders” had dumped $832,000 worth of DJT. This insider was “coincidentally also a large holder of Martin’s other project, Shoggoth.”
Half an hour later, Shkreli hosted a Twitter/X Space in which he acknowledged being the creator of DJT, while also claiming that professional misogynist Andrew Tate had helped him inflate the price. Shkreli insisted that he had been approached by a classmate of Barron’s, that Barron had claimed that his famous father approved of the DJT project and that Barron himself had leaked the news to Pirate Wires.
None of Shkreli’s claims about the Trump family’s involvement have been confirmed, nor has anyone from the Trump campaign offered any indication that they were even peripherally involved in this debacle.
While Shkreli may not have turned this DJT stunt into the profit he hoped for, his involvement could have much worse implications. Specifically, Shkreli may be guilty of another fraud, or at least he appears to have violated the conditions of his parolewhich require him to stay a million miles away from “any self-employment that involves access to clients’ money or investments.”
The conclusion is this; having no purpose beyond pumping and dumping, memecoins are created specifically for fraud. With rare exceptions, the only people who profit are those who instigate and perpetuate the fraud. And if you are among the rare exceptions whose name appears when the slot machine reels stop, remember that your gains come from someone else’s losses. He is a criminal. And you’re criminally stupid if you keep falling for this shit.
Watch: Peter Schiff Sees Bitcoin Value With Tokenized Gold
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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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