How do you know that the Crypto Market is about to get silly again? Every cycle has some particularly stupid hype associated with it and the idiots start buying up garbage thinking they’re going to get rich. Last cycle I remember being frustrated at Dogecoin going on a massive tear as the first big Meme Coin...and yet it’s still sitting there as the #7 coin by Market Capitalization years later. Even the blatant rip off Shiba Inu coin is still up at #11 and we have more trash with Pepe right there at #15.
I mean who buys this shit? Are these coins doing anything worthwhile? It’s clearly not about the technology and to me these coins are proof that we’re still in a very immature space and any old trash can get a pump if the “Animal Spirits” decide to get some shits and giggles...
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The latest one to blow my mind is called PNUT. Named after Peanut the Squirrel which was euthanized recently in the US. I mean this thing is just a token on Solana and doesn’t even have it’s own blockchain, but according to Coin Market Cap it already has a Market Capitalization of over 1.8 Billion US Dollars. I mean…what the actual fuck? Is this joke of a token really worth that much? What does it do? Is there a use case?
What irks me the most is that it’s some grubby opportunists who create these Meme Coins and then pump them to idiots who clearly have no idea what they are doing. Meanwhile we have some great crypto projects working on actual solutions to real world problems and trying to add value to the crypto space, yet they can’t catch a bid. To be brutally honest I think this Meme Coin phenomenon makes us all look like fucking idiots and children. We really do have to do better than to be bidding up this trash...