SocialFi challenges meme coins.

Although #meme coins are growing rapidly, SocialFi platforms are rapidly catching up with this upward trend and even leaving it behind from time to time, attracting great attention from the market lately. Bitget Wallet COO Alvin Kan weighs in on the unique relationship between #SocialFi and meme tokens, noting their similarities in fair supply, grassroots efforts, community-driven approaches, and culture.

In terms of token distribution, SocialFi uses strategies not dissimilar to meme coins. For example, DEGEN tokens are not subject to pre-mining and 15% of the total supply is allocated for ecosystem development over four years. The remainder is then distributed through airdrops and liquidity incentives, mirroring similar practices found in meme coin distributions.

However, #SocialFi platforms tend to offer more functional apps than meme coins, which could potentially narrow their audience. Friend.Tech's SocialFi token is an example of this. This token not only has unique applications, but also offers engaging elements like “Club” in its second iteration, offering users increased levels of engagement and challenges. Although this complexity increases user engagement, it can also limit the breadth of its audience.

This year, Bitget Wallet skillfully capitalized on the trends set by meme coins, introducing new features and events and strengthening its support for meme coin transactions. This includes rapid integrations with popular blockchains and extensive ecosystem support characterized by the rapid addition of new meme coins and advanced swap transaction capabilities. With the launch of its own meme coin, MOEW, and various meme-themed events, Bitget Wallet is positioning itself as a pioneer in the meme coin space.
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