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Home»Web 3»Don’t be fooled by this Memecoin Hopium!
Web 3

Don’t be fooled by this Memecoin Hopium!

2024-04-17No Comments2 Mins Read
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TL; DR

Full story

“Memecoins have more potential benefits than blue-chip governance tokens, according to VC.”

Catchy headline, right? Memecoins outperform blue-chips? (Impressive!).

Unfortunately, this is just a well-disguised (and widely misleading) “water is wet” statement.

It’s a trick we fell for a lot (for longer than we’d like to admit) when we first started exploring crypto – so we thought we’d tell you how it works, in case you’re in the same boat.

The trick works as follows:

Yes, memecoins have more potential benefits than blue-chip governance tokens – but…

The lower the total value of a cryptocurrency → the less investment required to increase its price → the greater its ‘potential upside’.

That’s the basic idea ☝️

Here’s some real-world context for you:

The memecoin darling of this bull run, dogwifhat ($WIF) currently has a total market value of about $2.5 billion, while Bitcoin is worth about $1.24 billion.

Yesterday morning, Bitcoin went from $61.78k to $63.1k, increasing its total value as an asset by ~$20 billion.

If you had bought BTC for $61.78k and sold it for $63.1k, you would have earned about a 2% return on your money.

If that same $20 billion in value had been added to $WIF’s $2.5 billion market value, holders would have seen a 700% return.

(Not bad for a Tuesday morning).

“$WIF has a bigger potential upside than Bitcoin!”

See how that makes for a catchy headline, but is it a widely misleading “water is wet” statement?

Finding out which of the 2,000+ memecoin projects launching every day are Actually will the price go up?

See also  Bitcoin transaction fees rise to highest level in 24 months during BRC-20 memecoin mania

That’s the hardest part.

Source link

dont Fooled Hopium MEMECOIN
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