The low barrier to entry in meme-cryptocurrencies could play an important role in the global adoption of digital assets. This was stated by DappRadar expert Sarah Gergelas in Cointelegraph podcast.
Other segments of the crypto industry have struggled amid the flourishing of meme tokens, according to data from the analytics firm.
According to Gergelas, in 2023, when mentioning digital assets, many people associate it with coins based on memes. She clarified that in the entire history of the cryptocurrency, there have been several cycles of popularity of such assets. However, this time “everything is different” because the trend continues for a longer period.
DappRadar attributes this trend to the popularity of meme-cryptocurrencies on social media and the creation of tight-knit communities that people want to be a part of. That being said, the recent price action of these digital assets has attracted a large number of traders.
Gergelas added that meme tokens are more accessible due to their low barrier to entry.
“You can be a SHIB millionaire, but you can never afford a million bitcoins or a million Ethereum,” she explained.
Analyst DappRadar singled out Shiba Inu and Floki Inu coins as truly “of value.” The developers of the first one announced the launch of the L2 network, and the second project has its own metaverse.
Recall, according to analyst Scimitar Capital, holders of the PEPE mem-token realized $160 million in profit. The main amount comes from users who purchased the asset in the first week after launch.
According to Lookonchain, the top ten holders of the Milady coin have combined unrealized profits of $20 million.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The low barrier to entry in meme-cryptocurrencies could play an important role in the global adoption of digital assets. This was stated by DappRadar expert Sarah Gergelas in Cointelegraph podcast.
Other segments of the crypto industry have struggled amid the flourishing of meme tokens, according to data from the analytics firm.
According to Gergelas, in 2023, when mentioning digital assets, many people associate it with coins based on memes. She clarified that in the entire history of the cryptocurrency, there have been several cycles of popularity of such assets. However, this time “everything is different” because the trend continues for a longer period.
DappRadar attributes this trend to the popularity of meme-cryptocurrencies on social media and the creation of tight-knit communities that people want to be a part of. That being said, the recent price action of these digital assets has attracted a large number of traders.
Gergelas added that meme tokens are more accessible due to their low barrier to entry.
“You can be a SHIB millionaire, but you can never afford a million bitcoins or a million Ethereum,” she explained.
Analyst DappRadar singled out Shiba Inu and Floki Inu coins as truly “of value.” The developers of the first one announced the launch of the L2 network, and the second project has its own metaverse.
Recall, according to analyst Scimitar Capital, holders of the PEPE mem-token realized $160 million in profit. The main amount comes from users who purchased the asset in the first week after launch.
According to Lookonchain, the top ten holders of the Milady coin have combined unrealized profits of $20 million.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!