Meme Coins: New Hype in The Crypto Industry
November 19 2021 - 1:31PM
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Thousandfold growth, incredible hype on Twitter and Elon Musk –
this is how you can briefly describe the situation around the
“meme-coins” that has arisen in the crypto space over the past
year. Meme coins are cryptocurrencies that cannot boast of using or
inventing any advanced technologies, but they are great at
speculating on popular Internet memes and other funny stories.
Various influencers play an important role in promoting meme coins.
And for some coins, the main and most important role, as happened
with Dogecoin or Shiba Inu, which owe their popularity, explosive
growth, and audience to Elon Musk and his shocking tweets. The
combination of good looks, low price, hype, and lots of advertising
on Tik-Tok and Reddit has become a real win for such projects. But
those who were lucky enough to get at least an indirect mention
from influencers of Elon Musk’s level, “skyrocket to the moon” with
incredible speed. Meme coins have played an important but
controversial role in crypto adoption: on the one hand, they
brought a lot of money to the lucky ones who managed to jump on a
rocket taking off to the moon, and brought a million newcomers to
the crypto market. On the other hand, due to the extremely high
volatility and unstable background of such projects, many people
became involved in various scams or at least lost most of their
investments. Perspectives Nevertheless, thanks to the huge number
of new people and new liquidity, the market expanded to such an
impressive scale, and this gave a chance for the emergence and
development of new, interesting projects. Many experts agree that
even among the “meme-coins” there are many noteworthy coins. For
example, Dogecoin, which started out as a joke, is now supported
and actively developed by a group of experienced blockchain
developers who scale and improve its blockchain. “Not all meme
coins are scams. Some of them are backed by powerful communities,
investors, developers, those who are able to maintain the value of
the token”, the founder and CEO of Yafo Business Development says.
Besides DogeCoin, there are a number of other meme tokens with good
growth potential. This was especially facilitated by the
development of another “hype” technology called NFT. The
combination of memes, NFT, gamification and play-to-earn has
spawned a whole genre and has allowed for even more attention,
capital, and audience in crypto. Just take Axie Infinity — a
project that, although not a “meme”, is growing thanks to the
influx of a huge new audience in “crypto with a human face”. One of
the potential candidates for the next “to the moon” could be
Vodka-Token, a project on the Polygon (Matic) / Binance Smart Chain
blockchains with a bright name, but rather strong partners and
team, including former employees of Ex-Oracle, ex- Microsoft,
ex-McAfee & Fintech projects. The young NFT project invites
users to try themselves as a bartender, mix the proportions of
different crypto-assets, and sell the resulting “cocktails” in the
form of NFTs in the secondary market. The game mechanics include
the deflationary mechanism of the VODKA token, which should provide
it with good growth in value, and the received NFTs can be staked
at 100-300% APY. In addition, on November 23, the TGE (listing) of
Vodka Token will be launched at a starting price of $0.0001, where
fans of meme coins and a play-to-earn mechanic will be able to
become early holders of a potentially explosive project.
Conclusions Perhaps the most important achievement of meme coins
has been the attraction of new people and capital to the industry,
which has given rise to a number of gaming and interactive
blockchain projects, especially NFT games. At the very least, it’s
nice to see the massive adoption of cryptocurrencies by a wide
audience. This indicates that we are moving in the right direction,
regardless of the path.
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