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SocialFi Sector Challenges Meme Coins in Cryptocurrency Market
The world of cryptocurrencies is constantly evolving, and while meme coins have seen explosive growth, a new trend is quickly emerging: SocialFi platforms.
These platforms are capturing the market’s attention and, in some cases, are even surpassing meme coins in terms of influence. Alvin Kan, COO of Bitget Wallet, provides a detailed overview of the unique relationship between SocialFi and meme tokens, highlighting the key similarities and differences between these two phenomena.
Crypto World: Similarities in Distribution Strategy Between SocialFi and Meme Coins
THE SocialFi the platforms use token distribution strategies similar to meme coins. For example, DEGEN tokens are not subject to pre-mining and 15% of the total supply is earmarked for ecosystem development over a four-year period.
The rest is distributed via airdrops and liquidity incentives, which are also common practices in distributions meme coins. This equitable and community-oriented distribution is a characteristic shared by both categories.
Functional applications of SocialFi platforms
A distinctive aspect of SocialFi platforms is their ability to offer more functional applications than meme coins.
A significant example is the friend.tech token, which not only introduces unique applications but also engaging elements such as “Clubs”.
These elements increase the level of engagement and challenges for users, creating a more interactive and dynamic experience.
However, this complexity could also narrow the audience, limiting the appeal of SocialFi platforms compared to meme coins, which are often simpler and more accessible.
Bitget Wallet and meme coins: the crypto trend before SocialFi tokens
Bitget wallet has cleverly exploited the trends of meme coins, introducing new features and activities that support transactions with them cryptocurrencies. The company has in fact integrated the most popular blockchains, integrated support for new meme coins into the ecosystem and improved the capabilities of swap transactions.
Furthermore, the launch of its own meme coin – MOEW – and the organization of several meme-themed activities have led Bitget Wallet to be considered a leader in the meme coin industry.
The evolution of the market and the role of DEX
Alvin Kan notes that the growth of decentralized exchanges (DEXs) has provided a solid foundation for trading meme coins.
Kan says:
“The sector has moved from being capital-focused to being community-oriented, marking a significant transition.”
This year, in fact, the cryptocurrency market is looking for the grand narrative to follow after the era of Bitcoin ETFs. Meme coins have therefore proven to be a winning candidate.
Conclusion
SocialFi platforms represent a new frontier in the world of cryptocurrencies, challenging meme coins in terms of influence and market interest. With similar distribution strategies but more functional and engaging applications, SocialFi platforms offer an interesting alternative that could redefine the cryptocurrency landscape.