Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
During this cycle, Memecoins, especially Solana-based ones, became the leading narrative of the crypto market. These tokens have eclipsed investors\u2019 attention and overshadowed the performance of many large-cap altcoins. Some experts weighed in on the market\u2019s performance over the last year, discussing what made meme-based tokens the cycle\u2019s top-leading narrative, and what could be next for the industry. Related Reading: FET Gears Up for Gains: Bullish Momentum Eyes $1.8 Breakout The Value Of Solana \u2018Interjective Culture Coins\u2019 Qiao Wang, co-founder of Alliance DAO, shared his thoughts on the market dynamics that led to each cycle\u2019s top narrative. In the X post, he noted how there\u2019s \u201can opportunity for retail to outperform professionals\u201d every cycle. The alpha is for retail to get involved at a time when there’s too much career risk for professionals to get involved. Retail investors outperformed professionals during the first cycle with \u201csimply\u201d Bitcoin, Wang explained. In the second cycle, investors took advantage of Ethereum’s narrative, while Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) became the leading retail opportunities during the third one. Solana and the \u201cintersubjective culture coins,\u201d as Wang called memecoins, have dominated the ongoing cycle. The meme-based tokens\u2019 popularity has often been criticized for a lack of utility and \u201csubstance,\u201d frequently resulting in a \u201cquick buck\u201d for their creators and a few early buyers. Nonetheless, Wang seemingly suggests that these tokens\u2019 value relies on the shared culture behind them, an argument that experts and industry figures have discussed before. As reported by NewsBTC, crypto traders Ansem and Kel debated the value of memecoins in the Unchained podcast. In the interview, the traders explained there\u2019s value in memes and culture on the internet, which makes a comparison with other altcoins \u201cpointless.\u201d They added that the crypto community is \u201cvery internet-centered\u201d as its members understand the financial aspect and are very knowledgeable about online culture. As such, crypto investors realized there\u2019s an opportunity to \u201cfinancialize\u201d meme virality in the industry. Additionally, they pointed out that the \u201cshared experience of relating\u201d is another crucial factor driving the craze of meme-based tokens, as seen with the communities of Solana-based memecoins like dogwifhat (WIF) and Popcat (POPCAT). Memecoins ‘Absorbed’ The Market\u2019s Energy On Sunday, Chris Burniske, the co-founder of Placeholder, also took X to weigh in on the memecoins frenzy. To him, \u201cMemecoins\u2019 tendency to trigger is all you need to observe to know they\u2019ll be bigger than we expect in the expansion ahead.\u201d In the post, Burniske revealed that he considers the \u201ctrend is clear\u201d as the cultural relevance NFT collections had in 2021 will be surpassed by some of the memecoin sensations of this cycle. It is worth noting that, on October 7, the total market capitalization of Solana memecoins surpassed $10 billion, as SolanaFloor reported. Solana co-founder Anatoly Yakovenko replied to Burniske, sharing his theory for why memecoins became the leading narrative. Yakovenko considers that the previous cycles \u201cwere also 90% memes and 10% products.\u201d Related Reading: XRP Takes A 16% Hit In SEC Lawsuit Drama, But Analysts See Hope However, he suggests that today, the sector has monopolized the energy that propelled different narratives during other cycles: \u201cMy theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer,\u201d Solana\u2019s co-founder noted. Based on it, Yakovenko believes that products must \u201cmake it purely on value\u201d now, which could be a positive thing for the broader industry. As of this writing, Solana (SOL) is trading at $151, a 4% surge in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":583724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[93167,10923,89756,92951,88164,91898,12837,83626,93168,91907,83627,91711],"class_list":["post-646798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-investor","tag-crypto-market","tag-crypto-trader","tag-memecoin-frenzy","tag-memecoins","tag-popcat","tag-sol","tag-solana","tag-solana-cofounder","tag-solana-memecoins","tag-solusdt","tag-wif"],"acf":[],"yoast_head":"\n
What Made Solana Memecoins The Cycle\u2019s Top Narrative - Experts<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n