Memecoins the next catalyst for crypto adoption — DappRadar analyst

In episode 22 of Hashing It Out with Cointelegraph’s Elisha Owusu Akyaw, Sara Gherghelas, a blockchain research analyst at DappRadar – a cryptocurrency data monitoring platform – talks about the current excitement surrounding memecoins and examines on-chain data. Gherghelas also gives her views on how other areas, like nonfungible tokens (NFTs), are doing as memecoins gain traction.

Gherghelas is of the opinion that we are in a memecoin era. She believes that when Web3 or cryptocurrencies are mentioned in 2023, many people will think of memecoins. According to Gherghelas, there have been several memecoin cycles in the crypto market, but this one is special as the trend has been maintained for a longer duration.

The blockchain analyst links the trend to the rise of memecoins on social media and the formation of tight-knit communities that individuals are eager to join. Moreover, Gherghelas states that the cost action of memecoins in this cycle has drawn a great deal of traders looking to gain profits. Additionally, she remarks that memecoins are more open and inclusive because of their low entry threshold.

Memecoins could go beyond just a momentary social media fad or a way to make a quick profit. Gherghelas pointed to initiatives such as Shiba Inu, which is constructing a decentralized exchange and layer-2 network, and Floki Inu, which is establishing a metaverse. The blockchain research analyst holds that memecoins are not a zero-sum game for the crypto-currency industry as many people who come in through memecoins may remain and uncover other facets of cryptocurrency.

Whilst memecoins prospered, other areas of the cryptocurrency industry encountered difficulty, as indicated by figures monitored by DappRadar. Gherghelas drew attention to the decline in wallet operations on blockchain gaming platforms and noted that NFTs still experienced a respectable level of activity.

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Listen to the newest episode of Hashing It Out, which features Sara Gherghelas from DappRadar, on Apple Podcasts, Spotify, Google Podcasts, or TuneIn. For more interesting podcasts, go to the Cointelegraph Podcasts page.