A low barrier to entry for meme cryptocurrencies could play a significant role in the global adoption of digital assets. A DappRadar expert, Sara Gergelas, stated this in the Cointelegraph podcast.
According to data from the analytics company, amid the flourishing of meme tokens, other segments of the crypto industry faced difficulties.
In Gergelas’s view, in 2023 many people associate digital assets with meme-based coins when mentioned. She noted that throughout the history of cryptocurrencies there have been several cycles of popularity for such assets. However this time “everything is different,” because the trend has persisted for a longer period.
DappRadar attributes this trend to the popularity of meme cryptocurrencies on social media and the formation of tight-knit communities, of which people want to be a part. At the same time, the recent price momentum of these digital assets attracted a large number of traders.
Gergelas added that meme tokens are more accessible due to their low barrier to entry.
“You can become a SHIB millionaire, but you will never be able to afford a millionaire Bitcoins or a millionaire Ethereum,” she explained.
The DappRadar analyst highlighted the coins Shiba Inu and Floki Inu, which indeed “have value”. The developers of the former announced the launch of an L2 network, and the latter project has its own metaverse.
As reported by Scimitar Capital, holders of the meme token PEPE realized $160 million in profit. The bulk of the gains came from users who bought the asset in its first week after launch.
According to Lookonchain, the total unrealized profit of the ten largest holders of the Milady coin reached $20 million.