Memecoins

Why Waka Flocka Flame Insists His Meme Currency Is Not a Way to Make Money

Published

7 months ago

2 July, 2024

Why Waka Flocka Flame Insists His Meme Currency Is Not a Way to Make Money

From Jason Derulo TO Iggy’s Azalea AND actressthere has been a wave of celebrities flooding the meme coin world, although the initial novelty of this latest wave of celebrity coins may be wearing thin on traders, especially amidst a increase in scams aiming to capitalize on the craze through social media accounts hacked.

Rap singer Waka Flocka’s Flame (aka Juaquin James Malphurs), is part of that group of celebrities who have recently entered the world of meme coins, and in an exclusive interview with Decipherhe said he remains focused on his FLOCK community, paying little attention to other coins and what their celebrity supporters do with them.

Despite his stated commitment to the community, Flame and his team have faced insider trading charges following the launch of its meme coin FLOCKA via Solana on June 17.

Concerns have arisen over a wallet that acquired about 40% of the coin’s supply and then distributed it to multiple wallets rapidly after launch. Flame reports Decipher that traders “stole” most of the supply before the launch, leaving his team struggling and unable to adequately represent the token.

“I’ll be honest. Fuck it. What happened is we lost the coin first. People took 60% of the coin, like 70%,” he said. “So I thought, wait a minute. No, no, no, close that coin, seriously, because I don’t have one. And this is my coin. Hello? This is my narrative. This is not cool.”

Flame had been teasing the coin for days, too retweet people who said they would be snapping up any tokens that were launched, so even if the launch itself wasn’t formally announced ahead of time, meme coin traders were looking for a dip. Some traders are using sniper bots to snap up large amounts of new tokens before they’re widely announced, though in many cases like this, there’s widespread speculation that insiders gained access to the token’s contract address before the announcement tweet.

Despite insider trading speculation, which Flame denied, he wasn’t thrilled about having so many tokens out of his control. Flame told Decrypt that if something has his name on it, it should help shape that community. His team has managed to acquire a sizable share of the tokens on the market, giving Flame what he sees as a solid foundation to build on.

“How can I represent something I have no control over?” he said. “That logically didn’t make any sense. So we got 40 percent of the market.”

FLOCKA is up 8% over the past week, though like many meme coins, its price action has been volatile, falling 53% from its mid-June peak, according to data from CoinGecko.

When centralized entities launch crypto tokens, there is often a large portion of the token supply locked up in vesting programs, ensuring the team can’t offload to holders right from the start. In this case, FLOCKA holders are taking Flame’s word for it. But he said any potential early profits would go to support his team.

“I haven’t made a single dollar from it,” he said. “If anything, the only way I’m going to make money from it is because of the people who work with me. We all made this cake together. I didn’t do it alone. I don’t want to make money. I want the platform to thrive first.”

Blocking team monopoly

When he refers to the platform, he means the growing community that supports his coin. He is now expanding the FLOCKA ecosystem with the launch of a Web3 record label called Block Squad Monopoly.

Block Squad Monopoly is an on-chain record label powered by the FLOCKA token. FLOCKA holders can connect their wallets to a token-gated site and, based on the amount of tokens they own, will receive different positions in the community, such as musician, producer, manager, tour manager, and more.

To apply for a position, token holders must reach a minimum threshold, such as 1 million FLOCKA (about $1,350 in value) to apply as an artist and 200,000 FLOCKA ($270 in value) to take on the role of a graphic designer. However, all token holders will be able to vote for talent.

FLOCKA community owners will choose and vote on team members and work to distribute the label’s music as compressed NFTs. Flame said it was designed in an effort to give its community a sense of ownership and disrupt the traditional distribution process.

“It’s just about changing the way we think about and distribute music,” Flame said. “I just want to create something where the community wins, where the community creates music with a community narrative and the community can get paid for it.”

Flame will release a new song called “4th Quarter” on Dripa collectibles platform on Solana. When asked why they chose to release the song on Drip instead of Block Squad Monopoly, the Waka Flocka Flame team emphasized the importance of collaborating with others in the space.

“Collaborating and building with leaders in the space who are making a difference,” Flame’s business partner Pratheep ‘Stally’ Kanesh said of the strategy. “Vibhu [Norby]the founder [of DRiP] It was very hands-on. Block Squad has its own catalog of unreleased records coming soon.”

He stressed the importance of community participation in making important decisions.

“Let the people who actually listen to the music tell you what it’s worth,” Kanesh said.

On his reputation

Flame admitted that it frustrates him that many people have called him a rugger and a scammer, including for allegedly promoting a number of fragile cryptocurrency projects years ago. He blamed his management for past missteps in the space and perhaps even a bit of naivety about cryptocurrency.

“Damn, at first I believed everyone at first sight,” he said. Decipher when asked. “My management brought me deals and they looked good on the surface, and I guess they failed to finish what they started. But that’s why I do my own due diligence now, and FLOCKA is the only pawn I support.”

Despite this admission, Flame said that, having been in the spotlight in other industries, he is used to negativity.

“My whole life is built on being judged and misunderstood,” he said. Decipher“So why should I focus on this? I just know what I’m doing.”

He says he has permanently separated his true self from the name “Waka Flocka” and does not consider himself a celebrity, despite his success in the music industry and his sizable social media following, including 1.8 million people on Twitter (aka X).

“I understand that there are celebrities who pull rugs and stuff like that, but I’m not a celebrity. Only my name is famous,” he added. “I consider Waka Flocka a business.”

Flame adds that he has had many ups and downs in life, but he vows that he would never meddle with anyone’s livelihood. “I could play basketball with you or video games with you, but I would never play with anyone’s pockets,” he said. “Only a lazy person pulls the rug.”

Just a few weeks after the token’s launch, Flame admits he checks the price floor “every time I get off stage at night,” but “not 20 or 100 times a day.” Even with at least some attention to short-term price action, he said he’s more focused on trying to turn that initial interest into something sustainable.

“What I do now is fix the website,” he said, “make sure the technology is good, make sure our compliance is good, partner with the right people, and stay on track to get to where we want to be in the future.”

By Andrea Hayward

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Memecoins

Biden Dropping Out? These Biden Replacement Memecoins Are Rising

Published

7 months 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.

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Memecoins

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

Published

7 months 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.

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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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Memecoins

Solana Sets New Records With Its Memecoins

Published

7 months 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.

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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.

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Memecoins

The Memecoin Wave Inspired by Potential Joe Biden Replacements

Published

7 months 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.

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