The memecoins are winning. Is this a top signal?
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Ass Coin is mooning — up 144 per cent today, and nearly twentyfold in a week.
Shiba Inu token has come out of nowhere to become a top 25 cryptocurrency, ranked this afternoon in the 21-spot with a total market capitalisation of US$27.8 billion.
CumRocket (Cummies) has rocketed from US1.2c to US16c in the past two weeks.
Even respected DeFi crypto project Yearn.Finance has gotten in on the craze, releasing a dog token (“WOOFY”) overnight that sent the value of its YFI token soaring.
If the early crypto bull run was marked by hype over decentralised finance and non-fungible tokens, we’re surely in peak meme season now — and not everyone is happy about it.
When money is created out of thin air, it’s always a problem. That’s exactly what is happening with #memecoins
I think the next #crypto crash will be because of excessive meme coins screwing up the market! #Bitcoin
— Sidharth Sogani (@sidharthsogani) May 11, 2021
If you had asked anyone 1 year ago about what could burst a crypto bubble in 2021, not sure anyone would have said: #memecoins!! 🤣🤣
— Dr. Julian Hosp (@julianhosp) May 11, 2021
— Raffy Oei (@OeiRaffy) May 10, 2021
Its only a matter of time before a bunch of these new #memecoins are exploited with 51% attacks and exchange fuckery, whale manipulation and the works. When it happens I’ll still be chillin with #DigiByte, the fastest most secure and longest standing utxo blockchain in existence.
— ChartSimpson (@SimpsonChart) May 11, 2021
— Crypto Common Sense (@ItsSoObviousNot) May 5, 2021
Now there’s even a DogeBSC token that aims to unify the various dog tokens on the Binance Smart Chain.
— DogeBSC (@DogeBSC) May 11, 2021
There’s also LoserCoin (LOWB), which Decrypt reports is the hottest meme coin in China. The coin “is all about embracing the so-called diaosi, or underdog culture, of China,” by encouraging hodlers to embrace their inner loser, writes reporter Shuyao Kong.
It’s not really clear where all this meme coin mania is going — but the tokens do have their defenders.
Meme coins represent decentralization. Everything has its own market. Interesting how this crypto space is starting sound like butt hurt traditional finance. There’s plenty of cash in actual use case. Let the kids get their beaks wet and have their fun.
— Ana L Doge (@doge_ana) May 11, 2021