Meme coins lead crypto market attention
The data analysis website CoinGecko recently released a new encryption market report. In the second quarter of 2024, Memecoins became the hottest topic in the market, accounting for 14% of the traffic in all crypto categories on CoinGecko. Among them, Solana and Base are the most popular meme coin ecosystems.
In addition to meme coins, RWA (real world asset tokenization) and AI are also major topics in the crypto market in the second quarter of 2024, accounting for 11% and 10% of CoinGecko website traffic respectively. The discussion of RWA will reach its peak in 2023. This year, traditional financial companies such as BlackRock and Goldman Sachs have entered the field of tokenization, making the topic of RWA continue to spread. Recently, the Taiwan Financial Supervisory Authority has gathered six financial institutions to establish a "Real World Asset Tokenization Group" to explore the potential of tokenization.
After the AI craze started in the past two years, the Web3 field has actively looked for ways to integrate with AI, extending projects that combine AI technology with the blockchain ecosystem, which has also led to related tokens such as NEAR and RNDR attracting investor attention.
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In addition, the overall ecosystem of Solana and Base, games, TON ecosystem, and DePin (decentralized physical infrastructure network) are also popular themes in CoinGecko.
Speculation and unstable value cause controversy
Although meme coins will become one of the most important trends in the cryptocurrency industry in 2024, with an average return of 1,312%, they have also caused controversy and concerns. The main controversy is that these tokens do not meet the original purpose for which "cryptocurrency" was developed.
Meme coins are speculative and influenced by the Internet, communities, and even current events, causing decentralization believers to question whether they truly have the value and functionality of cryptocurrencies. For example, take Bitcoin (Bitcoin), which was originally developed as a decentralized digital currency that can provide people with a medium of transaction that is not controlled by governments and financial institutions.
The value of meme coins is more dependent on trends on social media and may lack practical application value and stability.
Tether CEO Paul. Paolo Ardoino once said: "I like memes, but I don't like meme coins." He believes that the two are completely at opposite ends of the spectrum.
Michael Dempsey, managing partner of New York venture capital firm Compound, believes that the rise of meme coins has disappointed some cryptocurrency developers. Meme coins have attracted a lot of market attention, and some developers who are truly committed to building long-term value projects may feel that they have been ignored because the market pays more attention to "speculation" and "gambling" than technological innovation.
Although it has caused controversy, meme coins have indeed attracted a large number of novice investors to enter the cryptocurrency market through Internet culture and community topics. In addition to promoting the market, it has also successfully promoted community building and cohesion. For example, the developers of Shiba Inu Coin launched Shibarium, the second-layer network of Ethereum, and continued to expand the ecosystem, gathering project developers and investors with common interests and goals, so that the overall The Web3 ecosystem is more active and rich.
Source: Cointelegraph, Coinpaper
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