timdaub
@timdaub.eth
The memecoins that made people money on here were technical innovations - Clanker (intrinsic value of the launch pad) - Degen (tipping on FC) - etc All other pure memecoins were pure luck if you exited them profitable.
2 replies
0 recast
7 reactions
Mac Budkowski ᵏ
@macbudkowski
DEGEN is an interesting case because they airdropped a big part of their supply to Farcaster users. They still do it via tipping. So you haven't even needed to buy it to join the party, contrary to other coins.
1 reply
0 recast
1 reaction
timdaub
@timdaub.eth
I think to call Degen a meme coin is really a misconstruing of the reality, because Jacek was the first person who built technology that really influenced the FC community in a major way. Everybody was replying to each other. And FC even reached so much popularity that its Google search ratings went up. Dan was invited to many podcasts. The Merkle team was able to say that this surge in user acquisition came from frames, etc. The utility of Degen at that point was clearly to be an ad about FC. That's why there was so much time to exit it, because this intrinsic value of promoting FC remained intrinsic to degen for a really long time. So to suggest that Degen is a meme coin that merely works based on people cackling when they hear the word is false. There are a few users here on FC which most likely are not sufficient to pump it to half a billion US dollars. The reason why it pumped was because the ad utility function of the coin made it worth for some with a lot of money to pump money into it.
0 reply
0 recast
0 reaction