[MEME Track] Meme coins replace VC tokens to make Bitcoin better and better

[MEME Track] Meme coins replace VC tokens to make Bitcoin better and better

The VC token industry is no longer what it was in 2017 or even 2021. Back then, newcomers to the “crypto” space still trusted VCs to give advice on what to buy and what not to buy. These crypto venture capital firms are making a lot of money, but almost anything they promote is bought by the gullible public, driving the price up sharply. They make money with various tokens, from EOS to IOTA, WAX and STEEM. At that time, it was their golden period of great market influence.

But the influence of crypto VC has significantly diminished over the past few years, and the days of 30x doubling through ICOs are gone. Since then, their reputations have plummeted as the markets where they accumulated their money have moved further and further away from them. In a sense, though, they deserve it, as almost all of the coins they pumped up performed poorly, and the promises of those coins were about as likely to come true as a Kardashian wedding vow. Driven by a zero interest rate policy environment and insane FOMO, they stunned everyone with their performance, but when the altcoin market began to go downhill, so did their future.
1. The demise of VC tokens
While VCs are struggling, they are benefiting from the fact that the industry is lagging behind. They often strike while the iron is hot with their next round of funding, raising large sums of money during bull markets. They can survive on a 2% annual management fee for a long time, even though a 20% profit looks increasingly slim. Cryptocurrency funds have performed poorly over the past few years, with most becoming insolvent.
Several of the tokens they tried to promote almost died before they even rose. BitClout and WorldCoin are two famous examples. Venture capital firms poured money into them hoping to recreate the good old days, only to find that the market no longer trusted them. Who can blame the market? The coins they previously pushed were down significantly in USD terms, and in Bitcoin terms they look like Venezuelan bolivars.
2. The rise of Meme coins
But that doesn't mean altcoins are gone. Meme coins replaced VC tokens and ultimately brought more integrity to the Nietzschean game of will-to-power that has been playing out. The original meme coin was, of course, Dogecoin. Elon Musk held it up like a hot air balloon, and surprisingly, the market followed suit. What Dogecoin has done is expose the true state of the altcoin market. The narrative doesn't matter, it's all just a game of thrones, a Keynesian beauty contest and mob rule. In a sense, the altcoin market has returned to its essence.
Dogecoin is also notable because it eschews venture capital. With the retail approach, venture capital has basically not been involved. how can that be possible? These are people who are believed to be able to predict the future and invest accordingly. Meme coins’ rise requires no expertise, no due diligence, and no market research. VCs don’t have any special access or insight into the meme coin market, nor do they have anything of value to offer. They are no longer middlemen.
After Doge came Shibu Inu, whose rapid success made venture capital seem completely unnecessary. Games at the time didn't require a huge infusion of capital, just proper publicity and enough marketing to achieve escape velocity. Shibu’s rise is purely a meme, and like Dogecoin, it also doesn’t require venture capital to succeed. Therefore, venture capital is like cable news in the altcoin industry. The only attention it attracts comes from its deceived peers.
3. New cycle
We are now in an environment where meme coins have become the pump and dump manipulation alternative to altcoins. In fact, in this cycle, the tokens that have been rising all the way are either meme coins or meme coin platforms.
Regardless of value, meme coins seem to have similar dynamics to other altcoins, with only a handful of mainstream coins seeming to capture significant mindshare while everything else is dying out fast. The difference is that since these meme coins don’t have large marketing budgets, they will enter the sell-off phase faster.
Everything is fine. In a sense, altcoins are much more honest this time around. There are no grand promises coming from crazy blockchain applications or disrupting certain industries. Those who buy and sell meme coins know that it is a gambling tool and they are playing a very stupid game. PEPE or WIF have little to do with deception, and that's because they don't claim any utility, or even a future.
Don’t feel sorry for the VCs. They are reaping the consequences of their own sowing of hype and fraud. Many companies have ruined their reputations by pushing useless products, and the fact that no one listens to them anymore shows that the market is functioning properly.
The time wasted by developers is thus greatly reduced. The Altcoin platform wastes developers' time on insecure projects that are almost useless, completely abandoning practicality just for the "fun of playing". The entire altcoin industry is one big casino, and now everyone knows it.
Finally, meme coins make Bitcoin look better and better.