A unique thing about this is that Coinbase doesn't offer the majority (any?) of these new memecoins, it's mostly happening on Solana. Which is interesting because Solana was originally described...
A unique thing about this is that Coinbase doesn't offer the majority (any?) of these new memecoins, it's mostly happening on Solana.
Which is interesting because Solana was originally described as "Blockchain at Nasdaq speed" highlighting the high throughput, low latency features of its design... a narrative for enterprise and institutions, not for retail traders playing games of internet culture and PvP gambling via memes. But the trading volume here is proving that Solana is the retail chain.
I will need to keep the phrase of “PvP gambling” in my pocketbook for describing crypto investments and meme stocks. For the meme stocks, I’m curious how much they can impact real stocks in the...
I will need to keep the phrase of “PvP gambling” in my pocketbook for describing crypto investments and meme stocks. For the meme stocks, I’m curious how much they can impact real stocks in the wider market.
My guess is that the low transaction fee encourages a lot of things, both legitimate transactions and gambling games. I mostly hear about the gambling and I don't know what else they're used for....
My guess is that the low transaction fee encourages a lot of things, both legitimate transactions and gambling games. I mostly hear about the gambling and I don't know what else they're used for. How could we find out?
I had thought stablecoins were mostly on Ethereum, but it seems they're implemented on multiple cryptocurrencies. It might be interesting to know how much is on each one.
From the article (archive): ... Also: Lure of Quick Money Sees $100M Flow to Solana Meme Coin 'Presales' Also: Solana memecoin Slerf accidentally burns $10 million worth of funds raised from...
Considered as some of the most speculative and volatile cryptocurrencies, memecoins such as Dogwifhat and Pepe are far outstripping the gains registered by market bellwether Bitcoin that has dominated the headlines. Trading volume for the top memecoins, which often trade for a fraction of a cent, reached nearly $80 billion in the past week, according to data compiled by blockchain data firm Kaiko. That’s the highest since October 2021.
...
Pepe, a frog-themed coin, and dogwifhat — a dog pictured wearing a hat — continued racking up fresh highs in the past week, according to tracker CoinGecko. The total market value of the memecoin sector has reached more than $60 billion on Wednesday.
Raising millions of dollars appears not to require a working product, a white paper, a long-term plan or even a meme picture in some parts of the crypto market. These days, a simple post on X announcing a so-called presale can attract millions of dollars in Solana’s SOL token.
Presales are events where tokens are nominally sold before the official launch. They are typically conducted by sending funds to a crypto address and receiving, at a later date, a predetermined number of tokens.
A new Solana-based memecoin, Slerf, has faced significant challenges after the project’s developer accidentally burnt a major portion of the token supply — effectively losing $10 million, or the entirety, of presale participants’ money.
If this were a company, and Slerf was a stock, this would all be bad: It is bad for a company to lose all of the money it raises in a stock offering. (Also, though, it would probably be reversible. If a company just lost its list of shareholders, it could probably, like, go back through its emails and reconstruct the list.)
But Slerf is not a company or a stock: It is a crypto token, so absolutely nothing matters. Except that this is all sort of funny, and attention-grabbing, so of course Slerf went up. Arnold: “This mistake was very good for attention, and attention is the true value of any memecoin. So the obvious thing happened and the new tokens that were released shot up around 5,000%.” You could spend another 10 hours and 55 minutes pondering this but I do not recommend it.
This quote from the article "That’s not stopping fans of the tokens from trying to keep the momentum going." should probably swap "fans of the tokens" with "scammers." I feel like we're seeing...
This quote from the article "That’s not stopping fans of the tokens from trying to keep the momentum going." should probably swap "fans of the tokens" with "scammers." I feel like we're seeing another real time pump and dump scheme with these "meme" coins.
I do find the idea of separating these types of coins from bitcoin by implying they are less serious quite amusing. I don't see much fundamental difference between any cryptocurrency. They are all speculative investments at best or just straight up scams at worst.
In many cases, I'm not sure there's any meaningful difference between "fans" and "scammers?" They are self-scamming. They are all doing the same thing, buying something and hyping it, playing...
In many cases, I'm not sure there's any meaningful difference between "fans" and "scammers?" They are self-scamming. They are all doing the same thing, buying something and hyping it, playing pump-and-dump because it's a fun gambling game.
"Presales," though, indicates some are taking the lead in getting the scam/game going.
The meme coin boom has triggered a flurry of activity for the wider Solana ecosystem, with decentralized exchanges on the network surpassing those on Ethereum in terms of overall transaction volume this week. But users are beginning to notice a problem: Many transactions on Solana are failing to go through – highlighting the consequence of meme coin-induced volatility and congestion.
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As for why Solana has become the ecosystem of choice for degen meme traders rather than Ethereum, its biggest competitor, Yakovenko said he wasn't sure. Some have speculated that it comes down to Solana's fees, typically much lower than those on other networks.
There exist layer-2 blockchains that work atop Ethereum to handle transactions with comparable fees to Solana, like Coinbase's Base network. But Ethereum liquidity is fragmented between all of them, and moving funds between them can be arduous and costly. Solana, by contrast, is more of a one-stop shop.
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Solana monitoring services like Solana Beach show that, at any given moment, most of the transactions on the network are currently failing. Last week, an X user who goes by the handle rektbuildr found one block on the network in which 100% of the transactions failed.
According to Yakovenko, Solana's traffic problems have been exaggerated on social media, and the "failed" status tags on Solana's monitoring services have been misrepresented by the network's critics. Many of the failed transactions aren't from humans, asserts Yakovenko, but from "machines" that are programmed to spam the network with hundreds of transactions that have a small chance of going through – taking advantage of the cheap fees.
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Although the transaction-spamming bots might explain some of the story, social media is awash with reports from real Solana users who claim they've struggled to use the network – sometimes needing to repeatedly issue transactions to force them through.
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There's no single diagnosis for Solana's networking woes, but much of the issue appears to stem from two sources: priority fees and block sizes.
…
Unlike on Ethereum, where higher-paying transactions generally have a better chance of reaching the network, priority fees on Solana are frequently ignored. Every so often, this means that a user will pay a high fee and still see their transaction fail or, conversely, see it succeed alongside a bunch of transactions that paid less in fees and were processed anyway.
There are plenty of reasons why Solana's fee-accounting system doesn't work as intended, including that the fees can be difficult for protocols to implement: Many Solana developers appear to have ignored priority fees when building out their programs, and the Solana Foundation has begun explicitly urging developers to implement the tech as a way to improve network performance.
According to Yakovenko, future Solana updates are likely to target how priority fees are accounted for and used to schedule transactions. "There's a bunch of fixes to how transaction flow and scheduling works that are coming up in [upgrade] 1.18," which is expected sometime in April, said Yakovenko.
…
For Solana to scale without compromising on its core ethos, it will need its network capacity to expand without increasing fees for users. Beyond making some additional tweaks to how transactions are scheduled, Solana will probably need to expand the size of its blocks.
This falls under the "No Shit" pile. Eth fee's are absurd and the whole point of solana is more transactions at a lower fee, so of course these pointless meme coins are a problem. That said if I...
Some have speculated that it comes down to Solana's fees, typically much lower than those on other networks.
This falls under the "No Shit" pile. Eth fee's are absurd and the whole point of solana is more transactions at a lower fee, so of course these pointless meme coins are a problem.
That said if I were so inclined i'd probably look into which are ACTUALLY meme coins (like doge, no purpose other then lol what if...) vs scams (pretending to have a purpose) vs good intentions (think they have a purpose).
It's sorta important to the eventual survival of Solana, and crypto as a concept outside the asset space really, that something exist that can handle the massive amount of transactions that occur on a daily basis. If it's all meme coins clogging up the markets that's one thing, but if it can't even handle the "good intentions apps" side of things, that's yet another major flaw in solana's supposed goal.
Well yes, but the question is why, of all the low-fee ways of doing crypto, this one became the most popular? As they write in the next paragraph, there are multiple second-layer protocols built...
Well yes, but the question is why, of all the low-fee ways of doing crypto, this one became the most popular?
As they write in the next paragraph, there are multiple second-layer protocols built on Ethereum, but the market is fragmented. Maybe if they had standardized on one, it would be different?
My theories: Bridging to an L2 is a UX nightmare L2s essentially keep all state under a multisig (sometimes upgradeable, sometimes with low thresholds!) Telegram bots like Bonkbot make trading...
My theories:
Bridging to an L2 is a UX nightmare
L2s essentially keep all state under a multisig (sometimes upgradeable, sometimes with low thresholds!)
Telegram bots like Bonkbot make trading memecoins on Solana feel like a video game
I can't get the full article, but the short answer is "because they're not all equal and solana has always been the biggest/most attractive". They offer, in theory, the lowest rates and highest...
I can't get the full article, but the short answer is "because they're not all equal and solana has always been the biggest/most attractive". They offer, in theory, the lowest rates and highest volumes, and have some significant backing from real companies like Chase.
It's sorta like wondering why most coffee is sold at starbucks. It's a mixture of that being their sole goal and the advantage of having other things already there, coders who already know the ecosystem, and so on.
Edit-
Unless you literally mean the next paragraph you quoted, which doesn't even give examples of these supposed competitors. I'm barely educated on the space these days and I know that Soloana is the "no duh" choice for any sort of new development, ESPECIALLY if you're doing some sort of meme coin where you don't care about long term concerns.
They gave one example: Coinbase's "Base" network, which I had never heard of. It seems that they started up a testnet just last year, though, so it's not real competition yet.
They gave one example: Coinbase's "Base" network, which I had never heard of.
It seems that they started up a testnet just last year, though, so it's not real competition yet.
Right. If the point is "make a meme coin to generate lots of interest" you aren't going to be searching for a low useage network. You want something that's easy to develop on, cheap, and popular....
Right. If the point is "make a meme coin to generate lots of interest" you aren't going to be searching for a low useage network. You want something that's easy to develop on, cheap, and popular. 'lo Solana
This seems creating a question out of nothing just so they could quote a competitor rather than just stating "it's on solana because it's one of the cheapest and most used networks"
Not sure this means much other than, yeah, memecoins are somewhere people dump their money when they really shouldn't. I believe every major drop in crypto has come from a massive event (mt...
Not sure this means much other than, yeah, memecoins are somewhere people dump their money when they really shouldn't.
I believe every major drop in crypto has come from a massive event (mt gox/FTX being the big ones), so I'm curious to see if there ever is a collapse just based on "fuck it i'm out" vibes.
It seems like they do repeatedly collapse, but another game starts later (sometimes using the same coin, sometimes different) because gambling will always be a fun thing that some people like to...
It seems like they do repeatedly collapse, but another game starts later (sometimes using the same coin, sometimes different) because gambling will always be a fun thing that some people like to do.
Since there are so many ways to gamble, the future demand for any particular game isn't something I'd care to bet on. Fame does seem to make a difference, though.
I'm talking the massive price drops, You had a huge drop in 2017 and then another in 2021 (sorta kinda 2 that year). Both related to major events. The price is "stable" for crypto otherwise.
I'm talking the massive price drops, You had a huge drop in 2017 and then another in 2021 (sorta kinda 2 that year). Both related to major events.
A unique thing about this is that Coinbase doesn't offer the majority (any?) of these new memecoins, it's mostly happening on Solana.
Which is interesting because Solana was originally described as "Blockchain at Nasdaq speed" highlighting the high throughput, low latency features of its design... a narrative for enterprise and institutions, not for retail traders playing games of internet culture and PvP gambling via memes. But the trading volume here is proving that Solana is the retail chain.
I will need to keep the phrase of “PvP gambling” in my pocketbook for describing crypto investments and meme stocks. For the meme stocks, I’m curious how much they can impact real stocks in the wider market.
My guess is that the low transaction fee encourages a lot of things, both legitimate transactions and gambling games. I mostly hear about the gambling and I don't know what else they're used for. How could we find out?
I had thought stablecoins were mostly on Ethereum, but it seems they're implemented on multiple cryptocurrencies. It might be interesting to know how much is on each one.
From the article (archive):
...
Also:
Lure of Quick Money Sees $100M Flow to Solana Meme Coin 'Presales'
Also:
Solana memecoin Slerf accidentally burns $10 million worth of funds raised from presale investors
And Matt Levine writes:
This quote from the article "That’s not stopping fans of the tokens from trying to keep the momentum going." should probably swap "fans of the tokens" with "scammers." I feel like we're seeing another real time pump and dump scheme with these "meme" coins.
I do find the idea of separating these types of coins from bitcoin by implying they are less serious quite amusing. I don't see much fundamental difference between any cryptocurrency. They are all speculative investments at best or just straight up scams at worst.
In many cases, I'm not sure there's any meaningful difference between "fans" and "scammers?" They are self-scamming. They are all doing the same thing, buying something and hyping it, playing pump-and-dump because it's a fun gambling game.
"Presales," though, indicates some are taking the lead in getting the scam/game going.
Solana Strained by Meme Coin Mania
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This falls under the "No Shit" pile. Eth fee's are absurd and the whole point of solana is more transactions at a lower fee, so of course these pointless meme coins are a problem.
That said if I were so inclined i'd probably look into which are ACTUALLY meme coins (like doge, no purpose other then lol what if...) vs scams (pretending to have a purpose) vs good intentions (think they have a purpose).
It's sorta important to the eventual survival of Solana, and crypto as a concept outside the asset space really, that something exist that can handle the massive amount of transactions that occur on a daily basis. If it's all meme coins clogging up the markets that's one thing, but if it can't even handle the "good intentions apps" side of things, that's yet another major flaw in solana's supposed goal.
Well yes, but the question is why, of all the low-fee ways of doing crypto, this one became the most popular?
As they write in the next paragraph, there are multiple second-layer protocols built on Ethereum, but the market is fragmented. Maybe if they had standardized on one, it would be different?
My theories:
I can't get the full article, but the short answer is "because they're not all equal and solana has always been the biggest/most attractive". They offer, in theory, the lowest rates and highest volumes, and have some significant backing from real companies like Chase.
It's sorta like wondering why most coffee is sold at starbucks. It's a mixture of that being their sole goal and the advantage of having other things already there, coders who already know the ecosystem, and so on.
Edit-
Unless you literally mean the next paragraph you quoted, which doesn't even give examples of these supposed competitors. I'm barely educated on the space these days and I know that Soloana is the "no duh" choice for any sort of new development, ESPECIALLY if you're doing some sort of meme coin where you don't care about long term concerns.
They gave one example: Coinbase's "Base" network, which I had never heard of.
It seems that they started up a testnet just last year, though, so it's not real competition yet.
Right. If the point is "make a meme coin to generate lots of interest" you aren't going to be searching for a low useage network. You want something that's easy to develop on, cheap, and popular. 'lo Solana
This seems creating a question out of nothing just so they could quote a competitor rather than just stating "it's on solana because it's one of the cheapest and most used networks"
Not sure this means much other than, yeah, memecoins are somewhere people dump their money when they really shouldn't.
I believe every major drop in crypto has come from a massive event (mt gox/FTX being the big ones), so I'm curious to see if there ever is a collapse just based on "fuck it i'm out" vibes.
It seems like they do repeatedly collapse, but another game starts later (sometimes using the same coin, sometimes different) because gambling will always be a fun thing that some people like to do.
Since there are so many ways to gamble, the future demand for any particular game isn't something I'd care to bet on. Fame does seem to make a difference, though.
I'm talking the massive price drops, You had a huge drop in 2017 and then another in 2021 (sorta kinda 2 that year). Both related to major events.
The price is "stable" for crypto otherwise.