In episode 22 of Hashing It Out with Cointelegraph’s Elisha Owusu Akyaw, Sara Gherghelas, blockchain analysis analyst at DappRadar — a cryptocurrency knowledge monitoring platform — discusses the latest hype round memecoins, whereas taking a look at on-chain knowledge. Gherghelas additionally supplies insights on how different sectors, similar to nonfungible tokens (NFTs), are faring as memecoins take off.
Gherghelas believes we’re in a memecoin period. From her perspective, whenever you point out Web3 or cryptocurrencies in 2023, many individuals will affiliate the phrases with memecoins. Gherghelas says there have been a number of memecoin cycles in the cryptocurrency house, however this time is totally different as a result of the pattern has been sustained for a extra prolonged interval.
The blockchain analyst associates the pattern with the recognition of memecoins on social media and the creation of tight-knit communities that individuals wish to be part of. What’s extra, the worth motion of memecoins on this cycle has attracted a big crowd of merchants seeking to make returns, in response to Gherghelas. She additionally provides that memecoins are extra accessible and inclusive as a result of their low barrier of entry.
“You could be a millionaire in Shiba, however you possibly can by no means afford a million Bitcoin or a million Ethereum.“
Memecoins may very well be greater than only a social media pattern or an try and make fast returns. Gherghelas highlighted initiatives like Shiba Inu, which is constructing a decentralized alternate and layer-2 community, and Floki Inu, which is constructing a metaverse. The blockchain analysis analyst believes that memecoins usually are not a zero-sum recreation for the cryptocurrency trade as a result of most individuals who are available by way of memecoins might keep and uncover different facets of crypto.
Whereas memecoins flourished, different cryptocurrency trade sectors struggled, in response to knowledge tracked by DappRadar. Gherghelas highlights the lower in pockets actions on blockchain gaming platforms and mentions that NFTs maintained a good quantity of exercise.
Associated: Financial surveillance, privacy and CBDCs: Why are governments going cashless?
Try the newest episode of Hashing It Out, that includes Sara Gherghelas from DappRadar, on Apple Podcasts, Spotify, Google Podcasts or TuneIn. For extra informative podcasts, go to the Cointelegraph Podcasts page.