Why The Frog Meme Coin Epidemic Is A Stress Test For Bitcoin


Bitcoin may be the most widely known name in the cryptocurrency space, but its main rival, Ethereum, has gained a bigger share of recent innovations in digital assets. non-fungible tokens or Decentralized financial app.because it’s ethereum The underlying software is believed to be more versatile and better able to handle bursts of activity without choking or slowing down. Bitcoin is now finding itself host to the latest speculative frenzy in cryptocurrency, a frog-branded “meme coin” called Pepe, putting a strain on the technology of the original crypto network.

Meme coins are digital tokens painted with images (often cartoon characters or animals) that can quickly gain notoriety and skyrocket in value. They have little real-world use, but they can attract a community of enthusiastic followers who hoard and trade them. (The name is inspired by so-called memetic strains such as: Gamestop Corp., seized by retail traders during the pandemic, has been driven to stratospheric ratings based on social media conversations. ) There are hundreds of meme coins, some with little value, others with a market value of over $100 million. Investors often jump on newly minted meme coins once they start trading on digital exchanges such as Coinbase and Robinhood. Others also follow them for fear of missing out. Dogecoin, one of his famous memecoins, rose to stardom when Elon Musk tweeted a meme based on the coin, inspiring many dog-themed memecoins such as the Shiba Inu. gave.

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