Meme Coins Are Ponzi Schemes Until ...
Exploring $MYRO Dog Meme Coin based off the founder of Solana, Raj Gokal, pet dog. Its all ridiculous, until its not.
I was approached to write about another meme coin from Rug Radio. They asked me to cover $MYRO. Yes, another Dog coin that is going to change the world. It is listed on the marketplace kucoin.com. Some of the main concerns someone on reddit brought up and $MYRO team addressed were:
I would usually link to the company’s website. $MYRO’s website warns me that it is an unsecured website and that I should back away quickly. I turned on my VPN and pressed on, but I wouldn’t suggest you do that.
MAKE IT VALUABLE
The idea of a meme coin changing the world is not so far-fetched; look at Bitcoin. All ERC20 fungible coins are stores of value in my pea brain, which means the coin must be backed by something of value.
While creating value, the coin needs to be easily purchased. $MYRO is not easy to buy using my traditional methods of Coinbase. To buy $MYRO, it is suggested to use Kucoin.com. Since the launch of the meme coin in November 2023, it has been added to other exchanges using the Phantom Solana wallet.
The team also teamed up with Zebec Wallet . Using a Zebec card allows users to pay with crypto anywhere Mastercard and Visa are accepted. $MYRO is listed as a cryptocurrency that is available to use on the Zebec instant card.
SOCIAL CURRENCY
Using a social media engagement strategy to drive use cases for the coin is smart. I like use cases for coins. The more cases of use for the coin and the more people using the coin, the more likely the coin will stick around. If nobody uses the coin and the only buyers and sellers are traders, it is a red flag for me.
Farming this coin cannot be the only strategy for $Myro to survive. The team plays the “dog card” and claims to unite dog lovers on the blockchain.
This is not financial advice, and meme coins are only for entertainment.
COMMUNITY MAKES THE COIN
Just as I saw in NFT land, I see the same dynamics with meme coins. The communities that form around these digital masterpieces are the engines that power the candles. I’ve watched communities rally around a coin to save it from despair like the CARLS, and I’ve also watched the same behavior around honey pots.
The more use cases for the coin, the better. We have watched APE Coin do this. Many “made by apes” brands accept APE Coin. APE Coin was airdropped to BAYC NFT Holders last year 2023.
Thinking about the ERC20 Fungible tokens just like a dollar bill focuses my mindset around meme coins. They’re all a Ponzi scheme until enough holders buckle in and ride the candles up and down, building on top of the coin's fungible value.
See you Next Sunday,