Meanwhile, the market capitalization of a cryptocurrency called Pepe - a meme coin based on a cartoon frog - has doubled in just a few weeks. Even the price of the FTT token, created by the FTX exchange and currently unusable, has tripled in the past month in hopes that the Sam Bankman-Fried exchange will rise from the dead.
Everywhere you look, there are signs that the wild excesses of the cryptocurrency market - and the fear of missing out - are unlikely to return. While the anticipated launch of a bitcoin exchange-traded fund has pushed the oldest and largest cryptocurrency higher, the hype has also pushed other boats, even the most unseaworthy ones.
This latest wave of digital junk follows a nearly two-year crypto winter that saw the value of thousands of dubious projects plummet — some to near zero — to the delight of critics and even some industry players. Aggressive actions by the Securities and Exchange Commission have declared some cryptocurrencies illegal and pushed some cryptocurrency developers away. Now it appears that the purge was only temporary.
"When prices go up, investors on the sidelines feel they need to step in," said Campbell Harvey, a finance professor at Duke University. “Many people break the first rule of investing: understand what you're investing in. Many violate the second rule by placing one bet on one chip.' Social networks are once again flooded with news. The hype about meme coins. One of them is called Memecoin, which was created at the beginning of the year and has increased in value this month. Its short white paper, which replaces disclaimers with explanations, says the token "has no functionality, utility, or intrinsic value without the promise or expectation of profit, gain, interest, or dividends."https://x.com/Pauly0x/status/1724886311780123024?s=20 “I'm looking for a new theme for free customer fundraising - a crypto theme other than Bitcoin,” said Corey Klipsten, CEO of Bitcoin Service. provider Swan. an interview. Yours. "I guarantee there will be another hype cycle for altcoins and more people will get hurt."
Still images of stones related to the Ethereum and Bitcoin blockchains are once again selling for impressive prices. Bitcoin Rock #75 recently sold for about three bitcoins, or about $112,900. The collection, like many others, is assembled by a small group of people. And like most NFT collections, Stones are not very liquid. Several projects are now holding NFT land sales, effectively selling NFT assets in the digital gaming space, although many participants in the previous generation of projects have sold out.
"It's important to consider the current environment, which can be described as a bit of a bull market," said Sarah Gergelos, an analyst at research firm DaRader. "This environment has impacted the NFT space with new enthusiasm and speculative investment that can sometimes drive up prices for projects that may have limited long-term value."
TG Casino, which focuses on offering anonymous crypto gaming on Telegram, has raised more than $2 million through a pre-token sale, including the sale of NFTs to high rollers. People's investments have crashed and burned in many token sales over the years.
https://x.com/TGCasino_/status/1724796820830961673?s=20
In the mad rush for the latest hot token, some buyers are falling prey to so-called "anger attraction," a scam that causes coin creators to disappear from liquidity. According to blockchain security auditor Hacken.io, Rage was responsible for 65.1% of all cryptocurrency attacks in the third quarter.
"Optimists see the thawing of the crypto winter and even the emergence of green shoots," said Aaron Brown, a cryptocurrency investor who writes for Bloomberg Opinion. “If this is really early spring in the crypto industry, new good ideas should take the focus off the crap. Otherwise, the garbage will be forgotten again."