2024 Meme Coin Phenomenon: Is Polynya Right? Do Meme Coins Today Represent the Dumpster of Crypto?

June 15, 2024

The merry band of meme coins shows no signs of slowing down. Over 2,000 of these digital goofballs have recently been jostling for attention on CoinMarketCap, raking in a cool $50 billion in market cap. 🤑 That’s enough dough to make even mega banks like JPMorgan and futuristic car wizards like Tesla do a double take. 🏦🏎️

What does pseudonymous analyst Crypto Koryo have to say? Well, their TLDR is that the meme coin craze is spiraling out of control this year. They’re saying it’s not just because of the bull run. They’re looking at those who want to jump on the meme coin bandwagon, asking the tough questions: Is it worth the hustle? Do you even have an edge? 🤔

Reflecting on the meme coin frenzy of yesteryear, Crypto Koryo waxed poetic about the simpler times when DOGE, SHIB, FLOKI, and a few other meme coins drew a lot of attention. Can I get a resounding “Woof!” from the Shib Army??? 🙌🏼🐾

But can you imagine? Dogecoin and Shiba Inu, the original meme coins, are still the real deal in 2024. Dogecoin is strutting its stuff with a 70% gain, while Shiba Inu is throwing everyone for a loop with a 150% surge. They may not be as flashy as a new meme coin, but this is proof that these old dogs still have some tricks up their sleeves. Wait, are they also proving the old adage “You can’t teach old dogs new tricks” wrong? 🤯🐕‍🦺

Not to get carried away, the controversial part of the 2024 meme coin frenzy is not about cute Japanese dog breeds plastered all over the internet at the heart of meme culture.

From lovable dog-themed coins to cringeworthy, offensive tokens, the 2024 meme coin frenzy has taken a sharp turn into the dark side of crypto. 🦇🔭 It’s like the seedy underbelly of the blockchain where sketchy characters and questionable motives lurk… where the scammers and trolls come out to play. 👿🤡 At least that’s what some people say in regard to the onslaught of disgusting, sexist, racist meme coins now crowding the space.

The Woofmeister Vitalik said so himself. Hah! Bet that’s gonna make you listen! 🙉 He said some people are not happy. Can you guess why? Because apparently many meme coins that came out this year are—in words that are a bit easier to digest—lacking real-world utility, a pain in the rear, and just a load of baloney. 💩👹

In all honesty, a bunch of these meme coins really are downright shady, crass, and just wrong on so many levels. 🚫 So those who are mad about this are just asking what some of us are probably thinking: Is this what crypto stands for? 😕❓

So what did crypto blogger and commentator Polynya say? Could it be that the shady side of the meme coin trend is what drove him to rage-quit crypto? An “all-new bottom,” among other things you might not like to read, is how he described the current era of crypto due to the existence of exploitative and unscrupulous meme coin projects that shot up this year. 😈☠️ This lack of a moral compass, according to him, has been too normalized and has become the identity of crypto… when it shouldn’t be. 💲💱

Are sketchy meme coins the unruly teenagers crashing the grown-up crypto party? *rolls eyes* Are the serious builders throwing in the towel because of them? It’s like we’re living in an “Alice in Wonderland” metaverse where up is down, rug pulls are the norm, and real purpose or passion is a Debbie Downer. 😒👺

There’s probably nothing left to say but that maybe it’s time for you to voice out your own thoughts on the matter. 📢🚧 It’s gonna get a bit cheesy but hear me out. 🤭 This reminds me of a line from the movie A Few Good Men when Colonel Jessup told Lieutenant Kaffee he couldn’t handle the truth. “You don’t want the truth because deep down in places you don’t talk about at parties, you want me on that wall. You need me on that wall. We use words like honor, code, loyalty. We use these words as the backbone of a life spent defending something. You use them as a punchline.”

And there you have it. Even though the punchline is the meme, it doesn’t have to be degrading or offensive, right? 🙈🙉🙊

When everything’s said and done, those who refuse to be desensitized will stand for honor, code, loyalty, and all the other pleasant virtues that money can’t buy! 💓❤️‍🔥🫡

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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