Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast. They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector.
Is There Value In A Memecoin?
To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people “think too hard” about the value of memecoins as projects. Moreover, he considers there’s no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens.
Why Memecoins Have Been 2024’s Most Profitable Crypto Trade: Ansem and Kelxyz
Dive into the wild world of memecoins with @blknoiz06 and @kelxyz_!
Discover how Ansem and Kel trade memecoins, 🎢 the risks and rewards, and their predictions for the future of memecoins 🚀
Plus,… pic.twitter.com/QovysNwAGP
— Laura Shin (@laurashin) May 7, 2024
Ansem further explains that the crypto community is “very internet-centered,” with its members being “internet people” since crypto’s origin. As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture.
The trader believes “there’s value in memes and culture on the internet.” People in the community are “financializing” meme virality and realizing that it’s a possibility with crypto.
Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a “bazillionaire” by now. The host seemingly referenced the still-popular meme that originated from Drake’s Hotline Bling music video.
Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their “winning trade businesses idea.”
All these trillion-dollar businesses (…) facilitate directing attention and the way they’ve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet.
The Risks And Criticisms Of Memecoin Mania
To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens.
One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can “be riskier” and…
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