Meme Coin Mayhem: After the Great Wipeout, What’s Next for Meme Coins?
While Bitcoin is only experiencing lethargy, meme coins are getting absolutely obliterated. The massive meme coin wipeout has been the result of too many rigged insider cash grabs and immense value extraction on Solana.
At the center of it all has been the Solana meme coin launchpad Pump.fun, on which nearly 8 million tokens have been launched since it went live just over a year ago. Things went haywire when presidents and countries also joined in to exploit the crypto space.
After TRUMP and MELANIA sucked all the liquidity from the market, LIBRA seems to have done irreparable damage to the ecosystem. Within hours of its launch, LIBRA saw a decline of $4.4 billion despite the support of the Argentinian president. Ouch!
While Kelsier CEO Hayden Davis, who launched the LIBRA meme coin, claims the token is “not a rug pull” but rather a “plan gone miserably wrong with $100 million sitting in an account that I’m the custodian of”, investor confidence has been severely shaken, putting the sustainability of the meme coin ecosystem into danger.
In situations like these, we see the difference between meme coins that are simply taking advantage of crypto’s open market and accessibility and those that are being built for the long term. While meme coins are here to stay, as they have been for more than a decade, the value of utility simply can’t be denied. This is where utility meme coins stand out for their focus on sustainability and providing value to users.
A great example of this is the utility meme coin SquidGrow, which combines the fun of memes with the power of real utility to deliver cutting-edge technology for the crypto ecosystem.
This blockchain company from billionaire Shibtoshi already boasts several products like NFT marketplace Inkubate.trade and vesting platform Knox Locker. Then there’s the fully funded DEX SGS for smarter and safer trading. An early Bitcoin supporter who has gained the status of a Shiba Inu whale, Shibtoshi is currently focused on bringing privacy to the crypto world with a first-of-its-kind revenue-generating product, SilentSwap.
SilentSwap is a decentralized, trustless, and privacy-focused cross-chain aggregator that utilizes liquidity from many decentralized sources to offer its users the best prices. It allows the trading of digital assets across multiple chains while maintaining confidentiality. To maximize privacy, all transaction data is cleared daily, and no personal information is required to use the platform. Users can also choose between Semi-private or Max Privacy options.
Not only does SilentSwap protect your personal and financial data, but its non-custodial nature also ensures secure transactions. You remain in full control of your funds during every swap, with your wallet authorizing each step directly in your browser session. At no point does SilentSwap take custody or ownership of your crypto.
Overall, through SilentSwap and other products in the SquidGrow ecosystem, Shibtoshi is taking a long-term focus on growing its community and delivering value, a crucial element that the crypto industry and its participants need for growth and longevity. SquidGrow isn’t just another meme coin riding the hype; it’s built on real utility. A portion of the revenue from its ecosystem is used for buybacks and liquidity injections. As the project grows, this reinvestment will help maintain stability, making SquidGrow more than just a passing trend in the space.
