Meme cryptocurrencies… are so yesterday? What might be expected from most of these projects in the long term? Read in our new LATOKEN review.
Last week, Bloomberg experts warned “meme” tokens holders, that in 2022 the digital asset market may begin to get rid of worthless tokens. Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, expressed the same opinion in an analytics report, calling the popular appeal of “meme” tokens as a side effect of the market “overheating” in 2021.
What are the prospects for “meme” cryptocurrencies? Is it worth it to start getting rid of them, or do they still have a chance? Read in our LATOKEN review.
Starting the ball rolling
If we consider the words of Mike McGlone, along with the formation of the cryptocurrency market, its natural purification from useless projects will inevitably occur. However, the crypto industry is still in its infancy, where most market participants feel pretty free.
Soon the number of so-called “foneys” may be reduced. However, as long as the cryptocurrency market is not clearly regulated, some people will always want to make easy money.
One of the Dogecoin creators, Billy Markus, wrote on Twitter that the “meme” cryptocurrency was created for the sake of stupidity and satire. Despite this, the altcoin has become the most popular “meme” token. According to Markus, this distinguishes DOGE from other “meme” tokens issued only for financial gain.
Markus also added that he and another Dogecoin developer, Jackson Palmer, did not earn anything from the creation of Dogecoin. Currently, the altcoin does not have any centralized marketing budget, like the rest of the “meme” tokens.
The creator of Dogecoin claims that not all tokens are worthless; some projects are trying to do something useful. However, most meme cryptos are just made to get a quick buck on something topical to ride the hype wave.
Do meme cryptos have a chance?
There is a possibility that the global correction of financial markets leaves no chance for growth for the entire crypto market, and in particular for “meme” cryptocurrencies.
However, the decision on whether to start getting rid of “meme” cryptos belongs only to you. When dealing with cryptocurrencies, you can expect anything. Perhaps meme tokens still have a chance.
- Ranked #2 worldwide in the startup tokens primary market with 220+ IEO’s since 2017.
- Has over 2 mln registered users, over 1 mln Android app installs.
- Is in the TOP 10 of CoinGecko rank by the amount of token pairs and coins listed.
- VCTV, a live streaming panel with high-profile industry leaders, produced over 500 shows to advise traders and investors how to navigate the crypto world with discussions, news updates, and interviews.
- Advisory Board includes former CFOs from JP Morgan and Paypal.
Follow LATOKEN on social media to keep up with the latest news, and more!👇
LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.