The Indicator from Planet Money How the memecoin game is played
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Feb 10, 2025 Memecoins are surging, and their quirky origins are captivating. Discover the emotional tale of a viral squirrel and how it turned into a cryptocurrency phenomenon. Dive into the rules of meme coins and their unpredictable market, featuring the likes of Haktuwa and Trump coin. Explore the colorful rise and fall of Dogecoin, revealing both its allure and risks. Finally, uncover the controversy surrounding the democratization of these digital assets versus the influence of insiders driving younger investors to this volatile playground.
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Peanut the Squirrel and Meme Coins
- Peanut the Squirrel, an Instagram-famous pet, was confiscated and killed.
- A cryptocurrency named after Peanut exploded in value after his death.
Meme Coin Value
- Memecoins' value is driven by public perception and willingness to pay, not inherent worth.
- Dogecoin's success, despite being a joke, demonstrates this principle.
Meme Coin Creation and Rugging
- The platform Pump.Fun simplified meme coin creation, leading to a surge in new coins.
- Developers often "rug" investors by selling their coins after a price increase, causing a crash.