Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641
May 7, 2024
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In this lively discussion, memecoin traders Ansem and Kelxyz share their expertise on the lucrative world of memecoins. Ansem is a sharp trader known for his keen insights, while Kelxyz evaluates memecoin potential and market dynamics. They explore why distribution and virality are crucial for success, and how different blockchains impact value. The duo also addresses the controversies surrounding memecoins, including their unexpected reactions to racial and gender issues. With wild stories and future predictions, they reveal the depth of this fascinating crypto niche.
Memecoins gain value from internet popularity and attention.
Distribution and virality crucial for memecoin success.
Critics raise concerns over racism and sexism in memecoins.
Different blockchains impact memecoin value and engagement.
Deep dives
Meme Coins and Their Impact on the Crypto Market
Meme coins have become a significant part of the crypto market, with examples like Doge which have seen substantial growth over time. While some criticize meme coins for their speculative nature, they have provided significant returns for many investors. Additionally, the launch of meme coins on different blockchain networks like Solana and Bitcoin has shown varying degrees of success and community engagement.
Criticism and Proposals for Safer Meme Coins
Critics of meme coins often highlight the potential for scams and unethical behavior in the space, including the emergence of racist and sexist meme coins. Proposals for safer meme coins, like Andre Cronje's suggestion, aim to address these concerns by implementing stricter token allocation rules and safeguards against rug pulls. These initiatives could help prevent malicious actors from exploiting the meme coin space.
Dealing with Shady Behavior and Promoting Positive Community Engagement
To combat unethical practices in the meme coin ecosystem, community members can play a vital role by not amplifying attention to questionable projects. Ignoring problematic meme coins and discouraging speculation on them can lead to their eventual decline and reduce the incentive for malicious actors to create such coins. Fostering positive engagement within the community and focusing on legitimate projects can help maintain a healthier meme coin environment.
The Evolution of Meme Coins and Community Responses
The evolution of meme coins reflects the broader trends in the crypto market, with attention playing a significant role in their success. Community responses to controversial meme coins, such as racist or sexist variants, involve strategies like minimizing attention to discourage such behavior. By exerting collective influence and shaping community norms, participants in the meme coin space can contribute to a more positive and inclusive environment.
Unconventional Success Stories and Humorous Anecdotes in the Meme Coin World
Participants in the meme coin world often share unconventional success stories and humorous anecdotes that highlight the unpredictable nature of meme coin investments. From the rise of meme coins like Bonk to viral moments like 'Doge with a hat,' these experiences showcase the whimsical and unpredictable journey of engaging with meme coins. While such stories bring levity and excitement to the crypto space, they also underscore the diverse and unexpected outcomes that can arise from meme coin investments.
The Power of Community and Meme Coins
The episode highlights how meme coins derive value from community attention and influence. It discusses the example of a meme coin called 'Dog with Hat' that gained significant traction after a live stream participant suggested it, leading to a rapid increase in its market cap. The conversation delves into the idea that meme coins can serve as a reflection of community sentiment and engagement, similar to social tokens.
Future Trends in Meme Coins and Social Tokens
The discussion explores the potential evolution of meme coins and social tokens in the future. It mentions the possibility of NFT projects incorporating meme elements and communities trading individual influence as social tokens. The episode also touches on the unique approach of friend tech in distributing all token supply to the community, akin to meme coin distributions, indicating a trend towards democratized ownership and community involvement in crypto projects.
In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet.
They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum.
Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future.
Show highlights:
Ansem’s and Kel’s investment theses around memecoins
How Ansem and Kel got into trading memecoins and how they evaluate their potential
Why the coin distribution matters and whether tokenomics is important with memecoins
How to discern between memecoins with genuine vs. fake interest
How memecoins differ across blockchains such as Solana, Ethereum, and Bitcoin
Ansem and Kel’s responses to the criticisms of memecoins
Whether and how memecoins could become safer for users
Kel and Ansem’s surprising reaction to racist and sexist memecoins
Ansem's story on WIF and how a female friend of his fueled its popularity
Whether Bitcoin is “the original memecoin" and how they define memecoin
The future of memecoins and how they believe all memes will become coins
