Meme Coins have been trending for a few weeks, not only on crypto Twitter. The reason is that a handful of people made millions by investing a few hundred bucks in the meme coin $PEPE.

Of course, this massive pump overnight caused crazy hype among degens in the crypto space, and all of a sudden, everyone is trying to hunt the next meme gem.

When all the degens go for meme coins, you know that is a sure sign that meme cons are dead, well, almost.

The Frog Coin Attack

The $PEPE chart above looks impressive but if you ask me then I would tell you that meme coins are on the brink of extinction, especially all those meme coins that were flushing the market after the $PEPE hype.

All kinds of different meme coins including different "Frog Coins" are flooding the market and each one claims to be the next meme gem that makes you a millionaire. Each one of them comes with an extreme oversupply of coins.

Let's be honest guys, memes are fun and memes and crypto are like a match made in heaven. Despite all the fun they bring, they lack use cases and utility in the real world. Trading meme coins is based on pure speculation and most importantly on the hype in social media. This is where meme coins like $PEPE get their value from. The value of these tokens is only based on hype on platforms like Twitter. The hypes come and go very fast and when the hype goes down, the value of the coin will go down, too.

Value Based On Hype

Meme coins don't serve any purpose other than being a vehicle for hype and quick profits for a few whales like Elon Musk. Hype it, sell it, and make a quick profit while the degen traders get rekt.

All these meme coins that are flooding the crypto market right now have no solid foundation or any sustainable development which makes them worthless when there is no hype.

Personally, I am tired of these pumps and dumps in crypto and I believe that I am not alone. People just got enough of rug pulls and pumps and dumps. As many of these degen traders who are hunting meme coins right now will lose a lot of their hard-earned Ethereum, they will get back to projects that provide real-life values.

Influencers And Their Meme Coins

By the way, you should be extra careful if one of your favorite influencers on Twitter starts shilling their own meme coins. Bitboy Crypto is just one example out of many.

After shilling on Twitter that he was going to “lift crypto up” with $BEN and had no plans to sell. Yesterday he sold his $BEN tokens for roughly 45 $ETH. 

My Final Conclusion

In the long term, probably only a few established meme coins like $DOGE, $SHIB, and also $PEPE will survive while most of the other meme coins will inevitably go to zero.

Of course, these are just my two Gwei for the day on meme coins and I am also interested in your opinion. Do you hold any meme coins and would you consider them an investment like any other? It would be awesome if you would leave a comment below.

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