The memecoin craze continues, which is clearly visible in the popularity of Solana. According to Maartje Bus from Messari, memecoins are the Trojan horse of cryptocurrency adoption. Will memecoins actually contribute to the popularization of digital assets among people outside the cryptocurrency community?
Is Memecoins a Trojan horse that will bring cryptocurrencies to a new level of usefulness?
The ever-growing popularity of memecoins coincides with the cryptocurrency spring. This is noticed not only by enthusiasts of the world of digital assets, but also by large crypto companies. One such company is Messari. Maartje Bus, vice president of research, mentioned memecoins during her speech at BUIDL Asia in Seoul. According to Bus, memecoins are a Trojan horse for cryptocurrency adoption. The expert noted that:
Cryptocurrencies are often criticized for lacking applications for the average person, and that's a valid point, but memecoins have actually been a huge success and consistently attract people to digital assets.
In her speech, Bus gave a very interesting name to memecoins. Well, according to her, they are “a way to monetize attention.” The accuracy of this statement cannot be questioned, because many memecoins are created during important and high-profile events, such as the death of Henry Kissinger. A good example of the temporary popularity of some memecoins are also those related to candidates for the President of the United States.
Will the memecoin craze fade away like the popularity of NFTs?
The cryptocurrency spring has made the memecoin craze grow to truly gigantic proportions. Some memecoins are achieving dizzying results, which is why interest in them is currently increasing. Some analysts say that the current memecoin situation is somewhat reminiscent of the NFT token craze of 2021, when NFTs reached dizzying sums. The craze for NFT tokens has passed, and people who invested tens of thousands of USD in them are left with digital assets worth 1/10 of the price before the market collapse.
Will it be the same with memecoins now? At this point, there is no indication that the memecoin market will suddenly collapse. On the contrary. Their prices are constantly going up, like the native token of the Solana blockchain. However, it is worth remembering that memecoins are characterized by very high liquidity, so investing in them is high risk. Therefore, there is no indication that memecoins are a Trojan horse. If so, then in terms of cryptocurrency adoption for the broader general public.
