One thing we can look back on in history of crypto is when the meme coins go crazy and all rational thought no longer exists it normally means the bull cycle is close to being over. That's pretty much the spot we see ourselves in at the moment. With $BTC dumping and $ETH dumping and meme coins on the rise could this be different this time around?
My Own Thoughts
Now for my own thoughts on the matter I believe meme coins have a place. However you do need to research them greatly before pulling the trigger on any of them. For example is it decentralized enough that it can carry on? Or does one or a few people hold a vast majority from launch and could dump it at any point.
There have been major successes with meme coins in the past. But these are mainly large meme coins that everyone knows, has a solid backstory and can still be used to this day. While others... Well not so much.
Take for example Dogecoin a meme coin which was worth nearly nothing and could be earned on faucets at 100+ a claim. That is now worth $0.12 and hit an all time high of around $0.65 when things got really crazy back in 2021 bull market.
Since then we have had a few more noteworthy meme coins. In particular I would say $PEPE mainly because it's a meme we all know and love that doesn't feel like it's going to fade any time soon. Meme coins like this with a solid backing in terms of a fair launch do have a very real chance of become worth something much like Doge has.
A New Trend
However right now we are seeing a new trend which I would say surpasses meme coins in terms of being bad investments. It's meme coins, cash grabs on an all new level and this to me would signal a deep crash is coming soon.
That new trend being celebrities' launching their own coins. One of the ones to catch the biggest headlines lately was DADDY which is the meme coin from Andrew Tate. Even with all the hype and him burning tokens we see that this token has only crashed since launch. In a 1 week period of time the tokens gone from $0.25 down to just $0.10 and it honestly is seeing no slowing down in terms of the crash.
We also see new people like Kim Kardashian asking and talking about maybe launcher her own and there's been plenty of others like the Trump coin. Whenever public figures and celebrities' start to cry and cash in on their own token you mid as well kiss the markets goodbye. As far as I'm concerned celebrities are the worst, the lowest of low of society that just pray on people for money and give them crap back (Just take a look at recent movies lol)
Extreme Cases From Before
I think it's important to go over some extreme cases we saw in the past so we can be aware of it as it continues into this cycle and what to look out for.
One of the biggest was from Akon and his push to have his own city where only Akon token could be used. No shock it was called Akoncity lol I mean it sounds good but for it to be a real thing is a whole other story.
When these meme coins get crazy like this is normally signals a crash in the market as 1) The celebrities' cash out screwing people over and 2) people having no common sense and simply investing on pure speculation and no reason behind it what so ever. It legit becomes a major cash grab and just weird things happening.
Do you feel we are at this point and ready for a major sell off before the rebound later this year? Or will it be harder hit than that?
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I would never trust a celebrity meme, it will almost always be a loser and leave the poor sucker who bought it much poorer and the celebrity richer.
As far as this run being over, I'm not convinced quite yet. BTC is still holding at 65K, unfortunately Hive has taken a serious beating but seems to be holding on above $0.20. I think we may yet see some more action in the run, I just hope Hive gets in on the action!
DOGE is the only memecoin on my watchlist. It trades well on short term time frames and has netted me some good gains over time. But I don't ever hold it. It's generally just a leverage trade on Apollox.finance though.
My thing about DOGE is that it is backed by a proof of work network that is merge mined with LTC. DOGE has been in the top 10 for well over a year at this point, with may a dip here and there, but it's always near the top of the chain list.
The rest of these memecoins out there are just vaporware. Some smart contract token controlled by the person that released the contract. No decentralization at all and a big ass bag of coins waiting at the top of the hype pump to dump on all the kiddies.
I try to not get caught up in the noise of things and really just focus on the few that are in the watchlist. But we aren't anywhere near the top of the market, so things will take off, scams and all.
That would sum up about 99% of these meme coins for sure.
Yep. The fact that people invest in these tokens shows the maturity level in this space. People just want their pumps but cry when they get the dumps, 😂
Well in my opinion i think it's true, meme coins are on a wild ride right now. I think some have potential if they're backed by a strong community and also fair enough launch. But these celebrity coins brother, Total cash grabs. They're risky, and history shows they often crash hard. They barely last a year
Memes 2024 is the cycle equivalent to DEFI 2020.
We haven't even pumped yet.
I'm a bit confused as to why everyone is worried about Bitcoin double topping at $69420 and then heading into a bear market a year early without having ever made significant all time highs. This is the mainstream institutional adoption bull market. Why would anyone think it was going to be a sad lack-luster double-top? There's gotta be some instant gratification vibes floating out there or something. Literally every asset on the market is in "hold for one year" mode. The DEFI/MEME coins collapsing to zero or the celebrities trying to cash in are not a top signal. It's too early.
Honestly you're making me want to buy DOGE for the first time ever.
Gonna happen sooner or later DOGE ironically has the highest security per capita of any POW token due to a lack of halving.
Let's not forget about Iggy Azalea’s $MOTHER token. Down 66% in the past two weeks.
People gonna realize real quick that making long-term viable money isn't such an easy task.
Yep that seems to be what sparked the Daddy token lol so lame
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Who buys this shit?
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I saw that Iggy Azelia launched a coin the other week called MOTHER. I think she was pretty involved in it, but that doesn't really add any legitimacy to it.