In the last bull market, NFT became the scepter for the popularization of blockchain applications, fueling the era of money printing and creating a market boom.
This round of the market is different, because the funds of Bitcoin ETF are closed and have not brought much external funds to altcoins. After the listing of Ethereum ETF, whether the interest of external funds will spill over to other cryptocurrencies . Therefore, some people described this time as "Bitcoin's exclusive bull market."
However, “meme coins” have created a new situation in this bull market. Under the three factors of "technical fatigue", "resistance to venture capital" and "evading supervision", it has become the leading conceptual currency. The liquidity of "meme currency" is even better than USDT, and its trading popularity far exceeds other "high-end concept" currencies. (For detailed discussion, see: Meme Generation! What meme currency is more liquid than USDT? Observed from the Volume/Mcap indicator ) The business of ETF issuer VanEck even launched the meme currency index "MEMECOIN" .
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ToggleAndrew Kang: The "survival of the fittest" meme narrative cannot be stopped
Internet celebrity investor Andrew Kang said today (5/29):
"The skyrocketing rise of meme coins is no longer a signal of the top of the market, because meme coins are no longer the end of the industry. In fact, it is the most trusted part of new funds now. Meme coins have led the market. You have to adapt to it. , otherwise you won’t be able to survive.”
Such remarks, on the one hand, also reveal that financial speculators have entered the market and intend to carry out large-scale speculation.
Celebrities enter the scene to see the NFT craze
Former President Trump strongly praised cryptocurrency, and meme coins named after Trump skyrocketed; well-known media personality Caitlyn Jenner issued the meme coin JENNER; rapper Iggy Azalea also joined the circle to issue the meme coin MOTHER. Such actions have fueled the meme coin craze, similar to the early days of the NFT craze when many celebrities recommended it.
Meme coin issuance rules heated up
Meme currency fair issuance platforms such as Pump Fun have standardized more transparent issuance rules and used the "price curve" to create popularity, thus making their debut smoothly, which has also made the meme currency market more mature than in the past. .
The Evolution of Idiots: The Investment Market Is Lying Down with Dementia
There was a movie called "Idiocracy" in 2006. An American soldier named Joe participated in a highly secret military experiment designed to study human hibernation technology. Unfortunately, something went wrong during the experiment, causing him to wake up from hibernation five centuries later. After waking up, Joe found himself in a completely unfamiliar future world.
This future world is very different from the one Joe has known. Commercialism has reached an uncontrollable point, and people's lives are dominated by endless consumption. What is even more shocking is that this society promotes anti-intellectualism. People have lost interest in knowledge and no longer pursue wisdom and innovation. The core values of social responsibility, justice and human rights have also been lost in this world.
The cryptocurrency investment market may be entering an "anti-intellectual" era. "Practical technology is too far away." "There are too many shady hands to speculate on topics." "Organized new startups will be regulated." Then it is better to just let it go. Bar.
Meme coins have been fully circulated since the beginning. There is no "a certain foundation holding a large number of tokens" or "low-price lock-up by well-known venture capital investors". Everyone who enters the market has the opportunity to be a banker in different markets. Mid-cycle hype. Allowing large retail investors the opportunity to share fairly with each other, and providing more efficient liquidity than NFT, will make this meme era more prosperous.
What’s more, there’s always the chance to become a meme boss. Because participants do not need to be emotionally attached to meme coins, thousands of meme coins appear every day, and people can constantly compete for opportunities and get the first prize. Profitable funds can be transferred again and again, and you can achieve wealth freedom with a small amount of money.
Although not everyone agrees with the meme trend, venture capital a16z said:
Why does the market always repeat these cycles and cycles without supporting innovative blockchain products that will truly bring change and be more productive?
He said that the encryption market, which has always been in the name of speculation, has always been filled with utility tokens based on various projects, as well as memecoins that mostly have no practical applications; and the latter, as an important role in the encryption industry, has been involved in some malicious incidents. , and usually plays the leading role.
