Janine Subgang is a well-known Web3 community leader, with an impressive track record in the industry. At 24 she was the Executive Director of a Dutch VC fund, before she…
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Ode to Meme Coins: Tool of the Masses or Sign of Corruption?

Meme coins, those curious creatures, have captured our attention once again. Editor in Chief Janine Subgang takes a look at the good, the bad, and the ugly of memecoins

Meme coins, those curious creatures, have captured our attention once again. If you’ve recently found yourself traversing the Ethereum Chain, you surely have not escaped the absurdly exorbitant gas prices. We can credit this peculiarity to none other than $Pepe. This meme-based coin, with its inexplicable allure, has managed to devour a staggering amount of approximately 5,300 ETH (a cool $10 million) in gas fees within a mere three weeks. The implications of such significant gas consumption have sparked concerns about its impact on the Ethereum network and the wider cryptocurrency realm. The culprits? The relentless growth in Ethereum network usage combined with the soaring transaction fees. Despite the recent fee structure adjustments on Ethereum, the quest for effective scalability remains an ongoing challenge.

Are they a sign of the idiocity of our space or rebellion against traditional finance?

Amidst the rise of $Pepe, a host of other meme coins have also sprouted like mushrooms after a storm. Controversy swirls as my Twitter feed becomes a perplexing amalgamation of indignant laments about the state of our industry, entwined with feverish celebrations of the potential of meme coins to provide seemingly unattainable profits. It is a spectacle that leaves us divided—some lambasting the culture underpinning these peculiar entities, decreeing that if this is our cultural milieu, we shall rightfully fall prey to every scam; while others revel in the possibilities that meme coins present, allowing us to soar to great financial heights with minimal effort.

There exists an allure, an enigmatic spirit that draws us in

On one hand, meme coins appear to be nonsensical instruments, seemingly designed solely to pull the proverbial rug from beneath unsuspecting individuals. In stark contrast, we encounter Bitcoin and Ethereum, the stalwarts of the cryptocurrency world, conceived with the noble purpose of addressing real-world issues and striving for widespread acceptance among merchants, poised to revolutionize diverse sectors. The deflationary traits, robust Blockchain frameworks, meticulously crafted whitepapers, and mature ecosystems characterizing Bitcoin and Ethereum distinguish them from the bulk of meme coins. The latter, often mired in inflationary tendencies and boundless supplies, find their foundations rooted in the collective humor of their communities.

Yet, within this dichotomy, there exists an allure, an enigmatic spirit that draws us in. Perhaps it is the leftist inclinations within me that finds the essence of meme coins oddly captivating. Be it the saga of WallStreetBets fervently boosting GameStop or a disparate assortment of cryptoficionados ardently proclaiming $Pleb, $Turbo, or $Noot as the next supreme phenomenon—there is a distinct charm in witnessing a group of individuals uniting, if only fleetingly, to collectively amass fortune. And for once it is not the bankers winning. Admittedly, we must acknowledge that each gain one achieves is, inherently, another’s loss etched within the annals of order books.

Meme coins offer tantalizing possibilities for generating wealth, even for those with scant initial capital. The low market capitalization and affordable nature of these coins beckon investors, providing early entry points into potential fortunes. Identifying promising meme coins in their nascent stages enables individuals to secure a considerable number of tokens at minimal cost. Should these meme coins ascend the ladder of popularity and soar in value, early investors can revel in substantial returns. However, most twitter sentiment has revealed that around 99% of meme coins are scams. You’re not more likely to become a crypto millionaire, than you are to win in the lottery. Or so they say. 

Meme coins, with their whimsical allure and potential for wealth generation, captivate us in a realm where fortunes can be amassed with remarkable ease. Embedded within the fabric of meme coins lies a profound spirit of collective empowerment. These coins kindle communities, their existence intricately intertwined with the collective decisions, actions, and aspirations of their members. Empowered by a shared vision and an ardent sense of camaraderie, these communities mobilize their forces to shape the trajectory of the meme coin. Through concerted efforts, they harness their collective might to propel the value of the meme coin to new heights. This synergy, this collective empowerment, not only engenders financial gains for the participants but also exemplifies the potential of unified action in shaping the very essence of meme coins. Or maybe I just like sticking it to the establishment? After all, banks and telegram groups are just a collective effort to make the number go up. 

It is crucial to tread cautiously amidst the allure of meme coins. Scams and exploitative practices pose inherent risks within this landscape, demanding vigilance and critical thinking. 

There is something infuriating about these rug pulls. Yes, on the one hand, people were sooo stupid to believe in it, but on the other hand, isn’t it beautiful that there is still a part in us, that wants to believe in the common good? Believe that we are all in it for the meme, to make money together, and ride it to the moon? 

In the end, meme coins stand as a testament to the dynamic spirit of our times—a manifestation of collective action, humor, and the quest for financial prosperity, as well as a wild west of desperation and do-or-die. Embracing this enigmatic journey with caution and wisdom, we may navigate the labyrinthine depths of meme coins and, if fortune favours us, emerge triumphant and be one of the new crypto millionaires.💰🚀 

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