Did MEME COINS Ruin Bitcoin Potential? (WORST Cryptocurrencies Of 2021)

meme coins got a ton of attention during the first portion of this bowl cycle but people are apprehensive about diving back into these risky investments after the downturn we just had the excitement seems to die down a little bit the truth is a lot of people lost money buying the tops of meme coins earlier this year and they didn't need to be taking those risks believe it or not the top crypto assets in the market actually outperformed the most popular meme coins over the past year let's get it welcome to bitboy crypto home of the bit squad the largest and greatest crypto community in all the interwebs my name is ben every day on this channel i show you how to make money in crypto if you like money and crypto then make sure to hit that subscribe button in this video we're going to take a look at the impact the meme coins have on the broader crypto market and see how the financial returns from these projects compare with the leaders of the industry before we get started though make sure to sign up for the 5 8 to 5 million giveaway click the gleam dot io link in the description to enter for a chance to win five ethereum and thousands of dollars in other alt coins meme coins though are among the most controversial projects in the space you either love them or you hate them it's true these silly coins bring a lot of newcomers into crypto and in the long run that can be a very positive thing but sometimes people can have very bad experiences in these investments too let's face it the vast majority of these projects are pump and dump tokens that were only created to get their founders rich this can give people the impression that the entire crypto market is just one big casino and it also gives the media plenty of ammunition when it's time for them to open up the floodgates not to mention the fact that these projects take billions of dollars away from legitimate crypto assets and teams that are building something of value we would probably be looking at a six-figure bitcoin right now if these meme coins weren't out there taking up so much attention and market activity this is nothing new to crypto but it seems to be getting worse with every cycle this year we saw the surprise success of dogecoin that inspired countless derivative projects that flooded the market claiming to be the next big opportunity shiba inu was the most popular spin-off dog token to launch during this memecoin frenzy but there were hundreds if not thousands of others and they were all gathering significant investments until the market cooled off then it all came crashing down sheba held relatively strong but is now a fraction of its former market cap the same can be said for doge which held up a little bit stronger even but the rest of them had been entirely forgotten it was frustrating for many of us to watch new investors stumble into such questionable projects and one of the most respected teams in deep i decided to do something about it at the height of the dog money craze some of the developers at yearn.finance one of the foundational platforms in ethereum's divi ego system issued a meme coin of their own they played along with the dog theme and called their token whoopee but this was more than just a meme wolfie was a re-denominated version of urine's powerhouse wi-fi token it just had a different name in smaller units this means that people who put money into woofie were actually investing in urine dot finance the divi platform was trump fundamentals in addition to the dog trend the team realized that people were being drawn to meme coins because of something called unit bias the yfi token has a very low circulating supply so the unit price or price for one unit of the currency is very high trading in the tens of thousands of dollars similar to bitcoin this high number is a bit of a turn off for newer investors even if they know they can buy these coins in fractions it just seems like there's less upside when the price is already so high new projects like safe moon capitalized on this bias by launching their tokens with trillions of tokens in the supply save moon how does circulating supply of 580 trillion and a total supply of one quadrillion which made the price very low made it very easy to buy millions of tokens everyone had this idea that if only statement would reach one dollar or even one penny they could be rich but the huge supply made this mathematically impossible same moon wasn't really offering all that much underneath all the height so most of the money flowed out of this project as soon as uncertainty hit the markets i get it meme coins are attractive because it seems like they have a lot more upside potential than more established crypto assets but if you really dig into the numbers it's not actually true this isn't the case dogecoin made headlines throughout the year because it rallied from under a penny all the way up to 68 cents but we're crashing down to about 25 cents where it is today this is certainly an impressive run but it didn't outperform everything else in the market as the suits on tv would have you believe in fact if you would have done some research during the past bear market or even the initial stages of this bull market you would have found some incredible opportunities put your doge gains to shame for example until the very beginning of this year polygon formerly known as matic was priced somewhere around a penny and now it's holding strong well over a dollar after hitting an all-time high of nearly two dollars and fifty cents these kinds of opportunities are everywhere in this industry if you do enough research you will find one of these gems every once in a while cardano had a very similar run from sitting under 5 cents for over a year to ranging between 1 and 2 dollars with much more room to grow if you like growth and gains though make sure to click on that like button and subscribe to the channel it helps us out and keeps you in the loop on the latest in crypto but look at something as large as ethereum which has gone from under 100 during the bear market to over 4 000 in its recent highs it's more than a 40x you don't need to invest in jokes to make crazy gains in this industry plus we all know that i got the market cornered on jokes anyways am i right in addition to having more potential upside assets with real utility are much safer than these meme coins as well crypto markets are volatile and risky this is part of the deal that we sign up for but when the bear market comes the meme coins usually get hit the worst covered this in a recent video where we reviewed some of the worst coins to hold during a bear market click up here to check that out when retail investors end up getting wrecked in these assets regulators start sniffing around and looking for excuses to get involved celebrities seem to make matters worse by promoting the most sketchy projects out there kim kardashian and floyd mayweather brought some bad attention to the industry earlier this year with the promotion of a project called ethereum max despite its official sounding name it was nothing more than a meme coin and the celebrities who endorsed it well they were quickly called out for the obvious and undisclosed paid promotion memecoin degenerates will say that these projects are about the power of the community it is true to an extent but a tradable token with no utility is not the best way to build and sustain a digital community just in the past few months we've seen narratives around communities on the blockchain shift from meme coins to social tokens and nfts with the rise of the board ape yacht club we've seen a much more productive and healthy example of a blockchain based community which allows its members to tap into a popular brand and exclusive club in the coming years social tokens will start to give creators the tools to finally harness the power of their communities support themselves better than ever the community aspect of these projects is very real but with each passing day this industry is giving us better tools to build these communities and as this happens meme coins will slowly become a relic of the past that's all i got be blessed bit boy out [Music] you

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