From Hype to Dust: The Harsh Reality of Today’s Meme Coin Market
Good day, everyone, and welcome to my blog. The meme coin is not new to many of us in the crypto space, as it has been a popular cryptocurrency since late 2024 to the present year. There have been so many creations of meme coins in the crypto space that we can't keep count of them because of how wild they can become and can spread like wildfire within a week. Web3 has offered an avenue for many crypto enthusiasts to make use of its tools and be involved in the crypto space. This is why each day the web3 space keeps on getting bigger as it brings in new minds into the space to explore and find the area that suits them in the crypto space.
TON got famous because of the rapid development of meme coins and play-to-earn games in its ecosystem and although it has had a huge impact on the crypto space, it has also had its fair share of bad moments, I am not saying it is different from other tokens because they all have their good and bad days. Under the TON blockchain, I have seen a lot of meme coins being created, hyped like its the second coming of Bitcoin and at the end once the hype is gone it turns in dust and forgotten, and why is that is the question on many minds but there is a simple answer to this question which is there is no proper planning from the developers of this meme coins.
In truth, I was a fan of meme coins, but honestly, after looking at what has happened so far, it has given me another sense of reasoning, and I know many may not agree with my take on meme coins but it's still an opinion on my end. There are people still benefiting from great meme coins, but it just tends to be a small number of groups and this just confirms more about people being rugged in this space. It's not just rumours, as I have been wary of meme coins early this year, if I am not mistaken. Thousands of dollars are being put into these meme coins in hopes of making a huge amount of profit but the expectations never match the hype.
The creation of most meme coins is to rug pull many people, because if we check these coins, there is no real plan for them in the long run, and no proper use case for the tokens. Binance has delisted some of these meme coins from its platforms as they get low trading volume because many people have abandoned the token, and those that have done a massive rug pull on their community. The one that still surprises me to this day is the Hawk Tuah token that was on the Solana network, and I still don't understand how people lost a lot of money to that token. A token that started with a market cap of 490 million dollars and within hours fell to 60 million dollars is widely.
In the end, we need to do better as most users are in it for the amount they could generate within a short period of time. The truth is, everyone wants to make money in the crypto space and not be on the losing end. Meme coins will keep getting created, there is no doubt about it, but from my end, it is not worth the trouble to venture into it at this time. So, guys, that will be all for now. Thanks for stopping by and have a good day.
Posted Using INLEO