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CryptoQuant CEO: It’s too early to say Memecoin is the end of cryptocurrency

CointimeCointime2024/08/08 06:24
By:Cointime

CEO Ki Young Ju of CryptoQuant stated in a post on X: "Throughout history, humans have formed communities by coordinating individual interests within a system. Entities such as nations and companies have created systems such as 'capitalism' and 'corporations' that unify personal and public interests in one direction.

With the invention of the Internet, a new type of interest coordination system began to emerge. Global users began to form borderless online communities, coordinating their interests by sharing information about common goals.

These initially were just online communities sharing interests, but with the emergence of cryptocurrencies, they evolved into financial interest groups. One of the most interesting phenomena in this field is Meme coins.

People attracted to the excitement of online humor communities created financial products called Meme coins, which allowed them to quantify the public consensus on certain ideas in currency form. The more consensus an idea receives, the more funds flow into the market. However, as some have observed, in the absence of actual value creation - collaboration online without a unified interest - people begin to refer to cryptocurrencies as a casino.

For the cryptocurrency industry to create value, it needs a product that coordinates the work of an online community with a common goal. What is the significant and difficult task of coordinating the interests of global users on the Internet? I think it's the content industry. The Internet is ultimately just a means of quickly, transparently, and efficiently sharing information - whether it's investment information, lifestyle tips, entertainment, or games. If collaborative work creates content together, cryptocurrencies can be used to coordinate community interests.

For those launching cryptocurrency startups, it is wise to consider what projects can unite 8 billion people across the entire Internet. It is too early to view the entire cryptocurrency industry as a casino just because of Meme coins. I don't want to completely deny Meme coins, but it is still too early to say that they are the end of cryptocurrencies. I hope the cryptocurrency industry can flourish."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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