Iggy Azalea unveils new online casino Motherland

Australian rapper Iggy Azalea has unveiled the Motherland casino at Solana Breakpoint in Singapore. The new casino is set to go live in November. 

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Tron-Based SUN Token Skyrockets 197% As SunPumps Momentum Continues

The memecoin frenzy has reached the Tron Network after the launch of Pump.funs rival, SunPum. The new memecoin deployer has been making the headlines after surpassing its Solana-based counterpart on key metrics this week. The platforms remarkable performance in the past two weeks has propelled the network, TRX, and the SUN ecosystem. As a result, [...]

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Solana-Based Memecoin Rug Pulled By McDonalds Hacker, Market Cap Plummets 98%

The crypto ecosystem has seen a surge in memecoins and their popularity over the past year. Still, the craze has ushered in a wave of scams and rug pulls targeting unsuspecting investors. The latest victim of this trend is the Solana-based GRIMACE coin, which was the subject of a rug pull. GRIMACE Surges 400% After [...]

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New Memecoin Sensation Neiro Hits $200 Million Market Cap In Four Days

A new dog-themed meme coin has taken the crypto market by storm. Inspired by Kabosu owners new dog, Neiro, a new wave of Shiba Inu-themed tokens surged on Solana. However, Its Ethereum-based competitor has stolen the show with its stellar performance in the last four days. Kabosus Sister Sparks New Memecoin Wave Kabosu, the dog that inspired the legendary Doge meme, passed away in May. The beloved dog also inspired the flagship memecoin Dogecoin (DOGE), and a plethora of Shiba Inu-themed tokens. Its owner recently announced she had adopted Neiro, a 10-year-old rescued Shiba Inu dog. Related Reading: Ethereum Seeing High Exchange Outflows, But Watch Out For This Bearish Signal Following the announcement, the crypto community saw the launch of several tokens inspired by the dog. Most of these tokens were deployed on Solana, initially pumping to millions in market capitalization. On its first day, the largest Solana-based Neiro meme coin reached a $100 million market cap. However, it has since plummeted over 80% to a market capitalization below $20 million, possibly due to the overabundance of Neiro tokens on the chain. The token was also heavily criticized after online reports called out alleged insider activity from the developers. Blockchain data firm Bubblemaps revealed that the developers of the largest Neiro token deployed on Solana had control of 6% of the tokens supply and eventually sold it for $5.7 million. Since then, the meme coin has seen a massive 84% price drop, going from its all-time high (ATH) of $0.12 to trading at $0.019. Are The Dog Days Back? The Ethereum-based Neiro stole the show from its Solana counterparts. The token has seen remarkable growth in the last four days, hitting a $200 million market cap on August 1. Since its creation on July 27, Neiro has registered a 4,400% surge, shredding two zeros as a result. Additionally, the token reached a new ATH price of $0.20 after soaring 81% from the day before. Nonetheless, the developers of Ethereums Neiro have also been accused of insider trading. Following the massive surge, Bubblemaps alerted investors that the token allegedly is heavily controlled. According to the report, 78% of the memecoins supply was sniped at launch and quickly spread among 400 wallets. The firm revealed that the wallets had sold 12% of their holdings, around $4.5 million, by July 30. Investors seemed unfazed by the reports, with many calling the report bullish news. Others expressed excitement by the firms fudding, stating, A lot of the most successful memes require supply control. Related Reading: Solana Looks Ripe To Push Higher, Is A Mania-Like Rally To $600 Coming? Moreover, many investors consider the dog days are back and the Doge legacy continues with the Ethereum-based memecoin. To an X user, there are a few reasons why Neiros has become an overnight sensation, including its SHIB-like narrative, concentrated attention, and the return of dog meta that always dominates Ethereum bull cycles. As of this writing, Neiro is trading at $0.18, a 63% surge in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com

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Trader makes $800K one hour after buying Solana memecoin for $8.5K

While one X user described the trader as a memecoin hunter, others alleged that the trader had insider information.

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Football Takeover? Solana-Based Token Skyrockets 350% Following Messi and Ronaldinhos Promotion

On Monday, professional football player Lionel Messi promoted a Solana-based memecoin to his 504 million Instagram followers. The Argentine player shared a link to Watercoin (WATER), propelling the token by 350%. The crypto community has expressed concern about Messis endorsement of the project. Related Reading: Can Solana Hit $160? SOLs Resilience Sparks Rally Optimism Global Football Stars Promote WATER Lionel Messi, one of the best players in football history, promoted a Solana project named Watercoin. The football players Instagram account shared an image of Messi with the projects logo and a link to its Instagram page. Following the post, the memecoin surged over 350%, going from $0.00032 to $0.0015 in a few hours. WATERs market capitalization rose by 325%, surpassing the $100 million mark. Quickly, users expressed their concerns and doubts about the posts. Many speculated that Messi was a new victim of hackers who have restlessly targeted public figures social media accounts in this cycle. Nonetheless, Messis Instagram story has not been deleted as of this writing, and no official report of a hack has been made public, suggesting that the post was authorized. Additionally, several uses pointed out the football players previous endorsement of crypto projects. In February, the Inter Miami player announced his partnership with the Real-World Assets (RWA) tokenization platform. At the time, the platforms token PLANET saw high volatility after soaring by 1,500%. Moreover, the legitimacy of Messis promotion seems to be confirmed on Tuesday morning. Earlier today, retired Brazilian sensation Ronaldinho promoted WATER on his Instagram account. The post has the same format as his former teammates story, with a picture of the football player and WATERs logo. Is WATER Another Solana-Based Scam? Regardless of the posts legitimacy, the crypto community remains concerned about the project. Many users pointed out that the team behind Watercoin is the same team responsible for another Solana-based memecoin, Beercoin (BEER). As reported by NewsBTC, BEER crashed down last month after whales started selling large sums of the token. Seemingly, team-related wallets started cashing out, which plummeted the price and fueled deep concerns about the project. Since then, BEER has seen a 95% price decline. Like Beercoin, WATER is surrounded by insider trading concerns. Crypto analytics firm Bubblemaps urged users to remain vigilant of the Solana token. Per the post, insiders control 30% of WATERs total supply. It is worth noting that WATER raised over $40 million in presale and reached a $1 billion market cap after launching last month. However, the token seemingly experienced significant insider activity, which plummeted the tokens valuation by 97%. Related Reading: Notcoin Rises 80% Over The Weekend, Is A NOT Explosion Coming? Despite this, some market watchers believe WATER is starting to look solid based on its current trading activity. VikingXBT suggested that the token could double its price if it successfully flips the $0.0011 resistance level. At the time of writing, WATER trades at $0.00095, a 198% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com

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Solanas Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin

Recently, the crypto community saw the surge of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered massive gains but became pump-and-dump scams in most cases. Nearly two months later, most of these tokens’ prices decreased significantly from their all-time high days. However, the MOTHER community, one of the best-performing celebrity memecoins, defended [...]

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Analyst Warns Of A POPCAT Correction Following 230% Surge

The Solana-based memecoin Popcat (POPCAT) has been making the headlines for the past week after becoming the first cat-themed token to reach a $1 billion market cap. The token has surged over 230% in the past month, which propelled the token to a new all-time high (ATH). However, a crypto analyst has warned investors of [...]

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Dogwifhat (WIF) Sees 60% Weekly Surge But Analyst Warns Of Potential Retrace

This week, the dog-themed sensation Dogwifhat (WIF) has recovered from its drop below the $2 support zone. The Solana-based memecoin flipped Ethereums Layer-2 (L2) Arbitrum (ARB) and is currently testing the $2.5 resistance level. However, a crypto analyst has warned investors of a possible retrace for WIF. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom Analyst WIF Puts Its Hat Back On Dogwifhat became the memecoin sensation of 2024s first quarter (Q1), giving returns of over 2,000% earlier this year. The Solana token reached an all-time high (ATH) of $4.8 in March but has declined 45% since then. Despite this, investors remain bullish on the memecoin, some stating it has shown strength through its sharpest correction. Asad Saddique, Cryptonarys CTO, highlighted that the token withstood like 5 or 6 corrections of >70%. To Saddique, Dogwifhat solidified during the retraces and challenges for the dog-themed memecoin throne. Notably, WIF flipped Arbitrum as the 38th largest cryptocurrency by market capitalization today with a $2.5 billion market cap. This feat was first achieved on March 31, when WIF reached its ATH and a market cap of $4.57 billion. A month ago, crypto trader Bluntz, who made several bullish forecasts for WIF during Q1, shared a bearish prediction for the memecoin. Per the trader, the Solana token was set to an inevitable fall to the $1 range. However, this prediction was based on a previous bullish analysis. Bluntz stated that WIF was headed for a large retrace before the next parabolic run, which could lead to a new ATH. Following the market downturn, the dog-themed memecoin saw a price reduction of over 43%. Earlier this month, WIF dropped from the $2.6 price range to as low as $1.51 on July 11. Nonetheless, it had a remarkable performance this week. The token reclaimed the $2 support zone and exhibits green numbers in several timeframes. Will It Shred Another 40% Soon? WIF surged 8% in the last 24 hours and trades at $2.54, at the time of this writing. This performance represents a 60% and 25% price increase in the weekly and monthly timeframes. The recent price action has seemingly revitalized the bullish sentiment towards the token. Crypto analyst Hornhairs claimed that the memecoin looks solid. To the analyst, WIF could retest the $3 resistance level if it holds above the $2.2 price range. However, another market watcher has warned investors about a potential downside for Dogwifhat. CrediBull stated that people are taking most altcoins bounces as a sign of strength, but the reality is, alts and especially memes are just higher beta versions of BTC. To the analyst, the current bounce is nice, but, if Bitcoin (BTC) bounces or falls, Dogwifhat will follow the flagship cryptocurrencys movement harder/stronger. Related Reading: FET Surges 12% Ahead Of ASI Token Merger Phase 2, Can It Hit $5? The memecoin left a triple bottom right below us after making a lower high on higher timeframes. This suggests to the trader that the token is likely to follow with a 40% move back down of its own to take those triple lows. Featured Image from Unsplash.com, Chart from TradingView.com

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Dogwifhat (WIF) hits new monthly high after 40% price rally

WIF rallies to a monthly high after a 7-day bull run added 40% to the memecoins value.

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Pixelverse to put Pudgy Penguin character on Telegram mini game

A Pudgy Penguins character integrates into Pixelverse, joining characters like Doge from Dogecoin and Mew from the Solana memecoin MEW.

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Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm

Over the weekend, a crypto trader turned 70 SOL into $3 million with a Solana-based token. However, the investors success story was overshadowed by the controversial launch of the memecoin that made it possible. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? Trader Makes $3 Million In Minutes A crypto trader made millions in 30 minutes after investing $9,923 in Solana-based memecoin BAKED. Lookonchain reported that a sniper spent 70 SOL to buy 81.78 million BAKED. 30 minutes later, the trader sold his holdings for 21,581 SOL, worth around $3.06 million, in 76 transactions. The feat was achieved by a seemingly lucky trader who previously invested and lost money in other Solana memecoins. The on-chain analysis platform concluded that the investor was likely not an insider as it had bought the tokens from Raydiums pool instead of the Degen Fund. However, Lookonchain revealed that BAKEDs team and insiders hold over 70% of the supply. Per the report, the dev wallet spent 11.82 SOL to buy 300.72 million BAKED from the Degen Fund, where the token was launched. The wallet bought the Solana memecoin while minting tokens and 206.9M $BAKED was added to liquidity. 19 wallets snatched up the remaining 492.37 million tokens in one second. These wallets were created simultaneously with the dev wallet and were funded by Bitget. 15 out of 19 wallets withdrew SOL from Bitget three days ago and are suspected to be linked to BAKEDs team and insiders. As a result, 78% of the supply, worth around $15.6 million, was held by insider and dev-related wallets. The wallets spent 82.4 SOL, around $11,700, to buy 779.85 million BAKED before selling. At the time of Lookonchains report, the insiders had sold a small portion of their tokens and still held 76.36% of the supply. BAKED has plummeted by 58% in the last 24 hours, currently trading for $0.01260. Is The New Solana Token Launch Baked Or Burned? Crypto investors refuted the claims that the lucky sniper was not an insider and expressed discontent with the Solana memecoin launch. Additionally, users have called the BAKED token a scam due to an alleged lack of transparency. GUMMY investors were supposed to earn a 15% reward on BAKED tokens for staking their tokens on July 1. However, users reported they did not receive any reward after unstaking their holdings. According to Web3 Forensics, users successfully unstaked their GUMMY tokens but no investor had been able to get BAKED rewards by Monday morning. One investor considers the projects team held our $GUMMY hostage so we couldnt profit off of the $BAKED launch. Moreover, many users highlighted that GUMMYs value has significantly decreased since they staked their holdings. Per the reports, every $1,000 staked in the token is now worth around $140. Many believe that the team behind the Solana-based tokens, including Crypto Banters founder Ran Neuner, used every single investor or Community Member who trusted you. On the official telegram group chat for the token, the team asked investors to calm down and relax. The team assured the project was not a scam and explained that none of them got an early entry. Moreover, the message stated that a higher price for the token meant a better valuation for your gummy airdrop and that the airdrop details would be announced soon. Related Reading: Bitcoin Price Blasts Past $63,000: Top 3 Reasons Ultimately, the launch didnt receive a positive response. Several users stated they would get away from the GUMMY, BAKED, and Crypto Banter community as quickly as possible. Featured Image from Unsplash.com, Chart from TradingView.com

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Dogwifhat jumps 16% WIF price eyes more gains as Solana ETF hype grows

WIF has entered the breakout stage of its prevailing BARR Bottom pattern, with Solana ETF hype furthering the memecoins upside outlook.

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Hulk Hogans Solana Meme coin Endorsement Vanishes, Triggering $15M Plunge

In a dramatic turn of events for the cryptocurrency market, WWE wrestling legend Hulk Hogan allegedly deleted internet posts promoting a Solana meme coin on Thursday, leading to a significant market upheaval. According to Step Finance’s social media account, Solana Floor, the token known as HULK saw its market cap plummet from $17 million to […]

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Solana-memecoin 'GME' explodes 150% ahead of Keith Gill's YouTube return

GME memecoin may see a significant correction, similar to the dramatic drop Dogecoin experienced following Elon Musk's appearance on SNL.

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Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kittys Return

After two silent weeks, Roaring Kittys latest roar has shaken the crypto market. The renowned trader has again set the world ablaze after revealing his substantial 5 million GameStop shares holdings. Following his posts, GameStops shares soared in the premarket by 90%, and the Solana-based tribute token, GME, skyrocketed by 300%. Related Reading: Crypto Guru Unveils Best Altcoins To Buy Now Roaring Kittys Return To Reddit Sets Market On Fire On Sunday night, Keith Gills, known as Roaring Kitty, returned from a two-week hiatus. The trader, known for his role in the GameStop saga, wreaked havoc after posting on Reddit for the first time in three years. Roaring Kittys GME YOLO Update post unveiled that Gill owns 5 million GameStop shares, worth around $115 million. Additionally, he has $65 million worth of GME option calls with a $21 strike expiring on June 21. The revelation seemingly congested the order flow immediately as the volume of investors trying to buy GME Shares skyrocketed. As one X user informed, orders were being canceled, even when you put in a high-risk ask. According to the investment research platform Quiver Quantitative, Roaring Kittys net worth could surpass former House Speaker Nancy Pelosis, depending on how GME moves this Monday. Gills GME position sat him at a $210 million net worth at the time of the post. Meanwhile, Pelosis estimated net worth rounds the $245 million mark, making her the second-richest US politician on Quivers list. At the start of Monday, GameStops GME price had risen 93% at the premarket open, reaching $45.73. As reported by an X user, based on the premarket price, his position increased by around $300 million. If GME reaches the $70 range, Gills position would be worth over $1 billion. Solana-Based GME Jumps 300% Roaring Kittys ripple effect also drove attention to the Solana-based memecoin GME. Solanas GME was launched in February 2024 as a tribute to GameStops meme stock event from 2021. During the traders first return to the crypto space on May 13, Solanas GME saw a surge of 3,921%. The token went from trading for $0.0004914 to $0.01976 before retracing to the $0.0035 price range in the following days. As Roaring Kitty went silent, the Solana memecoin hovered between $0.0035-$0.0040. However, Gills latest post has fueled market interest in the token by 1,500%, with a daily trading volume of $237 million. Moreover, the token has increased by over 300% since the traders posts, going from $0.003907 to $0.01594 as Monday started. Lookonchain reported that a GME whale’s smart trading move was paying off. According to the post, a whale has shown a track record of buying Solanas GME at low prices and selling it at highs. In February, a trader spent 1,409 Solana (SOL), worth around $165,000, to buy 68 million GME following the tokens first price drop. After Gills first comeback, the trader sold $35 million GME for 3,447 SOL, worth around $503,000. Related Reading: Notcoin Unstoppable! Token Soars Over 400%, Blazes New All-Time High This trader bought another 78.57 million tokens worth 3,059 SOL when the price fell to $0.0067. At the time, the whale had around $593,000 in unrealized profits. Following Roaring Kittys second return, the traders holdings of 108 million GME tokens. His current holdings are worth around $1.5 million and represent an unrealized profit of $1.37 million on the Solana-based memecoin. Featured Image from Unsplash.com, Chart from TradingView.com

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Master Of Scams: Metallicas Hacked X Account Promotes Solana Token

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, [...]

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Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations

The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). The token, promoted by the controversial figure Andrew Tate, has gained traction, surpassing Iggy Azaleas MOTHER.  However, Tate is now accused of some concerning activity for crypto investors. Related Reading: Dogwifhat To Tumble? Analyst Sets $1 Target For WIF Andrew Tate Endorses DADDY On June 11, former pro kickboxer and controversial online figure Andrew Tate started promoting a new memecoin. The DADDY token was marketed as the direct competition to Iggy Azaleas MOTHER, the most successful celebrity launch. Before he endorsed DADDY, Tate stated he held zero tokens but was aware there were hundreds of memecoins related to his likeness. Days later, he invited popular crypto trader Ansem to fight him in a boxing match, claiming this was his cycle. He also suggested that the loser donates $10 million to a token of the winners choosing. Tates approach received mixed reactions from the members of the crypto community. Content creator Jakey jokingly claimed that Crypto Twitter was the new YouTube. Another user stated, Every day we get further away from god. On Tuesday, Tate promoted the Daddy Tate memecoin, which was also received with mixed feelings and some criticism. The promotional posts targeted Azaleas MOTHER while making sexist jokes and using domestic violence as a punchline. I heard about a coin called mother so now Im supporting a coin called $DADDY to flip it for the patriarchy. Were bringing the Gs back make me a fucking sandwich females. Tates Memecoin Called Out For Insider Trading On Wednesday, crypto analytics firm Bubblemaps accused the token of having huge insider activity. According to the firm, they found suspicious activity before Tate started promoting DADDY. Bubblemaps revealed that insiders allegedly bought 30% of the tokens supply at launch. On June 9, Daddy Tates team sent 40% of the total supply to the former kickboxer, which he promised not to sell. Additionally, he bought $10,000 worth of DADDY and burned it. Despite this, the token seems to have a catch. Per the report, 11 wallets are holding 20% of the supply. These wallets were founded through Binance with nearly identical amounts at the same time. Moreover, they bought the tokens, worth around $30 million, on June 9, before the team started to promote the token on X. The firm claims that the timing and amounts strongly suggest the wallets belong to the same group. Similarly, two other clusters hold an additional 10% of the supply and seem to be linked through a third wallet. Bubblemaps urged investors to remain cautious as the insiders seem to be active on $DADDY and are trying to cover their tracks. The firm warned that one of these wallets could nuke the liquidity pool. DADDY Surpasses MOTHER After Tates post about DADDY, the crypto community called him out for his posts. Some users suggested he returned when the token was a MOTHERs level. At the time, Daddy Tate had a $45 million market capitalization and was trading at $0.1499. Nonetheless, DADDY gained traction on Wednesday, surging to $0.36. In 24 hours, the token increased by 143% to a new all-time high (ATH) and reached a $280 million market capitalization. This performance saw the memecoin surpass MOTHER despite the controversial promotion and insider activity allegations. Since then, the token has retraced to the $0.24 price level, a 32% decline in the last 12 hours. DADDY had a market cap of $240 million at the time of writing. Meanwhile, MOTHER saw a 46% surge on Wednesday, which propelled the price from $0.15 to $0.22. In the following hours, the memecoins price declined 36% to the $0.14 range before recovering. Related Reading: FET, OCEAN, And AGIX Drop 8% After ASI Token Merger Delay As of this writing, Azaleas token is trading for $0.17 and has a market capitalization of $169 million. Despite retracing nearly 40% since its June 5 all-time high, MOTHER still exhibits a 1,900% increase from its launch two weeks ago. Featured Image from Unsplash.com, Chart from TradingView.com

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Dogwifhat To Tumble? Analyst Sets $1 Target For WIF

Dogwifhat (WIF), the memecoin sensation that took the crypto market by storm during Q1, has followed Bitcoins recent downturn. As the dog-themed token faces a price decline of over 10%, some crypto analysts consider that a stop at $1 may be the next target for WIF. Related Reading Is The Hat Still On? Dogwifhat was [...]

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Crypto Traders Discuss Why Memecoins Have Been 2024s Most Profitable Narrative

Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast.  They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector. Related Reading: Is The PEPE Dream Over? Dissecting The Factors Behind The Meme Coins Price Tumble Is There Value In A Memecoin? To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people think too hard about the value of memecoins as projects. Moreover, he considers theres no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens. Why Memecoins Have Been 2024s Most Profitable Crypto Trade: Ansem and Kelxyz Dive into the wild world of memecoins with @blknoiz06 and @kelxyz_! Discover how Ansem and Kel trade memecoins, the risks and rewards, and their predictions for the future of memecoins Plus, pic.twitter.com/QovysNwAGP — Laura Shin (@laurashin) May 7, 2024 Ansem further explains that the crypto community is very internet-centered, with its members being internet people since cryptos origin.  As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture. The trader believes theres value in memes and culture on the internet. People in the community are “financializing” meme virality and realizing that its a possibility with crypto. Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a bazillionaire by now. The host seemingly referenced the still-popular meme that originated from Drakes Hotline Bling music video. Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their winning trade businesses idea. All these trillion-dollar businesses () facilitate directing attention and the way theyve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet. The Risks And Criticisms Of Memecoin Mania To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens. One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can be riskier and more easily go to 0. Despite this, traders consider that many investors, especially new ones, find memecoins attractive because they have the potential to give 100x to 1000x returns. Moreover, losing money is not exclusive to memecoins. To illustrate his point, Ansem compared the people who bought Doges top to those who bought Bitcoin at $69,000 last cycle before it fell to $15,000. To the trader, how much a token can drop and investors buying the top is part of the general market dynamics instead of a characteristic of memecoins. However, he clarifies that there is better criticism of the sector. Ansem considers the shady behavior behind the projects teams a crucial issue to address. To him, a framework could prevent creators from controlling a large supply of the tokens and dumping them immediately after launch or rug-pulling investors. In the replies to the podcast, a user argued that the reason behind the recent frenzy is driven by the Financial nihilism and the lack of liquidity that the youth has. Adding that investors are Buying a mere coin is like a lottery ticket. It is worth mentioning that trading memecoins like lottery tickets is not an unseen phenomenon. On-chain research platform Lookonchain recently reported a trader seeing 4,906x gains in one day by precisely doing that. This guy won a 4,906x lottery ticket today, so lucky! He trades MEMEcoins like buying a lottery ticket, investing 0.1/0.2/0.3 $SOL for each #MEMEcoins. He invested 0.2 $SOL($30) in $AGORA today, then sold 2M $AGORA for $100K, with 959K $MILK(worth $47K) left. So he turned $30 pic.twitter.com/fnJDQnavfI — Lookonchain (@lookonchain) May 7, 2024 Per the report, the trader invests 0.1/0.2/0.3 SOL for each memecoin. Yesterday, the investor turned $30 into $147,000 by turning 0.2 SOL into 2 million AGORA. Whats In Memecoins Future? When asked what is in store for the sector, both traders concurred that memecoins are not going away. To Ansem, the community behavior towards memecoins is like that of NFTs last cycle. With NFTs, investors felt like they were part of a community and were working towards developing it. The shared experience of relating is another crucial factor in the craze of meme-based tokens, as seen in communities of tokens like Dogwifhat (WIF). Adding to that idea, Kel asserted that all memes will become coins in the next ten years.  Moreover, the trader wouldnt be surprised if the creation of a meme was natively financialized by then, as the trend of financialization of things continues to increase. Ultimately, he believes the sector is in the early stages of this trend as the community tries to capture the moment of a meme and capitalize on it now that crypto has made financialization trivial from a tech perspective. Related Reading: Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms Total crpto market is at $2.22 trillion on the weekly chart. Source: TOTAL on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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