You will reduce the MEm coin industry over time

In February, the scandal that included Argentine President Javier Millie rocked the encryption sector. Many WEB3 members, who argue that Meme coins are harmful to the growth of the ecosystem and the fairly targeting smaller investors.

Beincrypto talks with MEMELAND CEO and founder Ray Chan in Hong Kong consensus to discuss recent events that involve the launch of Meme Coin and the future of the sector.

Libra: From a symbol to Mimi currency

The MIM currency scandal was unique in many ways. An unidentified group created a website for the “Viva La Libertad” project, inspired by the logo of Argentine President Javier Millie regularly.

The site, which is still active, has an important statement to enhance the Argentine economy by financing small projects and local companies. The scale icon was launched for a financing channel as part of the project strategy.

According to the symbolic distribution scheme, 50 % of the distinctive symbols will be used to supply Argentina’s growth.

Two hours after the web site starts, the scale icon was created on Solana Bluchin. Half an hour after launching the distinctive symbol, Milei published the first X.

“Liberal Argentina is growing! This special project will devote to stimulating the growth of the Argentine economy, and the financing of small companies and startups Argentine companies. The world wanted to invest in Argentina.

In this same post, Milei included a link to the VIVA LA LIBERTAD Project and the scale contract number. Make this identity easy for investors to determine the location of the cryptocurrency and start circulating it immediately.

Soon after, people began to realize that, more than just a symbol, the distinction is similar to the meme currency.

Metal coins face a laxative menu

Milei’s social media publication raised an increase in the price of the distinctive symbol, as the maximum market reached more than $ 4 billion per hours. This increase allowed those familiar with the exchange of more than $ 100 million of profits.

However, the assembly was short -term. The Mimi coin did not have a distinctive symbol. The site was created hours before the launch, and more than $ 87 million was spent in the first three hours. The value of the distinctive symbol was destroyed shortly after, indicating a classic pump and discharge scheme.

The scheme led to the escalation of criticism, prompting Miley to delete his position and try to retreat. The president stated that he did not completely understand the project, and after learning more, he chose to stop supporting it.

But the damage has already happened. A joint investigation issued by Bubblempas Blockchain Analytics added to the salt chain to the open wound.

The investigation revealed evidence indicating the existence of links between the teams behind the launch of the distinctive code of Libra and Melania, which was launched by First Lady Melania Trump a day before Donald Trump took over the US presidency.

The analysis confirmed doubts about trading from the inside and manipulating the market in both cases. He also suggested that this group led many other symbolic launch operations, including confidence, cystic, feelings, and cover, all of which ended in sniping plans and rug.

In response to the scandal, members of the encryption community moved to social media to vent their disappointment in this industry. Some have argued that Meme coins are extracted, as they benefit from traders from the adult interior while they are permanently driving the smaller retail investors away from WEB3.

“The encryption industry needs to engage in serious self -criticism if it does not want to end your unrelated walk. For years, the main players in the ecosystem created and exaggerated account Space. Those who just try to explore what this space is, “” He said Blockchain researcher Pablo Sabt.

For the founder of MEMELAND RAY CAN, an expert of encryption with nearly two decades of experience in the Meme currency industry, this incident should be analyzed from different views.

The Mimi currency is known to be extracted. Community participation alone mostly pays many of these coins. Trading is largely speculative, and the market is volatile.

“For me, I think it is extremely important to understand who releases a symbol, and what is the distinctive symbol. If the Mimi currency is, you must expect you to go to scratch. Because literally, I think most of these Meme currencies mentioned that the distinctive symbol does not contain any Map or benefit. I think this is an entertainment purpose. Beincrypto.

However, the scandal scandal is different from internal cases such as the launch of Melania. When Miley Busta participated X, he said that the money would support small companies and businessmen.

“But at the same time, for some distinctive symbols, perhaps the scale, they mentioned that they are launching a symbol to support some other companies, to support some goals. If they don’t do it, I think this is a problem.”

When asked about how to protect users from common practices in trading the MG currency, such as carpet withdrawal, pump plans and discharge, internal activity, market manipulation, or sniping, Chan said these issues will probably become less frequently over time.

The Mimi currency industry is still in its early stages

MEM coins have been present for more than a decade. Mimi Dog became widely on social media in mid -2013.

Benefiting from this trend, Jackson Palmer and Billy Marcos Dukwin created it as an encrypted currency at the Bitcontalk Forum in December of the same year. This event was a discrimination for Dogecoin as the first encrypted currency on the Internet.

According to Shan, given that this industry is still in its emerging stages, investors need to accept the natural instability of the market before making a decision to participate.

“Before entering, or whether you invest $ 10,000 or 100,000 dollars, you have to understand that this industry is very new, and anything new is very volatile. Therefore, it is very important to understand the risks before investing in investing or doing gambling.”

Players with extensive knowledge and experience in this field will inevitably have the upper hand.

Expand the user gathering

Since the MEME COIN industry is very new, players who already have its mechanisms are more likely to be profitable than the common plans associated with the market.

“I think it’s just a part of the growing pain, just like any technology and any sector, a very sophisticated person from the beginning is likely to understand the vulnerability. Chan told Beincrypto:

With the passage of ages in the market and the Meme Coin industry new players, these plans will become less frequent.

“Ultimately, the audience’s expansion to include more builders who understand Crypto and Blockchain will attract good reputable individuals with their goals and reputation. With companies and the most legitimate builders entering the area, I expect the entire industry to grow in a healthier direction.”

Consequently, the Meme currencies will rely less on an important public personality to support and focus more on the message they are trying to transfer.

“I think the space will be in a better place when the support of the symbols is not paid by the influencers, but instead by understanding the team and their work. Once we reach this stage, it will be a healthy and more sustainable environment.”

He also emphasized that although the exaggeration of the distinctive symbol on the basis of society’s participation has negative aspects, there is also a silver lining.

Positive

In his interview with Beincrypto, Chan emphasized the main difference between building on Web2 and building on Web3.

“In Web2, companies are highly dependent on investment capital and subscription subscriptions, and they face many restrictions. However, in Web3, if you can fill a society that understands and supports what you build, VC financing becomes much less important.”

Moreover, the launch of the Mimi currency is one of the easiest operations on Web3. Anyone can do this, and this has become one of the most important engines in its success.

“The number one is the ease of creation. I actually think that the symbols are a kind of content like. When you reduce the construction barrier, more creators will join the quotation, and they create more content. I think Mimi currency is the slightest encryption barrier. This is explained The reason for the presence of many new metal currencies every day. “

Commonly, the use of these basic aspects of the launch of the Meme coin for a specific purpose can define the priorities of the material on the noise, more feasible results.

“You can actually convert the so -called consumer into a supporter, even in your investor.” Chan added: “I think all of these types of developments and hacking, as soon as you understand them, you will not give up easily in encryption and in Blockchain.”

Looking at these unique aspects, Chan expects coins that have a bright future.

The future of coins

Chan argues that the direction of Mimi’s currency reflects a general tendency in technological development. Science and technology is often invented to provide a meaningful solution to a current problem.

Scientists have developed vaccines to prevent peripheral diseases such as polio and influenza, while engineers invented planes to make the world more connected.

Satoshi Nakamoto similarly developed Bitcoin to provide an alternative to traditional financial systems. Blockchain solves sharp problems related to data storage, user security, supply chain management, and voting systems, to name a few.

But not all technology is equal in popularity.

“For example, when you look at social networks, the most useful social network is LinkedIn, but the most popular social network is Tiktok. This is because it is fun, attractive, easy to join and participate,” said Chan.

Since web3 coins serve a similar purpose for Tiktok in Web2, it can be used to pay more long -term adoption.

“I think Meme Coin is Tiktok of Crypto. Many people say it is useless, but many people join it. This is actually the biggest driving force for collective adoption. So what I believe in when Crypto gets more prevailing, and when it is done Blockchain, like a market, will get more market share. “

Whether the Chan predictions are largely or not, it depends largely on the feelings of the encryption sector – especially how metal users recently interact with Meme currencies.

The time will only determine whether the wave of the last plans in the encryption industry will push people out from the Strip forever or whether the Meme Coin market will ripen like soft wine.