One of the most popular traders in crypto trading shares his opinion on memecoins.
Jack Sparrow, a pseudonymous analyst on social media platform X tells 251,000 of his followers that they are not investing capital in memecoins as a result of their belief in the fundamentals of memecoins. They also do not believe memecommunities will be the foundation of future finance.
A trader claims that memecoins are different from other cryptoassets in one important way: they offer a measure of protection against the U.S. Securities and Exchange Commission’s (SEC) hostile hand.
Memecoins is one of the last frontiers in which there are no regulations. The degenerates are going to gamble on PVP games (person-to-person) and this is one of the last places that can be done without restriction .”
Analysts claim that the same situation has occurred before, such as when decentralized financial (DeFi), and non-fungible token (NFT) tokens were launched in the last cycle.
In 2016-2018 this was done under the guise of sophistry but it was 99% just made up marketeering bullshit. It was mostly carried out on CEXs, (centralized exchanges), simply because regulators did not care, and execution was superior.
Then it was NFTs and DeFi that took off. .”
The trader says that memecoins are popular now, because they’re relatively inexpensive. However, he notes that eventually the tide will shift as traders begin to focus on quality crypto projects.
In this current moment, many are not paying attention to the latest technology, challenges, solutions and experiments. This segment has become cheap in an economy of attention.
Join the movement when you can. The movement needs your support. Join the fight and do something worthwhile.
It might be a bad bet, if the idiocy continues to spiral but it won’t last forever. We are building the future web if the decentralization trend is going to be successful. The tech fever will also return .”
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Memecoins: Why There Is Massive Interest from Traders, Compares to NFTs and DeFi of the 2020 Cycle by Trader may change as new information becomes available.
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