Dogecoin Cofounder Breaks Silence on Meme Coins’ Profitability

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As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I’ve seen my fair share of trends come and go. From the dot-com bubble to the rise of cryptocurrencies, I’ve learned that the market is often driven by hype, innovation, or a combination of both.

6th December, 2013 marked the inception of Dogecoin, inspired by the popular Doge meme – an endearing picture of a Shiba Inu dog adorned with colorful Comic Sans text representing the dog’s thoughts.

Initially conceived as a humorous take on the internet, Dogecoin rapidly evolved into a significant and enthusiastic community within the realm of cryptocurrencies.

The rise of Dogecoin opened up opportunities for numerous cryptocurrencies based on animals. Some investors have made significant profits with these assets, but there are doubts about their long-term viability and genuine worth among others, who consider them “meme coins.

Lately, a user on the platform X (previously known as Twitter) showed doubt towards meme coins. He stated, “I can’t imagine myself buying another meme coin representing an animal again,” and continued, “I need something with solid technology.” This remark suggests that some investors are increasingly seeking tokens associated with cutting-edge technology rather than just hype.

good tech is whatever makes people money

— Shibetoshi Nakamoto (@BillyM2k) October 28, 2024

This comment attracted the attention of Dogecoin cofounder Billy Markus, who goes by the name “Shibetoshi Nakamoto” on X, to which he responded, “Good tech is whatever makes people money.”

Meme coin mania

2024 has seen meme coins outperform every other crypto sector significantly, showing no indications of slowing down. The past year alone has witnessed the creation of countless new tokens, including those developed on Ethereum, as well as an increasing number of new meme coins being introduced on Solana.

In the past few weeks, collectible coins with a cat theme have been increasingly popular. Meanwhile, there’s a lot of excitement surrounding artificial intelligence (AI) chatbots that are marketing cryptocurrencies.

People involved in the world of cryptocurrency are responding to these AI-themed meme coins as the latest fad. Some view it as a creative way for communities to interact, while others consider it another chance for momentum trading that fits well with the speculative characteristics typically associated with meme coins.

The meme coin GOAT, which runs on the Solana platform, experienced a significant jump in its market capitalization, rising from $3 million to nearly $800 million. This surge was likely due to social media discussions and support from an AI bot named Terminal of Truths on platform X.

Just a heads up: These bots are actually big language models, influenced by the inputs they receive, not actual conscious or sentient beings.

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2024-10-28 15:16