It’s possible that “Degens” (high-risk DeFi traders) are selecting meme coins simply because there are now too many stories vying for customer attention. According to @DefiIgnas, a pseudonymous DeFi researcher, the meme cryptocurrency section is still a “fun and simple” shortcut in spite of all its problems.
“Degens opt for simple and fun”: Meme coins still beat other narratives
The cryptocurrency market gets difficult to follow in Q4 2024 as fresh, intriguing stories keep appearing. Experienced cryptocurrency researcher @DefiIgnas on X claims that among of these include Ethereum’s Layer 2 scaling networks, AI meme cryptos, and BTCFi.
https://x.com/DefiIgnas/status/1849940413228150825
The crypto audience is also interested in new stablecoins, innovative DeFi primitives, decentralised prediction markets, and on-chain real-world assets.
As a result, it becomes impossible to thoroughly examine any of these stories. This might be the reason “degens” are gravitating towards meme currencies. In early 2023, @DefiIgnas hinted at the disruptive potential of tokenised RWAs, as previously reported by U.Today.
The study also highlights certain questions that cryptocurrency owners should consider while handling their holdings. Along with the tokenomic designs of possible meme coins for investment, it is important to examine the promises of L2 road maps, the advantages and disadvantages of the development of BTCFi infrastructure, and new DeFi primitives.
AI meme coin scene highlighted by analyst
According to him, there are two approaches to improve knowledge of current developments in cryptocurrency: concentrating on a specific area or attempting to cover several stories.
This weekend, he plans to explore the meta-narrative of the AI meme currency. Despite the weak performance of the cryptocurrency market, the AI-driven meme coin Goatseus Maximus (GOAT) has increased by 72% in the past seven days.
This year has already seen some euphoric stages for the first AI-generated meme currencies, such as TURBO. But the first to reach a valuation of $863 million and make it into the top 75 biggest cryptocurrencies is GOAT.
