The founder of Jupiter, Jonathan Oggiono, also known as “Were Meow,” believes that memecoins could be a gateway for attracting new users to Web3 and helping them understand the larger cryptocurrency landscape. In a thread on X, Oggiono stated that in the web3 era, user-generated money is becoming the new trend, as opposed to user-generated content in the web2 era.
Meme tokens, particularly on the Solana (SOL) and Base networks, have gained significant attention in the 2024 market uptrend, alongside institutional adoption like spot Bitcoin ETFs. While some criticize the ‘casino behavior’ associated with memecoins, others see the potential for significant profits. Traders have turned small investments into massive returns, with some even earning millions from early-stage memecoin investments.
New projects like Dogecoin (DOGE) and Shiba Inu (SHIB) have emerged to challenge market leaders from previous cycles. According to CoinGecko, tokens like Dogwifhat (WIF), Brett (BRETT), Book of Meme (BOME), and Dog.Go.To.The.Moon (DOG) have quickly risen to become top memecoins by market capitalization within weeks to months of their launch.
Oggiono believes that meme protocols can serve as an entry point to the broader web3 ecosystem. He thinks that memes can help users gain a better understanding of crypto infrastructure, decentralized finance (DeFi), and niche sectors like real-world assets. His views align with those of Solana co-founder Raj Gokal, who also believes that crypto meme projects can help onboard users to the crypto space intuitively.
The rise of memecoins highlights the changing dynamics of the cryptocurrency market, with user-generated money becoming a significant trend in the web3 era. By investing in memecoins, users can potentially earn substantial profits, with some traders making millions from early investments. New projects like Dogecoin and Shiba Inu are challenging established market leaders, and tokens like Dogwifhat, Brett, Book of Meme, and Dog.Go.To.The.Moon are quickly gaining traction in the memecoin space.
Overall, memecoins are not only driving market trends in 2024 but also serving as an entry point for users to explore the broader web3 ecosystem. With meme protocols offering a gateway to understanding crypto infrastructure, DeFi, and other niche sectors, users can gain valuable insights into the world of cryptocurrencies through these meme-based projects. The potential for significant profits and the intuitive onboarding of new users to the crypto space through memecoins indicate a bright future for meme tokens in the evolving cryptocurrency landscape.
Discussion about this post