Sirwin
Sirwin

Meme Coin Discussions

By idiosyncratic | Idiosyncratic Crypto | 23 Mar 2024


The meme coins on Solana blockchain have gathered a lot of investment from risk lover degens of the market. The coins pumped so hard that the recently launched coin named Book of Meme has increased more than 33K in 3 days. Besides, even though Binance announced that the centralized exchange would be more " selective " in terms of listing, the 3 - day old coin got listed.

Image from thread

There were a lot of suspicious things about the rise of BOME and a lot of crypto influencers are concerned about a market manipulation. Yet, it is keeping the meme coin hype vivid and the other projects were also inspired from that success story of a newborn community.

There are two sides with distinctive points of view regarding the meme coin hype in the ecosystem.

First Group: Solana Deliberately Lets Manipulation

The group that consists of the meme coin haters believes that the team of Solana funds a couple of projects and influencers to boost the hype on the Solana ecosystem. In this way, anyone who wants to make gains from the meme coin trend first purchases some SOL coin from the centralized exchanges then withdraws the coins to his / her personal wallet.

This process makes the coin very scarce to find in the open market and the price keeps increasing. Besides, there is a speculation that the price is kept strong so that the others are also impressed with the performance of SOL while the rest of market is suffering.

Actually, hating a chain / project never yields positive results for the growing crypto community. Being a hater may even cause someone to miss a great opportunity due to the attitude. Yet, we need to admit that there are a lot of shady actions taking place in crypto these days.

Second Group: Meme Coins Represent the Investors

If there were no supply and demand phenomenon, we would not be talking about the meme coin craze in the market. However, it is happening because people look for a way to find a couple of thousand dollars as easy as possible. Investing in Bitcoin, Ethereum or any other coin would never bring 50x - 100x in a short time as the meme coins do.

The crypto ecosystem is a perfect place to satisfy the gamblers as it did for investors and traders. If there is an incline towards the super risky side of the market, then we do not need to discuss what is good or bad for the future of the crypto. Similar to the furry of ICOs in 2017; the hype on alternative Layer 1s in 2019 - 2020, the market makes some things extremely hyped and then turns back to normal.

It is not a wise decision to be a fun boy or a hate boy in terms of the meme coins. Since we are obsessed with the " utility " of a token, we sometimes underestimate the potential of social power to directly affect the price of an asset drastically. On the other hand, so long as the members of this big crypto community acts like gambling addicts, it is harder to get the mass adoption of top crypto projects to serve the stock market investors.

Personally, I do not invest in meme coins as they cannot be an investment. Yet, I firmly believe that meme coins should have a place in your crypto portfolio before the bull markets. The allocation should not exceed the 5% of the portfolio IMHO. I have PEPE from very low levels with lots of 0s but the amount is very low. I'm also considering buying some meme coins on APTOS and SUI to be in the projects if they also want to push the ecosystems.

What do you think about the meme coin hype in the ecosystem?

Share your thoughts and observations below 👇

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idiosyncratic
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