A BONK ETF is just Bonkers; the Casino shit show continues and that's not all bad
Retail(whatever that means these days) is sure going to love us. I mean, why won't they? We are frankly just offering them what they are already used to and that's a chance to gamble away their livelihoods.
I mean cause gamblers gotta gamble.
It's a usual Monday morning and I'm scrolling through various news sources and I stumble on a totally bonkers headline on Cointelegraph and as represented by my critic, it absolutely has a “BONK” of madness, leading.
For those who don't know, BONK as a word just means to hit something lightly. That said, it's also the name of a Solana-based dog-theme memecoin with a $1.90 billion market capitalization.
Interestingly, BONK debuted as an airdrop to the amount of over 50% of its 90.92 Trillion supply, distributed to the Solana community with varying qualifying criterias.
I've never thought much about BONK, not any day except for today on reading the headline of a Cointelegraph report suggesting that a BONK ETF may be coming, see how bonkers that is?
The first wave of memecoin-based exchange-traded funds (ETFs) is gaining traction, partly due to new leadership at the US Securities and Exchange Commission.
The crypto industry has seen an uptick in memecoin ETF filings following the launch of the Trump family’s memecoins, which have attracted significant retail attention.
The SEC received its first filings for an Official Trump (TRUMP), Dogecoin and a BONK ETF, Cointelegraph reported on Jan. 21.
The approval of TRUMP, BONK, and DOGE ETFs is more likely now with Trump’s new crypto-friendly SEC picks,” he told Cointelegraph. “It’s a bold move, potentially bringing more liquidity and mainstream acceptance to memecoins
Chat, what simulation is this?
Trump memecoin reportedly onboarded 200,000 users onchain, I only wonder how many of them are in profit and how many isn't and how that affects their view of the ecosystem, at large.
I am saying this because “initial adoption” is far different from “acceptance” and what we have today is very temporary embrace of something that's new and shiny, what happens in a decade or two when the narratives weaken or concepts lose sauce and a crash follows will be the true exposition of retail’s understanding and view of memecoins.
But, it is not all bad
I'm not anti-memecoin or anything closely related. I think they are a “sweet concept” only that they carry much higher associated risks and developers are frankly just gaming on human intelligence.
Said risk is generally why I stay away, most of the time. I mean, I understand that everybody got their own poison, mine is mostly shorting perps, for others, memes do, and that's totally okay.
What's not okay is not addressing the associated risks with allowing significant marketing of such products.
We most certainly cannot stop memecoins, that would be an attempt to stop the ability for anyone to flexibly, and at a low or zero cost, launch tokens that could power new strong economies.
What we can do, however, is regulate how and to what extent the marketing of meme tokens take shape, as evidently, they act as a source for max liquidity extraction and the cryptocurrency ecosystem cannot afford endless billion dollar exploits.
But then again, as aforementioned, gamblers will always gamble and memecoins are a unique source for similar thrilling sensation sought after by degenerates.
I guess it's both a good and bad idea because if it hits the right audience, it brings liquidity that will grow and spread overtime, exponentially, I mean, look at the gambling industry. But on the other hand, it just exposes retail to the kind of high risks investment that lands you in a Squid Game.
DOGE ETF, I understand, but BONK? TF is that? Oh I forgot, it's a $1.90 billion marketcap meme, more valuable than many traditional companies, soooo, no further complaints. It will definitely be funny to watch the SEC approve this shit.
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