09 Aug 2023
July Recap - Meme Sector
Rewind July's memecoin market in this concise recap, highlighting key moments and offering insights.
This summary is AI generated, want to learn more? Read here.
Welcome to the inaugural edition of our monthly recap, where we'll delve into noteworthy moments, explore key developments, and offer insights for the months ahead.
The memecoin sector was anything but dull, with fresh communities emerging, rallying supporters, and aspiring to become the next big thing, often rocketing to the moon, only to plummet back to zero leaving just the steadfast diamond holders.
Keep in mind that the dynamic nature of this space means that projects discussed today might fade into irrelevance tomorrow.
Amid the chaos, July has been quite eventful, boasting positive market sentiment despite some rug-pull drama that shook the community.
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Late in June, the Twitter universe witnessed an unexpected exchange between Elon Musk and Mark Zuckerberg, as they playfully agreed to engage in a Mixed Martial Arts (MMA) fight after undoubtedly becoming rivals with the launch of new social media platform THREADS by Meta.
Musk's proposal sparked a flurry of excitement, prompting countless memecoin projects to launch in response to this billionaire brawl.
Unexpectedly, Musk himself proposed the idea, stepping into the spotlight as the underdog with a reputation for overworking and under-exercising. On the contrary, Zuckerberg boasts years of training and flaunts more impressive physique images online than Musk. Clearly Musk is the underdog here.
As anticipated, the meme coin community on Twitter swiftly embraced the concept of a showdown between these two billionaire titans, the faces of rival social media networks. In response, a cascade of new coins flooded the market, and influencers reveled in the frenzy.
In a surprising move, Twitter officially rebranded as X.
But why does this matter in the realm of memecoins? Well, when Elon Musk, Mark Zuckerberg, or any high-profile figure like Vitalik Buterin tweets or does something on Twitter, the memecoin market naturally gears towards it.
This rebranding frenzy triggered a slew of token launches, as the crypto community pondered how to refer to the "crypto Twitter" phenomenon, a hub of alpha calls, memes, and community interactions that shape the cryptocurrency landscape.
As the confusion settled, Elon Musk proceeded to change his location to 𝕏Ð with communities going wild as a result, speculating that now is the time for the long awaited integration of DogeCoin as the platform's native token.
"One DogeCoin for this article" - Elon Musk
Throughout July, the prominence of Telegram bots within the DeFi has solidified with widespread adoption of these versatile tools and a new meta being born. This trend is evident, with distinct categories even emerging on platforms like CoinMarketCap.
Although utilized by DeFi traders for years, these bots remained relatively unnoticed in the broader market. Their significance, particularly in the memecoin trading community, cannot be overstated.
Serving functions like analysis, sniping, tracking, and contract simulation, Telegram bots remarkably amplify trading efficiency, directly benefiting meme traders. Before tokens hit centralized exchanges, they undergo decentralized exchange trading, which has historically lacked sophisticated features such as stop loss on platforms like Uniswap.
Custom-coded bots have long filled this void, and the growing buzz around Telegram bots is set to drive their adoption even higher. As these bots effectively tackle various trading challenges, their prevalence will inevitably intensify.
Coinbase's layer 2 solution, BaseChain, triggered a frenzy of memecoin launches, with $BALD leading the pack.
$BALD, a tongue-in-cheek nod to Coinbase CEO Brian Armstrong's hair (or lack thereof), skyrocketed from zero to $36 million within 24 hours, only to cross the $100 million mark the very next day.
However, $BALD's meteoric rise was followed by a rug-pull, leading to a 90% price crash and conspiracy theories involving SBF.
Was crypto's most hated individual behind the rug pull? Crypto Twitter will continue to conspire.
Not long after $BALD, many other launches gained traction showing a continued trend of mass amounts of volume for every new blockchain launched.
It's a common strategy for traders in this sector to ape the first 20 memecoins in hope of hitting a winner.
The memecoin sector currently ranks second in 24-hour trading volume, with a market cap of $17.9 billion. Notable movers like $PEPE and $OPTIMUS have shown to retrace, while top dogs like Dogecoin and Shiba Inu witnessed growth during the month of July.
Bone ShibaSwap led the pack with a 50% surge, gaining attention as an integral part of the upcoming Shibarium ecosystem.
Shina Inu, a hidden gem, displayed positive price action, fueling speculations about the dog season heating up.
Despite the rapid shifts and ongoing launches, solid projects are gaining deserved attention, and the release of new tools and events like Musk vs. Zuckerberg keep the market vibrant.
The imminent launch of Shibarium promises an even brighter future for memecoins, suggesting that this sector's market cap will continue to expand further.
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July in the memecoin world was a whirlwind of activity, showcasing the dynamic nature of this sector. From the Musk-Zuckerberg MMA challenge to the rise of Telegram bots enhancing trading, the month was a rollercoaster.
As you navigate this fast-paced landscape, remember that memecoins can be both exhilarating and unpredictable. Stay informed, research thoroughly, and approach investments with caution.
Whether you're a seasoned trader or new to memecoins, stay updated, use available tools, and be adaptable. The memecoin future is promising; stay engaged to seize opportunities in this vibrant sector.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.