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Sunday, May 19, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Crypto/Blockchain

Netcoins adds four memecoins to growing list of 45 crypto assets

Additions response to growing demand for new Solana-based tokens

Netcoins adds four memecoins to growing list of 45 crypto assets
Photo from Traxer via Unsplash.

BIGG Digital Assets Inc. (CSE: BIGG) (OTCQX: BBKCF) (WKN: A2PS9W) digital asset exchange subsidiary Netcoins added four new crypto assets on Tuesday.

Originally announced on Monday, the exchange added PEPE, BONK, INJ and TIA to its growing list of now over 45 crypto assets.

Investors will be able to buy, sell, deposit and withdraw these assets.

Pepe Coin, or $PEPE, has carved a niche for itself in the meme coin market with a market capitalization of USD$2.95 billion. Launched in April 2023 on the Ethereum blockchain, $PEPE boasts a total supply of 420 trillion coins. It sets itself apart with unique features such as a deflationary mechanism, a redistribution system, and a policy that eliminates taxes on transactions, which have collectively fuelled a surge in its trading volume since its debut.

Additionally, $BONK, a cryptocurrency that focuses on community engagement, has integrated seamlessly with Solana’s decentralized applications (dApps), enhancing user interaction across the network. With its initial distribution through a complimentary airdrop to Solana enthusiasts on December 25, 2022, $BONK has experienced rapid growth, achieving a market cap of USD$2 billion and becoming a fundamental token in web3’s communal ecosystem.

The Injective Protocol, represented by its native token $INJ, has reached a market capitalization of USD$3.02 billion. As an open-source, interoperable blockchain tailored for DeFi applications, including cross-chain margin trading, derivatives, and forex futures trading, Injective Protocol supports over 100 projects and has garnered a global community of more than 150,000 members. Notably, Netcoins is introducing the ERC-20 version of $INJ tokens, expanding its availability and utility.

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Meme or culture coins have staying power

$TIA, the native token of Celestia, holds a market cap of USD$2.15 billion and underscores Celestia’s innovative approach to blockchain technology with its modular framework. Celestia simplifies the development of new blockchains by separating the consensus and execution layers, thereby enhancing blockchain accessibility and usability. This approach allows developers to establish their own execution environments, fostering experimentation and sovereignty within the blockchain ecosystem.

“Netcoins is consistently evaluating, researching and predicting trends in the market. Every market cycle comes with evolving demands and what we’ve seen through user research is that ‘Meme’ or ‘Culture Coins’ have had not only staying power from the previous market cycle but are poised for an increase in interest from our retail users,” Pavel Dolzhenko, Netcoin’s product lead, said.

Dolzhenko said there’s been a surge in demand for new tokens on Solana, like WIF and BONK. They’re also watching retail investor interest in other blockchains like Base. AI-related coins are another area of interest, with projects focused on decentralizing things like machine learning and cloud computing.

While meme and AI coins are getting a lot of attention lately, Dolzhenko says they’re also keeping an eye on other developing areas like modular blockchains, parallelized EVMs (Ethereum virtual machines), real-world assets (RWAs), and GameFi.

Memecoins are cryptocurrencies based on internet memes, often created as a joke or for fun.

Unlike established cryptocurrencies, they typically don’t have a clear purpose beyond entertainment and community building. Dogecoin, featuring the Shiba Inu dog from a popular meme, is the granddaddy of memecoins. It was launched in 2013, but the rise of memecoins to mainstream popularity really happened in early 2021.

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