Meme coins are great. They’re fun and they onboard a ton of new users into the space—and every once in a while, they break through the on-chain noise and become new pillars of community for people to rally around, like Shiba Inu (SHIB), BONK, or Dogecoin (DOGE).

They’re a great tool for onboarding and an even better tool for gambling. They also represent a problem that crypto has faced since the advent of Ethereum’s ERC-20 tokens, and arguably even before then.

As long as there are gamblers willing to gamble on-chain, there will be developers willing to supply vehicles to bet their life savings on. As time progresses, it gets easier and easier to launch a token; you don’t need to be technically adept anymore. The “meme coin trader” and “meme coin dev” relationship is a toxic one that won’t be ending anytime soon. 

While meme coins do bring light and joy to many, they bring losses and pain to more. There is limited on-chain liquidity, and meme coins are typically extractive. Meme coin devs aren’t launching meme

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Author: Reza Jafery

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