Memecoins | Crypto

Memecoins were never about memes, jokes, or financial nihilism; it is the underlying technology and its implications that are promising. Memecoins are not dead because the market is down and the narrative has faded, according to president of payment infrastructure company MoonPay, Keith A. Grossman, who said that memecoins will be back but in a different form. The real innovation of memecoins is that attention can be tokenized easily and at low costs through blockchain technology, democratizing access to the attention economy, Grossman said. He continued: However, that value did not flow back to participants and mostly remained trapped by large, centralized platforms, he added. Read more

Galaxy Research’s latest report finds that memecoins draw new users into crypto, but the spoils go to enrich launchpads, exchanges and bots rather than traders themselves. Memecoins may attract new users to blockchains, but the profits largely flow to the platforms that launch and trade the tokens, according to a new report from Galaxy Research. The study released on Wednesday shows that while most traders lose money in a short-term gambling market, infrastructure providers such as launchpads, decentralized exchanges and trading bots capture millions in revenue by facilitating memecoin trading. Solana’s Pump.fun, a memecoin launchpad that debuted in early 2024, has been a major beneficiary, with tokens on the platform representing a combined $4.8 billion in fully diluted market value, as per the report.  Read more