THE Memes Won’t DIE: Crypto Hopefuls Seek Value in Joke Tokens After Vitalik Buterin’s Tweets

THE Memes Won’t DIE: Crypto Hopefuls Seek Value in Joke Tokens After Vitalik Buterin’s Tweets

THE Memes Won’t DIE: Crypto Hopefuls Seek Value in Joke Tokens After Vitalik Buterin’s Tweets

If it’s possible to make money selling hot topics, expect a market for it somewhere in the niche meme coin circles.

A new class of meme tokens created over the past week has given back multiples to early investors, with market caps exceeding $50 million in some cases. Memes are no longer about food, dogs, or other animals. The hopefuls have turned to an unexplored and rather niche area of ​​comedy: English-language articles. On-chain trading volume and has more than 5,000 headlines as of Friday afternoon. THE was created after Ethereum co-creator Vitalik Buterin said, probably jokingly, on Twitter last week: “Someone should do a project called THE Protocol so their cronies can say, ‘Look, so and so mentioned him!

“pretty much every time someone says something. Twitter users rightly pointed out that these tokens were likely en route shortly after Buterin’s tweet. And the predictions didn’t disappoint: someone issued THE tokens on Uniswap and launched them.

This was followed by other articles like THIS, THEM, and THAT, all of which have dozens of iterations on blockchains like Ethereum, BNB Chain, Solana, and others today. Anyone can pull a smart contract and issue tokens on Ethereum (or other blockchains) for pennies, and the existence of decentralized exchanges means tokens can be issued instantly, liquidity provided and traded shortly thereafter. The premise doesn’t matter: if you can make money selling fashion items; Expect a market for it somewhere in the “s**tcoin” niche circles. THE is up more than 1,000% over the past few days, and another is up 800%. At some point in the process, players even started betting on “DIE” – the German word for “that”, with some DIE tokens attracting hundreds of thousands of dollars in liquidity.

Why are these meme coins popular?

Meme coins are a huge part of the cryptocurrency trading landscape whether we like it or not,” James Wo, founder of cryptocurrency fund DFG, told CoinDesk. It is natural for traders to look elsewhere for opportunities. “Meme trading is a risky way to look for outperformance, but when it works, the upside potential can be huge. Even in a bear market, some of the meme coins will see big growth, even if it’s only in the short term “Wo explained. The cryptocurrency market is equal parts legitimacy and memes.

Reputable investors and developers are creating intelligent contract-based financial services to enable global users to trade, lend assets and borrow credit in a permission-free environment, in line with the spirit of accessing financial services on technology rather than third parties to trust.

Then there are the meme artists. Data shows that dog coins, cat coins, food coins, and meme coins are generating billions of dollars in market cap, with each iteration being smarter than the next. As such, THE is not the only case of crypto hopefuls creating a s**tcoin market. In January, Grimacecoin tokens, created after a hoax tweet by McDonald’s, surged up to 285,000% in a matter of hours as opportunistic players jumped at an opportunity to make money in a lukewarm crypto market. The hype died down shortly after, and nearly every GRIMACE dropped 99% in the weeks that followed.

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