Memecoins

The 6 biggest misconceptions about meme coins

Published

1 year ago

21 June, 2024

The 6 biggest misconceptions about meme coins

Image Source: https://images.unsplash.com/photo-1634979150030-ddaf806c2296

Meme coins are an interesting concept that sparks a lot of controversy. To an outsider they seem like a joke, a meme. However, there are many people who have made a serious profit both by trading them and by developing their own meme coins.

One thing that unites the entire online community is the fact that most people simply don’t know enough about meme coins. So, to correct this mistake (or at least start doing so), here are the six biggest misconceptions about meme coins.

They lack value

One of the biggest misconceptions about meme coins is the idea that they lack value to become a tangible asset for a cryptocurrency investor. The easiest way to dispel this myth is to simply look at some of the best representatives of this internet phenomenon and see their historical value change.

The problem is that the people making these claims are usually coming from the position of looking at these coins from the perspective of a dollar-value averaging investment strategy. This means they simply compare the difference in value in a single token instead of actually focusing on the percentage.

Imagine buying X amount of BTC (say $100) and going up 30%. This would give you a return on investment of $30 and would be huge growth, in the current state of the market.

At the same time, smaller, more volatile coins like meme coins can increase their value by thousands of percent. This means that the same amount of $100 could return much more.

They make promises they can’t keep

The most interesting thing about meme coins is the fact that they are completely explicit about their disadvantages. In fact, there is no currency out there that is more willing to admit its own volatility and the fact that it may be worth nothing.

Let’s face it, most of the cryptocurrency world is described as vaporware by skeptics. The most honest thing about meme coins is that they wouldn’t even bother trying to refute these accusations.

So why don’t they fight these charges?

Because even if they were true, they wouldn’t change anything.

Despite all the skepticism, some meme coins are doing really well. This means that there is sufficient empirical evidence that this resource can be successful. For every logical argument against its structural weaknesses and flaws, there is a successful meme coin you can point to, as well as a person who made a fortune off of it.

You have to appreciate honesty.

You can also see the same level of honesty in the offshore casinos sector, in which it is understood that the risks are high but so are the potential benefits.

They lack utility

Meme coins may not have utility in the traditional sense, but that doesn’t mean they lack utility entirely.

For example, they are crucial when it comes to building communities. Even nowadays, humans are social beings and belonging to a brand or focusing on the same type of coin could make a huge difference.

Another use of utility coins is to raise awareness (especially in the field of cryptocurrencies). Many people have no idea about the world of cryptocurrencies or what it represents and this could serve as a fun introduction to the world of cryptocurrencies.

Finally, they can be used as an educational tool. This is especially true when you are trying to show how the cryptocurrency market (in general) works. In other words, this could benefit the cryptocurrency world as a whole.

They will always perform worse than major cryptocurrencies

You can’t just look at the value of the currency and use that as a determinant of whether they’re doing well or not. The problem with this kind of perspective is that it doesn’t really paint the full picture. Sure, BTC is bigger than a meme coin like WIF (dogwifhat), however, there are fronts where WIF is outperforming it.

However, let’s talk about a few fronts as there are aspects where BTC is clearly superior. For example, even though WIF has weathered the market decline better than BTC, bitcoin has held its value better than its smaller counterpart.

Since the value of WIF is so low compared to BTC, a smaller move in price will always be a larger percentage increase or decrease. This is something you simply have to deal with.

The key thing to remember is that volatility is simply the state the asset is in. It is neither good nor bad. Simply ask people who bought BTC before 2017 and held it if it is bad when the asset is volatile and see what they tell you.

The fact that they have no limits is a big deal

The biggest problem with meme coins is that they do not have a limit, like traditional cryptocurrencies. There is the possibility of creating an unlimited number of meme coins, which worries many people; however, this fear is, for the most part, unfounded.

How come?

Fiat currencies do not have a limit, however no one sees this as a big problem. Sure, we talk about inflation from time to time, but whenever we talk about inflation, we’re always talking about the factors that cause it, not the idea that it’s also possible because of a lack of market capitalization. In other words, worrying about this, while logical, is a bit hypocritical.

Secondly, even though major cryptocurrencies have a maximum coin limit, you have the option to purchase fractions of these cryptocurrencies, which defeats the purpose of having a limit to begin with. How come? Well, because you can split a single coin indefinitely, so what’s the difference?

Don’t get us wrong, meme coins have some pretty significant issues, but the lack of a coin cap isn’t one of them.

Their value is determined by traditional economic factors

Ultimately, the value of these coins is not determined by traditional economic factors; however, this does not mean that they do not respect the laws of the free market.

The factor that significantly impacts their value and growth is their social media presence. After all, this is one of the easiest and most organic ways to spread the word about these coins.

Another thing that could have a pretty significant impact is celebrity endorsements. Keeping an eye out for celebrities who talk openly about meme coins usually means more people will hear about them than before. Some of these celebrities have a disproportionately large reach and could significantly influence the market.

The benefit is that these are things you can actually research. Let’s face it: you are not a financial expert and you do not have the skills necessary to carry out important market research. On the other hand, you don’t need to be an expert to engage in an elaborate social media monitoring campaign. All you need is the right app.

In 2024, no one laughs at the concept of meme coins

While it may seem like a joke, meme coins have a certain value that continues to grow with each passing week. They have a greater utility than they are given credit for, a greater value than people would expect, and have been known, on occasion, to even outperform some of the largest coins on the market. In other words, they’re definitely worth keeping an eye on.

Fuente

Memecoins

Biden Dropping Out? These Biden Replacement Memecoins Are Rising

Published

1 year ago

3 July, 2024

TokenTrends Staff

Is Biden dropping out? These Biden replacement memecoins are surging

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.

Fuente

Memecoins

Solana-Based Meme Coins Surge 8x Than Ethereum Counterparts in 2024

Published

1 year ago

3 July, 2024

TokenTrends Staff

Solana-Based Meme Coins Surge 8x Than Ethereum Counterparts in 2024

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.

Share this article

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.

Share this article

Fuente

Memecoins

Solana Sets New Records With Its Memecoins

Published

1 year ago

3 July, 2024

TokenTrends Staff

Solana Sets New Records With Its Memecoins

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.

Enhance your Cointribune experience with our Read to Earn program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning rewards.

Click here to join “Read to Earn” and turn your passion for cryptocurrencies into rewards!

Avatar of Mikaia A.

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.

Fuente

Memecoins

The Memecoin Wave Inspired by Potential Joe Biden Replacements

Published

1 year ago

3 July, 2024

TokenTrends Staff

The Memecoin Wave Inspired by Potential Joe Biden Replacements

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.

Fuente