Natasha Dean
Editor
Editor
If there’s money to be earned marketing hot ideas, there’ll be a demand for it in esoteric “shitcoin” circles. Don’t get upset because the market is rangebound.
Over the last week, a new class of meme tokens has returned multiples to early investors, with market value reaching more than $50 million in certain cases.
The memes are no longer about food, dogs, or other animals. Instead, crypto dreamers have shifted their focus to an unknown, and quite limited, field of humor – English-language pieces.
THE is one of the most-traded tokens on the decentralized market Uniswap, with over 5,000 holdings as of Friday afternoon and $10 million in on-chain trading volume.
Unknown – CoinDesk
THE, the most popular token, has increased by 1,000% in the last few days. (DexTools)
THE was formed after Ethereum co-creator Vitalik Buterin stated on the bird app last week, apparently sarcastically, “Someone should develop a project named “THE Protocol,” so that their shills can scream “Look, soandso said THE!” pretty much any time anyone says anything.”
Twitter users correctly pointed out that such tokens were most likely on their way soon after Buterin’s remark. And the prophecies came true: THE tokens were produced and floated on Uniswap.
This was accompanied by more articles such as THIS, THEY, and THAT, all of which now have dozens of variations on blockchains like as Ethereum, BNB Chain, Solana, and others.
Anyone may invoke a smart contract and create tokens on Ethereum (or other blockchains) for a few pennies, and the advent of decentralized exchanges means tokens can be generated quickly, provided with liquidity, and traded shortly thereafter.
It doesn’t matter what the idea is: if there’s money to be gained marketing popular themes, anticipate a market for it in fringe “shitcoin” circles.
THE has increased by almost 1,000% in the last three days, while another has increased by 800%. Somewhere along the way, gamblers began to wager on “DIE” – the German term for “the” – with some DIE tokens attracting cash flows worth hundreds of thousands of dollars
Why are memes coin so trendy?
According to some expert investors, memes coin and their narratives will always be a part of the crypto ecosystem.
“Whether we like it or not, memes coin are big components of the crypto trading scene,” James Wo, founder of crypto fund DFG, told CoinDesk. “While the most popular currencies, such as Bitcoin and Ethereum, have relatively low volatility, it’s natural for traders to explore for chances elsewhere.”
“Memes trading is a dangerous approach to try to maximize returns, but when it works, the reward may be enormous.” So, even in a bad market, certain memes coin will see significant gains, even if just in the short term,” Wo stated.
The cryptocurrency market is made out of equal parts legitimacy and memes. Serious investors and developers create financial services based on smart contracts to allow worldwide users to trade, lend assets, and take out loans without requiring authorization, in keeping with the concept of relying on technology rather than third parties to access financial services.
Then there are the memes creators. Data demonstrates that dog coins, cat coins, food coins, and memes currency command billions of dollars in market value, with each iteration outperforming the others.
As a result, THE isn’t the only example of crypto enthusiasts developing a shitcoin market.
In January, Grimacecoin tokens launched in response to a McDonald’s joke tweet skyrocketed up to 285,000% in a matter of hours as opportunistic players grabbed at the chance to profit in a sluggish crypto market. The euphoria quickly dissipated, with virtually every GRIMACE plunging 99% in the weeks that followed.
With an eye for detail and understanding of this exciting industry. My experience has given me an understanding of crypto trends and how to effectively break them down. I have a soft spot for NFTs and the Metaverse.
