Connect with us

crypto investor

What Made Solana Memecoins The Cycle’s Top Narrative

Published

6 hours ago

on



Este artículo también está disponible en español.

During this cycle, Memecoins, especially Solana-based ones, became the leading narrative of the crypto market. These tokens have eclipsed investors’ attention and overshadowed the performance of many large-cap altcoins.

Some experts weighed in on the market’s performance over the last year, discussing what made meme-based tokens the cycle’s top-leading narrative, and what could be next for the industry.

The Value Of Solana ‘Interjective Culture Coins’

Qiao Wang, co-founder of Alliance DAO, shared his thoughts on the market dynamics that led to each cycle’s top narrative. In the X post, he noted how there’s “an opportunity for retail to outperform professionals” every cycle.

The alpha is for retail to get involved at a time when there’s too much career risk for professionals to get involved.

Retail investors outperformed professionals during the first cycle with “simply” Bitcoin, Wang explained. In the second cycle, investors took advantage of Ethereum’s narrative, while Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) became the leading retail opportunities during the third one.

Solana and the “intersubjective culture coins,” as Wang called memecoins, have dominated the ongoing cycle. The meme-based tokens’ popularity has often been criticized for a lack of utility and “substance,” frequently resulting in a “quick buck” for their creators and a few early buyers.

Nonetheless, Wang seemingly suggests that these tokens’ value relies on the shared culture behind them, an argument that experts and industry figures have discussed before.

As reported by NewsBTC, crypto traders Ansem and Kel debated the value of memecoins in the Unchained podcast. In the interview, the traders explained there’s value in memes and culture on the internet, which makes a comparison with other altcoins “pointless.”

They added that the crypto community is “very internet-centered” as its members understand the financial aspect and are very knowledgeable about online culture. As such, crypto investors realized there’s an opportunity to “financialize” meme virality in the industry.

Additionally, they pointed out that the “shared experience of relating” is another crucial factor driving the craze of meme-based tokens, as seen with the communities of Solana-based memecoins like dogwifhat (WIF) and Popcat (POPCAT).

Memecoins ‘Absorbed’ The Market’s Energy

On Sunday, Chris Burniske, the co-founder of Placeholder, also took X to weigh in on the memecoins frenzy. To him, “Memecoins’ tendency to trigger is all you need to observe to know they’ll be bigger than we expect in the expansion ahead.”

In the post, Burniske revealed that he considers the “trend is clear” as the cultural relevance NFT collections had in 2021 will be surpassed by some of the memecoin sensations of this cycle.

It is worth noting that, on October 7, the total market capitalization of Solana memecoins surpassed $10 billion, as SolanaFloor reported.

Solana co-founder Anatoly Yakovenko replied to Burniske, sharing his theory for why memecoins became the leading narrative. Yakovenko considers that the previous cycles “were also 90% memes and 10% products.”

However, he suggests that today, the sector has monopolized the energy that propelled different narratives during other cycles: “My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer,” Solana’s co-founder noted.

Based on it, Yakovenko believes that products must “make it purely on value” now, which could be a positive thing for the broader industry.

As of this writing, Solana (SOL) is trading at $151, a 4% surge in the last 24 hours.

solana, SOL, SOLUSDT
Solana (SOL) performance in the weekly chart. Source: SOLUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com



Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

24/7 Cryptocurrency News

Crypto Investor Turns $1.3K into $12.45 M in Just 17 Days with Moo Deng Memecoin

Published

1 week ago

on

September 28, 2024

By


Crypto trading is an astonishing and intriguing process where various factors determine the outcome of an investment. Here, one wrong choice can cost a trader’s entire holding, but at the same time, the right decision can make thousands or even millions in profits. One prime example of placing the right strategies is this crypto investor who identified the right trends and made the bet at the right time. With this, he has made more than $12.45 million within 17 days in a newly launched Moo Deng Memecoin.

Crypto Investor Made $12.45 Million From Just $1.3K

As the crypto market is following a recovery trail, many cryptocurrencies are rising in value. However, this crypto investor has found a new opportunity, where he invested in the newly launched Moo Deng memecoin, which has gained immediate traction in the market. With this hype, the investor’s $1.3k has turned into $12.45 Million within just 17 days, setting an example for others.

This crypto trading news came to people’s attention with the Lookonchain X post, which revealed that the crypto investor spent  9.8 Solana tokens worth $1,331 to buy 38.7M $MOODENG. He got these tokens on September 10 and sold 104K $MOODENG for 112 $SOL($17.9K) on September 27, leaving 38.64M in his holdings. Per the Lookonchain post, these 38.64M MOODENG were worth $9.5 Million on September 27. However, the price has grown much higher in the last 24 hours, making these worth $12.44 Million.

Turned $1,331 into over $9.5M in only 16 days, a 7,140x return! #MOODENG

This guy spent 9.8 $SOL($1,331) to buy 38.7M $MOODENG on Sept 10 and sold 104K $MOODENG for 112 $SOL($17.9K)today, leaving 38.64M $MOODENG, worth more than $9.5M!https://t.co/gCR15Bjrcc pic.twitter.com/gaMG0BvKdB

— Lookonchain (@lookonchain) September 27, 2024

With this, his $1331 has turned into $12,457,900, which is a 9359x return on the investment within 17 days. However, there are also concerns and questions about this investor being an insider trader due to the MOODENG pool having limited liquidity of $1.8 Million, which restricts the cashing out of such a huge investment.

More importantly, he is not the only one who has made heavy gains in this popular token. Another crypto trader made $400K from $800, indicating the rise of this new token in the market.

How Is Moo Deng Memecoin Performing Today?

Moon Deng memecoin is inspired by a baby Hippo, which has taken over the internet with its cuteness. From seeing it as a cute internet meme to a crypto token, it has gained new popularity in the market. Even though it has not been long since its launch, Moo Deng memecoin is still in heavy demand, and it has made heavy profits for its holders, including this investor.

Moodeng Token priceMoodeng Token price

At the time of writing, the MOODENG token is trading at $0.322 after setting an all-time high of $0.3387 just two hours ago. It is now in its prime time after surging 865% over the week, with a market capitalization of $317,294,658 and a trading volume of $188,944,027. This boost is coming after its launch on popular crypto exchanges, including Raydium and others.

With this, the crypto investor’s remaining investment has become $12.44 million at the current price, bringing the total profit to $12,456,569.

Final Thoughts

A crypto investor has shocked the netizens with his highly profiting story, where he has made more than $12.45 Million in seventeen days in meme coins, where he had only invested $1.3K. The investor has put his trust into a newly launched MOODENG token, insure from a baby Hippo, which is viral on the internet. The same hype has entered the crypto trading for this token, where it has just recently hit an ATH of $0.3387, making millions for its holders. This is the condition these days when the market is not entirely bullish, making the traders excited for the upcoming Uptober and crypto market rally.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon