The resurgence of the crypto bull market has brought about a new wave of memecoins, which have divided opinions among crypto enthusiasts. While some see them as a fun and accessible way for people to engage with crypto, others believe they distract from the real-world problems that blockchain technology aims to solve. In a recent podcast episode, Andreas Brekken, the founder of SideShift.ai, discussed the pros and cons of the memecoin frenzy and its implications for the crypto industry.
Brekken argued that memecoins serve as an easy and harmless entry point for newcomers to the crypto world. They allow people to use their smartphones to participate in crypto and learn more about how cryptocurrencies function. Memecoins provide a real-world testing ground for blockchain technology. The congestion issues experienced on the Solana network due to memecoin hype, for example, will push the network to improve its speed and reliability, benefiting the blockchain in the long run.
One valuable lesson that serious crypto projects can learn from memecoins is the speed at which these tokens build strong communities. Memecoin developers often demonstrate their commitment to their projects by burning liquidity provider tokens, preventing their initial liquidity from being removed. This level of dedication is something other developers may consider adopting in their own projects.
It’s important to note that most memecoins have no intrinsic or real-world value and are primarily viewed as gambling opportunities. Many of these projects turn out to be scams or rug pulls, leaving investors at risk of losing all their funds. Brekken compared memecoin gambling to traditional forms of gambling, where some people approach it as a fun experience with friends, while others risk significant amounts of money and face potential regrets.
Brekken suggests that the reason behind excessive gambling on memecoins may stem from a lack of trust in the traditional financial system, with inflation eroding the value of money and stagnant salaries. It could be seen as a symptom of a system that people don’t have faith in.
To delve deeper into Brekken’s insights, the full podcast episode on ‘s Podcasts page, Apple Podcasts, or Spotify is worth a listen. It explores topics like token names and free speech, the future of memecoins, and how memecoin seasons impact the broader crypto ecosystem. offers a variety of other podcast shows that might pique your interest.
Memecoins are nothing more than glorified gambling opportunities. People should be focusing on legitimate crypto projects with real value and purpose. 🎰
Memecoins are a symptom of a society that is desperate for quick and easy money. It’s sad to see people falling for these scams and risking their hard-earned funds. 😔