Tag Archives: craze

Exploring The Meme Coin Craze: Risk, Hype, And Online Communities

Exploring The Meme Coin Craze: Risk, Hype, And Online Communities

Over the past weeks, social media platforms have been buzzing with tales of traders who seemingly hit the jackpot by investing in the PEPE meme coin. These stories of overnight success raise an important question: Can meme coins truly be relied upon as a means to accumulate wealth, or are they akin to playing the lottery and relying on luck?

To find the answer, we must explore the diverse strategies employed by various socio-economic classes when engaging with the lottery. The comparison between meme coins and lotteries sheds light on the different perspectives towards wealth accumulation.

Meme coins, for those unfamiliar, are digital currencies inspired by internet memes. Unlike traditional cryptocurrencies, meme coins typically lack practical applications beyond being traded and shared among users. Their value is heavily influenced by social media sentiment and other factors, leading to substantial price swings and the potential for market manipulation. While meme coins carry significant risks, they have amassed a substantial following of individuals who see them as a means of challenging established financial systems and connecting with like-minded communities online.

The PEPE meme coin, in particular, experienced a staggering 9,071% surge in value prior to its listing on Binance, reaching an astounding market capitalization of $1.8 billion. However, cautionary advice is now being shared among traders due to the coin’s recent breach of crucial trend and support levels. Meme coins, especially those developed by anonymous teams, are susceptible to “rug pulls,” where developers abandon the project, leading to a collapse in value. Additionally, price volatility tends to be most pronounced during Asian trading hours.

On the other hand, we have the allure of the lottery, where the promise of instant wealth with minimal effort and investment proves irresistible to many. Despite the astronomical odds of winning a jackpot (1 in 300 million for Powerball), the average player spends close to $200 per year, which accumulates to a significant sum over time. Surprisingly, research suggests that those who fall into the lower socio-economic class tend to play the lottery regardless of the odds, while wealthier individuals only participate when the jackpot offers substantial returns. For the wealthy, a $10 million win may not make a significant impact, but a jackpot exceeding $100 million piques their interest.

In essence, the PEPE meme coin and the lottery represent two sides of the same coin. Both offer the allure of swift wealth with minimal investment, but both carry substantial risks. While Buffet’s investment strategy prioritizes safety and is grounded in long-term schemes, playing the lottery or investing in meme coins resembles a game of chance, hoping for the best outcome.

What Other Meme Coins Are Making Waves?

The surge in popularity of meme coins can be attributed to various factors, including the growing fascination with cryptocurrencies and the relative ease of creating new digital currencies. Several meme coins have garnered attention for their clever branding and incorporation of popular culture references, which have fueled interest and speculation. The social media-driven aspect of meme culture has also played a significant role, with influencers and online communities endorsing their preferred coins and spreading the word to their followers.

This has created a frenzied environment of buying and selling, as investors aim to capitalize on the hype and take advantage of the unpredictability of these highly speculative assets.

Here are several meme coins that have gained popularity and attention:

  • AiDoge: AiDoge positions itself as a new web3 platform for meme creation and sharing using AI technology. The project has gained significant attention, with its presale reportedly raising over $5.5 million.
  • Ordi: Ordi is a meme coin paying homage to the Ordinals protocol, which is currently the largest with a value of $400 million.
  • BOB: BOB is an AI bot that provides tweet summaries to Twitter users who reply with “@ExplainThisBob”. Its programming includes automatic responses to tweets made by Elon Musk, which have earned BOB praise from Musk himself and garnered a large following of several thousand users.
  • MONG: MONG is a recently launched meme cryptocurrency project in 2023. What sets MONG Coin apart from other meme cryptocurrencies is its association with an established NFT collection called MONGS NFT, which was created in January 2022. The collection features 6,943 NFTs, with each NFT portraying a distinct mungo (mongoose).
  • TURBO: TURBO is an innovative cryptocurrency with a unique token economy that aims to become the meme coin of the future. Unless many other meme coins, TURBO is developed almost exclusively using ChatGPT.
  • LADYS: Milady Meme Coin has its native token called LADYS, which can be utilized to pay for online goods and services. The token’s value received a lot of attention after Elon Musk tweeted about the Milady NFT meme. Currently, the market capitalization of this meme token has exceeded $100 million.
  • WOJAK: WOJAK is a new ERC-20 token, inspired by the famous Wojak meme. Since its inception, the token has gained massive momentum and at its peak, it has surged over 1000%.
  • Floki: Floki is a cryptocurrency that initially started as a meme coin inspired by the dog of Elon Musk. However, it has now transformed into a complete Web3 ecosystem that comprises NFTs, DeFi, a metaverse, and prepaid gift cards for Visa and Mastercard. The project has gained a lot of attention as it was recently added to the list of cryptocurrencies on Binance.
  • XRdoge: XRdoge  is a meme coin on the XRP ledger. Similar to Floki, they are not a new meme coin. The reason why they are mentioned is that I felt that XRP needs to have their own doge and have some fun. The fun elements could bring more hype to the Ripple ecosystem.

The newer memes that are trying to ride on the PEPE waves, like BIBI, BOBO, PEPO, and PIPI would need to find their own niche very soon. Other Chinese-themed coins like Pogai and LowB got to gather more mandarin speaking communities to join in the fun. If you are a Cate, SquidGrow, TSUKA or Renewable coin and not part of the frog or dog craze, you just got to wait for your turn to shine.

It is worth mentioning that while newer meme coins have recently gained significant popularity, older meme coins such as Doge, Shiba Inu, Pitbull, RichQuack, Saitama, Baby Doge, Safemoon continue to thrive by actively maintaining their community and working on their projects. This demonstrates their commitment to longevity and a sustained presence in the ever-changing world of cryptocurrency. The level of dedication and perseverance displayed by these coins is a positive indication for the meme coin industry, as it suggests that some of these coins may have staying power beyond just a momentary hype cycle. The continued relevance and demand for these older meme coins highlight their ability to maintain a loyal following and leave a lasting impact, even in the midst of emerging trends and shifting market conditions.

In conclusion

It should be noted, however, that meme coins are known for their strong online communities, driven by hype and speculation, and may not necessarily have serious real-world use cases or underlying technology.

Like what I have mentioned on Twitter: “Dear #memecoins, if you are popular you can talk about utility, payment, games etc. If you are not popular and nearing being forgotten, you need to be fun…”

The underlying for its success would still be community and having fun together. If a meme coin survives the initial stages and gains support from its community, its games, NFTs, or even metaverse would have a much higher chance of success. Their new revenue streams would be vital for them to survive in the bear market and beyond.

It’s essential to consider the risks and rewards of any investment opportunity carefully. While the promise of quick wealth might be tempting, long-term, low-risk investments are the safest and most reliable way to accumulate wealth.

 

Source: https://www.benzinga.com/23/05/32628423/exploring-the-meme-coin-craze-risk-hype-and-online-communities

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Why metaverses are becoming the new craze in the NFT space

Why metaverses are becoming the new craze in the NFT space

The growth of NFTs in the last year has been unprecedented, with new real-world applications appearing almost every minute it feels like. The response to, and transaction volume on NFTs in NFT marketplaces, has been nothing short of spectacular. NFTs have been integrated into many significant industries over the last two years, including sports, gaming, arts, and music.

NBA Topshot, the NFT marketplace for the US National Basketball Association (NBA), the world’s largest basketball league, is a striking one example.

NFTs have taken the world by storm for such a relatively new technology. Now many industry leaders in the digital space believe we may have finally found the missing piece to creating a fully functional metaverse, thanks to NFTs. But to comprehend NFT technology’s role in this concept of a functional metaverse, we must first better understand what NFTs are and their significance in a metaverse.

The Connection Between NFTs and the Metaverse

Clearly the development of a fully functional metaverse has the potential to fundamentally alter how people interact with the digital world. A collective virtual experience would reimagine the creative industry and open new doors for creators, gamers, and artists.

The metaverse would become a portal to digital experiences, potentially becoming its trillion-dollar industry. The possibilities with a metaverse are limitless, as evidenced by the gaming industry. Fortnite players entered the metaverse at last year’s virtual Travis Scott concert, which allowed 12 million people to experience a virtual concert all within a self-contained digital world.

In all this it’s worth remembering that Fortnite started off as a regular zombie game, but due to its popularity morphed into something now marked as part of the metaverse. And a lot of this was driven by player demand, as more and more people got involved in Fortnite Battle Royale, Epic the company behind Fortnite added social features such as costumes, voice chatting and dance parties.

For Epic it’s also a battle against the established tech giants, itself reflective of its court battles with Apple. Interviewed in The New York Times, Tim Sweeney, the chief executive of Epic, admitted that defining the metaverse was difficult, he said, but he knew what it was not: “The metaverse is not an App Store with a catalog of titles,” Mr. Sweeney said. “In the metaverse, you and your friends and your appearance and cosmetics can go from place to place and have different experiences while remaining connected to each other socially.” Could it be possible one day to have a tunnel from Roblox to Fortnite and other games, connecting them all in some sort of futuristic world? Mr. Sweeney said yes.

Matthew Ball, a venture capitalist who wrote a key article about the metaverse in early 2020, sees the metaverse not as a virtual world or a space, but rather “a sort of successor state to the mobile internet” – a framework for an extremely connected life. Indeed, despite the novelty factor of the ‘metaverse’ it’s a concept that, as he explains, has been decades in the making: “Since the late 1970s and early 1980s, many of those in the technology community have imagined a future state of, if not quasi-successor to, the Internet – called the ‘Metaverse’..it would revolutionize not just the digital world, but also much of the physical one, as well as all the services and platforms atop them, how they work, and what they sell.” And it’s that last point, the pivotal role of decentralized finance (DeFi) in the metaverse economy, that is most intriguing.

Because despite the frictionless use of crypto, with low fees and decentralized P2P structures, the reality is that the commercial first movers in the metaverse space from gaming have their own proprietary currencies. What makes DeFi so attractive to the metaverse community is that it can be automated, without any centralized intervention. It also means that DeFi has long term attractions, allowing game developers and players to invest time and money knowing the underlying blockchain platform won’t change without community consensus. “Today, only a tiny fraction of online users and gamers even have a crypto wallet, and almost no brands and games issue NFTs. But irrespective of multi-month dips in the blockchain/crypto/NFT economy, we see more of these groups embrace blockchain-based experiences each month. This produces a virtual cycle that drives more users to register a wallet, mint an NFT, or integrate crypto assets”, concludes Ball. The future of metaverse as an interconnected world is bound up with DeFi it seems.

Cryptocurrencies have already been successfully integrated recently into virtual worlds created by companies such as Decentraland and Sandbox. For example, users in Decentraland can purchase virtual real estate such as theme parks and monetize them using cryptocurrencies. Coca Cola plans to launch its own NFTs on the platform, including a ‘wearable’ jacket for avatars in the Decentraland metaverse. “We are excited to share our first NFTs with the metaverse where new friendships are being forged in new ways in new worlds,” said a Coca Cola’s Selman Careaga, President, Global Coca-Cola Trademark. While the involvement of global consumer brands rather than video gaming is not universally welcomed in the metaverse community, it’s also testament to its rapid growth, supported by NFTs, supported by wider societal trends from the expansion of gaming to the accelerated shift to online work and play driven by the COVID-19 pandemic.

Closing Thoughts

The development of the metaverse concept may still be in its early stages, but the example of Facebook’s backing shows it’s here to stay, as people’s activities and technologies converge online. To quote Zuckerberg: “I think that this is a persistent, synchronous environment where we can be together, which I think is probably going to resemble some kind of a hybrid between the social platforms that we see today, but an environment where you’re embodied in it.”

Clearly DeFi needs to play a key role in the development of the metaverse, to avoid two versions emerging: one dominated by the likes of Facebook, and the other built on open interoperable platforms. Together with NFTs the role of DeFi is to provide the essential infrastructure for the vision of an open metaverse which liberates us to explore our online identities in both work and play. While we do not yet know what it will look like or say when a metaverse is finally created, the key role of cryptocurrencies and NFTs to make it a reality is already apparent. With the combined involvement of tech giants, the advancement of cryptocurrencies, and the NFT sector, it appears to be a matter of when, not if, the metaverse will become mainstream.

“I am hoping to see metaverseFI going mainstream.” #anndylian

 

 

 

 

Author: Anndy Lian

Anndy Lian is a business strategist with over 15 years of experience in Asia. Anndy has worked in various industries for local, international, and publicly traded companies. His recent foray into the blockchain scene has seen him manage some of Asia’s most prominent blockchain firms. He believes that blockchain will transform traditional finance. He is currently Chairman of Big One Exchange and Chief Digital Advisor at the Mongolian Productivity Organisation.

 

Original Source: https://www.ibtimes.sg/anndy-lians-opinionwhy-metaverses-are-becoming-new-craze-nft-space-59780

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j