Part 3/8:
This nihilism manifests as a willingness to gamble small amounts of disposable income into random memecoins with the hope of a significant return. After all, $500 doesn’t seem life-changing in the current economic climate, making the allure of a 50x return from a meme coin enticing.
The Coining: An Oversaturated Market
The term “coining” has come to signify a movement characterized by the launch of thousands of new tokens, many of which are classified as “shitcoins.” Critics argue that the explosion of memecoins signifies the worst type of speculative trading, taking the cryptocurrency landscape towards uncharted territories rife with potential scams and reckless gambles.