Memecoins are criticized for being useless, despite being heaps of fun and a path to riches. Here are the 5 real uses for useless memecoins.
Memes are crypto distilled to its essence: social trends, wry humor and the lure of ridiculous profits all wrapped up in a token that doesnt do anything. Its not for Warren Buffett, but it is for a huge range of ordinary people looking for fun, community and a lottery ticket out of the backwater they live in.
The meme is the alpha, says Danny Yang, founder of OnChainMonkey, referring to the insane returns against other metrics. Memecoins gamify the investment process as investors swoop in to follow intangible trends from election results or jump on the latest coin minted 10 minutes after the UnitedHealthcare CEO shooting suspect was arrested. Very 4Chan-esque.
Building communities, social bonds and having fun are all part of the attraction of memecoins. Humans are social creatures, and memes are about people who find entertainment in the same thing, Yang says.
