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Famed social media cat Nala is now the official face of Solana meme coin Shark Cat, thanks to a licensing deal that avoids a court fight.

Shark Cat Solana Meme Coin Fight Ends Without Legal Battle

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 Coin’s 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 there’s no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens. Why Memecoins Have Been 2024’s 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 crypto’s origin. As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture. The trader believes “there’s value in memes and culture on the internet.” People in the community are “financializing” meme virality and realizing that it’s 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 Drake’s 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 they’ve 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 Doge’s 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. What’s 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 wouldn’t 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

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

Solana had previously touched $200 earlier in the year but this was only for a brief period before declining back down to $150. At this point, the Solana indicators are beginning to flash bullish, prompting crypto analysts to predict a resurgence above $200 for the altcoin. Solana Shows Growth On D1 Timeframe Crypto analyst Maximilian

Solana Breakout: Crypto Analysts Confirm SOL Is Ready To Cross $200

In a recent development, the co-founder of Solana, one of the most popular proof-of-stake networks, has shown support for meme coin-based cryptocurrency tokens.

Solana’s Co-founder makes strong case for meme coins; spotlights memecoin migration from ETH to Solana

Crypto investors collectively invest over $9.5 million to protect against sandwich attacks. Solana's security provider Jito leads in offering protective measures against these attacks. Continue Reading: Crypto Investors Invest Over $9.5 Million to Combat Sandwich Attacks in Solana Ecosystem

Crypto Investors Invest Over $9.5 Million to Combat Sandwich Attacks in Solana Ecosystem

In the world of cryptocurrencies, innovative platforms continually redefine user engagement and investment opportunities. Among these, BounceBit stands out with its pioneering CeDefi framework, which revolutionizes the way Bitcoin holders can interact with and benefit from their digital assets. Simultaneously, we explore the Binance Megadrop, a novel token launch platform introduced by the cryptocurrency giant

Exploring BounceBit and Maximizing Rewards through Binance Megadrop

Billed as the "social layer" of Solana, dog-themed meme coin BONK has surged to a market cap of over $1.5 billion.

What is BONK? Solana’s Dog-Themed Community Meme Coin

Pseudonymous HANDS creator "NoHandsNoRug" streamed himself on Twitch as the Solana meme coin's price went up. Guess what happened next?

Meme Coin Creator Said He Had No Hands, So He Couldn’t Rug—He Lied

The post Solana surges, Shiba Inu dips, and Furrever Token Hits $1 Million milestone: Last 24 hours to Join $10,000 Giveaway Competition appeared first on Coinpedia Fintech News In a dynamic crypto market, trends shift rapidly. You can see that clearly as Solana shines bright with its upward trajectory, while Shiba Inu experiences a slight dip. Two days ago, both coins were surging like crazy. Meanwhile, Furrever Token (FURR) reaches a significant milestone, surpassing $1 million in its presale journey in just two …

Solana surges, Shiba Inu dips, and Furrever Token Hits $1 Million milestone: Last 24 hours to Join $10,000 Giveaway Competition

A reorganization plan could see FTX customers and creditors receive up to $16.3 billion in total compensation, but not those that held FTT.

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