As a seasoned researcher with years of experience in the crypto industry, I must admit that the meme coin phenomenon has been nothing short of intriguing and amusing. From Dogecoin’s humble beginnings to the recent explosion of meme coins on various blockchain protocols, it’s been a wild ride. However, I can’t help but agree with Binance cofounder Changpeng “CZ” Zhao when he expressed his concerns about the ‘weirdness’ of the meme coin ecosystem.
At present, meme coins are quite popular in the world of cryptocurrencies. Yet, Binance co-founder Changpeng “CZ” Zhao has highlighted the lawless nature of this environment. In a post on his official Twitter account, CZ commented that while he doesn’t dislike memes, he feels “meme coins have become ‘a bit’ unusual lately.
Meme coin super cycle
As an analyst, I find myself reflecting on the explosive growth of the meme coin phenomenon, which initially took off with Dogecoin (DOGE). However, its influence quickly spread beyond Ethereum and other blockchain networks. Today, innovative platforms like Solana have introduced Pump Fun, a user-friendly launchpad for meme coins, making it simpler than ever for anyone to join the meme coin revolution.
I am not against memes, but meme coins are getting “a little” weird now.
Let’s build real applications using blockchain.
As a researcher delving into the blockchain landscape, I’ve noticed that, similar to Pump Fun, Tron boasts Sun Pump. Furthermore, other layer-1 projects are eyeing the scene with anticipation. The surge in meme coin popularity has propelled Solana to surpass Ethereum in transaction count, a significant achievement.
To user CZ, these meme-based cryptocurrencies seem to be steering the market away from the primary objective of blockchain technology. In making his advice, he suggested that since the peculiarities have become evident, now is the ideal moment to construct genuine blockchain applications.
The CZ post has garnered many reactions, with community members attesting to the weirdness in the sector. One commenter, @IncomeSharks, noted that memes “went from being fun, then being funny, to being extremely weird and desperate.”
Promising projects recommits
The negative response towards the meme coin market, in part, arises due to misusing the live streaming function provided by the Pump Fun launchpad. Launchers of meme coins have been found guilty of perpetrating online crimes to inflate the liquidity of their tokens.
Despite facing opposition, Shiba Inu‘s main developer, Shytoshi Kusama, reaffirms his dedication to maintaining a front-runner position in the field.
So far, Shiba Inu has demonstrated its knack for construction with the debut of Shibarium, an Ethereum Layer 2 solution, designed to create practical applications. Beyond SHIB, other projects like BONK and PEPE have cultivated a loyal following, which has significantly boosted their market value.
As more people express interest, it’s unclear what the long-term prospects will be for the meme coin market, or if existing projects will face renewed challenges to their durability.
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2024-11-26 14:32