Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
When Elon Musk semi-ironically endorsed dogecoin during the last bull run, most people saw it as a joke: a high-profile business guy playing with the funny money. Nobody is laughing anymore. These days, there are real institutions — from theThis is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the fullremains top dog.
And yet, meme coin projects are also seemingly doing everything in their power to self-destruct. While the conventional wisdom about meme coins is that they have “no underlying value,” more and more meme coin creators are investing time and money into making their projects stand out. It’s a risky trade.including its own scaling layer called Shibarium, decentralized exchange ShibaSwap, Shiboshis NFTs and even a a digital identity initiative and project incubator.
In particular, there is a “critical threshold” of 3,000 holders that tends to indicate a project is gaining traction. The next phase, characterized by the number of new buyers exceeding existing traders, typically sees holder counts jump to 10,000 and the involvement of whales without extreme market swings.
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