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deucher
deucherActive Contributor
Asked: August 10, 2023In:

I am new to the crypto space and understand different crypto projects. While most of the cryptocurrencies I have researched have some solution to the existing problem in Web 3.0, DeFi etc. Recently, I have been researching Polygon MATIC, the ...Read more

I am new to the crypto space and understand different crypto projects. While most of the cryptocurrencies I have researched have some solution to the existing problem in Web 3.0, DeFi etc. Recently, I have been researching Polygon MATIC, the solution to the problem of high gas fees on Ethereum-based applications.

In the past few days, PEPE, a new meme, has attracted great attention from the community. But I don’t really understand what his main goal might be. Is there any reason to say that this meme coin will work to improve the entire cryptocurrency and Web3 domain?

There is another new meme coin called SNEK, which is based on Cardano. What impact will these similar coins make in the crypto space?

I don’t understand why meme coins like Dogecoin, Shiba Inu and Pepe are so popular and why people are investing in them, wondering about the future of meme coins.

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  1. Avarose
    Avarose Enlightened Mentor

    Meme coins like Dogecoin, Shiba Inu, Pepe, or SNEK are largely driven by community hype, social media, and speculative trading rather than solving real-world problems like Ethereum, Polygon, or Cardano projects do. Their popularity comes from viral culture, celebrity endorsements, and the FOMO effecRead more

    Meme coins like Dogecoin, Shiba Inu, Pepe, or SNEK are largely driven by community hype, social media, and speculative trading rather than solving real-world problems like Ethereum, Polygon, or Cardano projects do. Their popularity comes from viral culture, celebrity endorsements, and the FOMO effect, which can drive prices up quickly but they are extremely volatile and risky. While some investors have made profits, meme coins generally don’t have long-term utility or technological value, so it’s best to treat them as high-risk, short-term speculative assets rather than serious investments in the crypto or Web3 ecosystem.

     

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