A prominent trader shares his thoughts on why Mimecoin has become so popular among cryptocurrency traders.
Anonymous analyst Jack Sparrow tells his 251,000 followers on social media platform X that traders are investing in memecoins not because they believe in the underlying principles of memecoins, but because they believe the meme community will be the cornerstone of the future of finance.
The trader said that Mimecoin offers something that most cryptocurrencies don’t: a degree of freedom from the hostile clutches of the U.S. Securities and Exchange Commission (SEC).
“Memecoin is one of the last frontiers that is unregulated and untouchable. With a lack of regulation and corrupt people gambling in PVP (person-to-person) style games, it is one of the few places where it is possible to do so without restrictions.”
According to analysts, the exact same scenario has happened before, for example, in the last cycle, decentralized finance (DeFi) and non-fungible token (NFT) coins were launched.
“While this happened in 2016-2018 under the guise of sophistry, 99% of it was purely marketing rumours and mostly on CEXs (centralised exchanges) because the regulators didn’t care and they were better at executing.
Later, DeFi, NFT, etc. became popular.”
The trader added that people are interested in memecoins now because they are relatively cheap, but he said that eventually the mood will change as traders turn their attention to quality crypto projects.
“Many people are ignoring new technologies, challenges, solutions, and experiments right now. In the attention economy, this segment is now cheap…
Get involved while it’s cheap. Support the cause. Get in the trenches and contribute something that goes a long way.
If the stupidity continues to waver, but nothing lasts forever, it may be a bad bet. If the decentralization movement is to continue, we need to participate in building the next web, and the tech boom will return.”
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