In the previous bull market, NFTs became the token for the popularization of blockchain applications, fueling the era of money printing and creating a thriving market.
This market cycle is different because the funds for Bitcoin ETFs are closed, and they have not brought much external capital to competing coins (Alts). It is uncertain whether the interest of external capital will spill over to other cryptocurrencies after the listing of Ethereum ETF. Therefore, some people describe it as a “Bitcoin-exclusive bull market”.
However, “meme coins” have created a new situation in this bull market. Under the three elements of “technical fatigue”, “resistance to venture capital”, and “evading regulation”, meme coins have become the dominant concept currency. The liquidity of meme coins is even better than that of USDT, and their trading volume far exceeds that of other “high-end concept” currencies. (For detailed discussion, see: The meme generation! What are meme coins that have better liquidity than USDT? Observations from the Volume/Mcap index)
Even ETF issuer VanEck’s subsidiary has launched the meme coin index “MEMECOIN”.
Andrew Kang: “Survival of the fittest” cannot stop the meme narrative.
Celebrity participation fuels the NFT craze.
The issuance rules of meme coins are heating up.
The “Idiocracy” of dumbing down the investment market.
Internet celebrity investor Andrew Kang stated on May 29th: “The meme coin’s skyrocketing is no longer a signal of the market top, because meme coins are no longer a dead end for the industry. In fact, it is now the most trusted part of new capital. Meme coins have already taken the lead in the market. You have to adapt to it, otherwise you cannot survive.”
Such remarks also reveal that fund speculators have entered the meme market and intend to carry out large-scale speculation.
Former President Trump strongly endorsed cryptocurrencies, and meme coins named after Trump skyrocketed. Prominent media figure Caitlyn Jenner issued the meme coin JENNER, and rapper Iggy Azalea also joined the circle and released the meme coin MOTHER. These actions have further fueled the meme coin craze, similar to the early days of the NFT craze when many celebrities made recommendations.
Platforms like Pump.fun, a fair meme coin issuance platform, have standardized more transparent issuance rules and successfully debuted by creating popularity through “price curves”, making the meme coin market more mature compared to the past.
In 2006, there was a movie called “Idiocracy”. Joe, an American soldier, participated in a highly classified military experiment aimed at studying human hibernation technology. Unfortunately, an accident occurred during the experiment, causing him to wake up from hibernation after five centuries. Upon awakening, Joe found himself in a completely unfamiliar future world.
This future world was completely different from what Joe knew. Commercialism had reached uncontrollable levels, and people’s lives were dominated by endless consumption. What was even more shocking was that this society advocated anti-intellectualism, and people lost interest in knowledge and no longer pursued wisdom and innovation. Core values such as social responsibility, justice, and human rights were nonexistent in this world.
The investment market of cryptocurrencies may be entering an “anti-intellectual” era, where “practical technology is too distant”, “there are too many manipulations based on topics”, and “organized startups will be regulated”, so it is better to just lie flat and do nothing.
Meme coins were fully circulated from the beginning, without “foundations holding a large number of tokens” or “lock-ups at low prices by well-known venture capitalists”. Everyone who enters the market has the opportunity to be the banker and speculate in different market cycles. This allows both big and small investors to have a fair chance to profit, and the more efficient liquidity of meme coins compared to NFTs makes this era of memes more prosperous.
What is more important is that there is always a chance to become a meme master. Because participants do not need to have emotional attachment to meme coins, thousands of meme coins appear every day, and people can constantly strive for opportunities and take the lead. Profitable funds can be transferred repeatedly to seek financial freedom.
Although not everyone agrees with the meme trend, venture capital firm a16z stated: “Why does the market always repeat these cycles and circles instead of supporting truly transformative and productive blockchain innovations?” They believe that the crypto market, which is often driven by speculation, is always filled with utility tokens based on various projects and meme coins that have little practical use. The latter, as an important role in the crypto industry, often plays the protagonist in some malicious incidents.
Andrew Kang
MEME
Meme coins are booming, PEPE triples in a month, Andrew Kang emphasizes that DOGE is still undervalued.
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