- Quant and Just a chill guy gained quite a bit of notoriety this week.
- Behind the impressive returns lies a worrying pattern.
- The latest issues add to an already long list of concerns and threaten to hinder the mass adoption of cryptocurrencies.
While all eyes are currently on price and investors are rejoicing as Bitcoin surges to new highs, the decline of memecoins, which have been the focus of recent market cycles, may be creating a dark undercurrent in the cryptocurrency industry.
Previously ignored and treated with skepticism by industry leaders, memecoins have firmly taken center stage this year as cryptocurrency companies, unable to resist the wave, turn to a more supportive approach through subsidies and tools like Pump.fun. I went on stage. But recently there have been some signs that things may be spiraling out of control.
Is Degens going too far?
Almost every week, a new memecoin emerges and captures the imagination of traders. This week we had a double whammy as Quant and Just a Chill Guy became the latest viral sensations. In a matter of days, the combined value of these assets fell from nearly $700 million at its peak to around $360 million at the time of this writing, delivering mouth-watering profits for early investors.
But behind the impressive numbers lies a worrying pattern of personal attacks and harassment of the sources of these memes.
When the middle-school-aged Quant founder dumped all of his holdings to investors on a live stream for a $30,000 profit, cryptocurrency Degen quickly rallied around the token, boosting its value and the token the kid dumped is now worth It became millions of dollars. But this was not sufficient revenge on the community.
In addition to driving up asset prices, some dug into the identities of the boys and their families, sparking a wave of online harassment.
In the case of Just a chill guy, the artist and partners behind the viral meme were harassed after going public with their opposition to the use of their art for cryptocurrency. As the attacks continue, the artist has threatened legal action against those who use his art for profit.
“I’m just putting it out there, calm down. Copyright is legally protected. “We will be announcing takedowns on for-profit content over the next few days,” they wrote.
These recent attacks highlight the dark side of greed that dominates the industry.
Cryptocurrency adoption at risk
Despite its promise to revolutionize finance, ownership, and privacy, if you’re on the outside looking in, most people are likely to see a lot of price speculation and fraud. Recent attacks on children and artists who want to have a say in how their art is used are unlikely to help the narrative and the industry’s pursuit of mass adoption.
In some parts of the industry, bad optics are not lost.
“CRONK”, a famous cryptocurrency community member, wrote about the harassment faced by the Just a chill guy creator, “‘Why do they hate cryptocurrency so much?’ ‘Let’s harass him in his private life'” and criticized the cryptocurrency community for the exact opposite behavior. emphasized. member.
Similarly, Sandeep Nailwal, co-founder of Polygon Labs, claimed that the Quant fiasco “painted a dire picture” for the industry.
“I think something like this could lead to regulatory intervention against memecoin mania. This will lead to a structural change in the current industry narrative. “This paints a dire picture of cryptocurrencies among the public.”
On the flipside
- Proponents continue to argue that memecoins are powerful tools for community engagement and onboarding new users.
- There is no sign that the memecoin craze will soon end, as it continues to be fueled by the ever-elusive yet forever enticing promise of getting rich quick.
Why This Matters
The recent attacks on Quant and Just a chill guy creator highlight the volatile nature of recent memecoin mania beyond price charts. It’s a particularly ironic situation for an industry that claims to be under attack and harassed by regulators.
For more on the recent memecoin mania, read:
How high can the Memecoin market go? ArkStream Capital Predictions
Learn more about Gary Wang’s sentencing:
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