It has been nearly two decades since crypto first emerged. The first cryptocurrency to go live was BTC. Some can even say that BTC started the whole thing. Since then, the landscape has undergone some important changes, which have upgraded and made it what it is.
Every crypto cycle primarily begins with something unique. In 2017, ICOs made a name for themselves. In 2021, NFTs came onto the scene. And now, it is the era of Memecoins. Memecoins have simply found a place in the hearts and minds of traders.
Memecoins have turned a positive corner in the trading landscape. Due to their humor, they have not only made money but also become popular. However, as the dust settles and things become clearer, something new comes up.
Rise Of Cult Coins
In the wake of the current market upheaval, Cult coins came onto the scene. Cult coins are like meme coins, but they have more features and appeal to the fundamentals of human psychology, such as quasi-religionism, social identity, etc.
Cult coins aim to blend blockchain with human desire, making it more ingrained into society’s fabric. This could be the next big chapter in the world of crypto. Many celebrities are launching cult coins of their brand and image.
These celebrities use their social standing and influence to attract people into their token ecosystem. Therefore, in some ways, cult coins can be stated as inflated characteristics of popular individuals.
Then again, these coins primarily thrive on popularity and lack any real-world functionality like memecoins. As a result, industry experts believe that this might affect the overall usability of these coins.
Interestingly enough, some coins did not start as cult coins. However, the financial workings of the landscape and user tendency shaped them into cult coins. As a result, they are driving through solely for their popularity and not functionality. This can raise questions about the credibility of the tokens.
