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Cryptocurrency News Articles
Meme Coins Are Draining the Momentum Out of Every Crypto Cycle, Says Solana Co-Founder
Oct 07, 2024 at 06:04 am
Solana co-founder Anatoly Yakovenko has pointed out that memecoins have repeatedly drained the momentum out of every crypto cycle that came before them.
Solana co-founder Anatoly Yakovenko has slammed memecoins, stating that they have consistently drained the momentum out of every crypto cycle that came before them.
According to him, memecoins tend to dominate the market, leaving other projects struggling for attention. In his view, these cycles are characterized by a 90% focus on memes and only 10% on actual product.
Meme coins stealing the show
This current cycle is no exception, with memecoins having taken over the meme energy that once fueled cycles like DeFi summer, leaving products to stand purely on their value.
If true, he feels it is a good thing for the industry. No more hiding behind hype; projects must prove themselves.
This cycle's meme coin market is particularly wild, driven by influencers, celebrities, and hype. It's chaotic and volatile, but that's the game now.
The meme coin market has seen massive growth, reaching a total capitalization of $44.01 billion, as of press time.
The daily trading volume is also huge, with around $4.63 billion moving through memecoins every 24 hours. Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are the top 3 largest ones.
DOGE alone boasts a market cap of $16.9 billion, with SHIB trailing at $9.83 billion, and newcomer PEPE sitting at $4.52 billion.
Celebrities pumping the hype
Memecoins have always been about hype, and this year, celebrity involvement has poured gasoline on the fire. We've seen celebrities like Caitlyn Jenner, Iggy Azalea, and Nigerian artist Davido launch their own tokens.
JENNER launched on May 26, hitting a $40 million market cap in just a few hours. At the moment, it is down 68.4% from its all-time high.
Iggy Azalea's MOTHER also saw big gains in the first few days after launch, but the value tanked as rumors of scams and controversies started going around.
Meanwhile, DAVIDO was accused of being pre-mined shortly after launch, with insiders dumping it soon after. It was a blatant pump-and-dump.
Yakovenko's theory that memecoins have sucked the life out of other cycles seems spot-on. Solana-based memecoins are now major players in this current cycle, outperforming even Ethereum-based alternatives.
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- Tinubu’s 30-Day Youth Conference: A Publicity Stunt or Genuine Engagement?
- Oct 07, 2024 at 12:15 pm
- President Bola Ahmed Tinubu’s announcement of a 30-day youth conference in his 1st October Independence Day broadcast has left me questioning the sincerity of his administration’s efforts to address the pressing concerns of Nigerians.