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Trader Explains Why Memecoins Are Seeing Massive Trader Interest, Likens Segment to DeFi and NFTs of 2020 Cycle

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A closely followed trader is offering his two cents on why he thinks memecoins have exploded in popularity among crypto traders.

Pseudonymous analyst Jack Sparrow tells his 251,000 followers on the social media platform X that traders are not sinking capital on memecoins because they believe in their fundamentals or whether meme communities will serve as the cornerstone of the future of finance.

The trader says memecoins offer something that most crypto assets don’t: a degree of freedom from the hostile hands of the U.S. Securities and Exchange Commission (SEC).

“Memecoins are one of the final frontiers that are somewhat in an unregulated untouchable position. Lack of regulation and the degenerates will gamble in PVP (person vs. person) style games and it being one of the few places left possible without restrictions.”

According to the analyst, the exact same scenario has played out before such as the launch of decentralized finance (DeFi) and non-fungible token (NFT) coins last cycle.

“In 2016-2018, this would occur under a veneer of sophistry, but 99% was just plain made-up marketeering buzz bullshit and it would occur mostly on CEXs (centralized exchanges) simply because regulators didn’t care and execution was better.

Later it was DeFi, NFTs, etc. that took off.”

The trader adds that people are getting into memecoins now because they are relatively cheap but notes that the wind will eventually shift when traders turn their attention toward quality crypto projects.

“Many are ignoring the new tech, the challenges, the solutions, the experiments, at this moment. In an attention economy, this segment is now cheap…

Get involved when it’s cheap. Support the movement. Get in the trenches and contribute something that carries a long way.

Might be the wrong bet if idiocracy keeps on reeling but nothing lasts forever. If the decentralization movement is to last, we are part of building the next web and the tech fever will return.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Solana Overtakes BNB To Claim Coveted 4th Spot In Crypto Ranks

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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Kraken Joins Forces With Robinhood and Other Crypto Firms To Roll Out Global Dollar Stablecoin

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The stablecoin issuer Paxos partnered with the crypto exchange Kraken, the retail trading giant Robinhood and a handful of other digital asset firms to launch a new stablecoin network for enterprises.

The new “Global Dollar Network” is an open network that aims to increase stablecoin usage around the globe, according to a new press release from Paxos.

The new network’s native stablecoin is the Global Dollar (USDG), which Paxos issues out of Singapore. The stablecoin firm notes that the asset is designed for enterprises and will be compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework.

Explains Charles Cascarilla, the chief executive and co-founder of Paxos,

“Stablecoins are replatforming the financial system and revolutionizing how people interact with US dollars and payments. However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join. It is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.”

The crypto investment giant Galaxy Digital, the digital asset infrastructure provider Anchorage Digital, the exchange Bullish and the payment tech firm Nuvei also serve as partners on the project.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Analyst Benjamin Cowen Says Grand Finale for ‘Altcoin Reckoning’ Already Underway – Here’s His Timeline

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An analyst who continues to grow his following with timely crypto calls believes that altcoins are about to witness a final capitulation event.

Crypto strategist Benjamin Cowen tells his 876,600 followers on the social media platform X that the altcoin market looks poised to plummet against Bitcoin (TOTAL3/BTC).

TOTAL3 serves as a proxy for the altcoin market as it tracks the market cap of all crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.

According to Cowen, TOTAL3/BTC appears to follow a price pattern witnessed in 2019 when the pair slumped to a key support level before a reversal and a strong uptrend.

“It looks like the grand finale of the altcoin reckoning has finally arrived.

The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest).

It has been a long journey, and many gave up along the way, but this process was always going to play out.” 

Image
Source: Benjamin Cowen/X

A bearish TOTAL3/BTC chart suggests that Bitcoin is primed to significantly outperform the altcoin market.

Zooming in on the altcoin market, Cowen takes a closer look at the OTHERS chart, which tracks the market cap of all crypto assets excluding the 10 largest coins and stablecoins. According to Cowen, OTHERS against Bitcoin (OTHERS/BTC) just lost a key support level, suggesting that lower-cap altcoins are about to lose a lot of value against Bitcoin.

“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market support band) then get rejected and put in new cycle lows.

This is now playing out, while those that promote memecoin garbage will pretend like this is not happening.

Don’t lose all your money chasing garbage memecoins, the people that promote them non-stop will not care if you lose all your money trading them, and you will find they will move on to promoting different projects in just a few months.” 

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Source: Benjamin Cowen/X

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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