Solana

Memecoin

Elon Musk

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-becomes-hub-for-new-memecoin-craze-in-crypto-market/" data-wpel-link="internal">Solana Becomes Hub for New Memecoin Craze in Crypto Market</a> 
Solana blockchain network has become a hub for new memecoins this bull season, with several new memecoins reaching billions in market value within just a few days. This <a href="https://en.coin-turk.com/pepe-coin-surges-in-the-market/" data-wpel-link="internal">memecoin</a> mania has led to comparisons with the 2017 ICO bubble in the <a href="https://coin-turk.com/dunyaca-unlu-borsa-icin-yolun-sonu-bir-tek-ethereum-kalmisti-iste-sec-baskisinin-sonucu" data-wpel-link="internal">Ethereum</a> ecosystem, where many crypto projects raised millions of dollars but many failed. 
<h2 class="p1" style="text-align: justify" id="the-memecoin-mania-and-crypto-market">The Memecoin Mania and Crypto Market</h2> 
Memecoin projects are cryptocurrencies focused on internet meme culture or possessing some other humorous feature, yet they lack any real-world use case beyond being a pop culture reference. These cryptocurrencies are highly speculative and supported by some enthusiastic online communities. 
<a href="https://coin-turk.com/doge-kurucusundan-iddiali-aciklama-yasanan-gelismeler-bir-hic" data-wpel-link="internal">Dogecoin</a>, is considered the original memecoin and was supported by Elon Musk during the 2021 bull market. In 2024, numerous memecoins, some only a week old, reached billions in market value, creating new crypto millionaires every hour. 
The most recent comparison to the 2017 ICO pre-sale period stems from many influencers managing to raise millions of dollars in pre-sales for launching new memecoin projects. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-memecoin-market">What’s Happening in the Memecoin Market?</h2> 
Users on platform X compared the current memecoin offerings (MCOs) to the 2017 <a href="https://en.coin-turk.com/ethereums-market-outlook-amidst-crypto-sell-off/" data-wpel-link="internal">Ethereum</a> ICO bubble; several crypto projects promised nothing but disappearance after raising funds. A 2018 report showed that more than 90% of ICO projects failed. 
Similarly, there have been instances where influencers ran off with pre-sale money or dumped the coins right after launch. In one case, a developer who raised 535,000 <a href="https://en.coin-turk.com/which-direction-do-recent-indicators-suggest-for-solana-is-a-new-nadir-imminent/" data-wpel-link="internal">SOL</a> worth $10.4 million to launch a memecoin accidentally burned all of it. 
A user on platform X stated that the memecoin craze is a more honest version of the 2017 ICO frenzy and the 2021 <a href="https://coin-turk.com/populer-nft-pazar-yerinden-yeni-rekor-fiyata-etkisi-ne-olacak" data-wpel-link="internal">NFT</a> bubble, as projects no longer need to pretend to offer a fake whitepaper and investors no longer have to act as if they are in it for the art. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-329617" src="https://coin-turk.com/wp-content/uploads/2024/03/zach-tweet.webp" alt="" width="500" height="468"> 
Stories of investors making millions in a few days often lure others to try their luck. However, in most cases, new investors end up losing a significant portion of their investments. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-329615 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/memecoin.webp" alt="" width="882" height="711"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-becomes-hub-for-new-memecoin-craze-in-crypto-market/" data-wpel-link="internal">Solana Becomes Hub for New Memecoin Craze in Crypto Market</a></h5>

Solana Becomes Hub for New Memecoin Craze in Crypto Market

Table of Contents

COINTURK NEWS

Other articles published on Mar 18, 2024

Kelexo (KLXO) Presale Picks Up Pace with Solana and Ripple Investors Showing Interest Mid-March

Prosecutors Seek 40–50 Years for FTX Founder Sam Bankman-Fried Amid Fraud Conviction, Comparing H...

Decoding the Bitcoin Genesis Block: Insights into the First Transaction

BREAKING: Coinbase Announces That It Will Delist An Altcoin This Time

Top Coins for Big Gains: Transforming Small Investments into Wealth

BREAKING: Coinbase Announces It Will List a New Altcoin

Join our free newsletter for daily crypto updates!