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Buy on the dip: discover the best utility tokens and memecoins
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Isaac Newton had one of the most brilliant human minds that ever walked the Earth. Author of the famous three laws of physics, published in his book Philosophiæ Naturalis Principia Mathematica, the laws continue to explain many of nature’s movements. But what do Newton’s laws have to do with the drop in memecoins that we highlighted in the title? A lot.
Newton’s first law, or Law of Inertia, states that a body at rest remains at rest and a body in motion continues to move with constant speed in a straight line unless an unbalanced external force acts on it.
Well, until mid-2020 the topic that dominated the cryptocurrency scene was Bitcoin. The cryptocurrency created in 2009 reached stratospheric numbers that surprised even its biggest enthusiasts. In just over a decade, the first blockchain-based token reached the 1 trillion market capitalization mark.
Even though in recent years other cryptocurrencies began to attract attention due to their blockchain projects, nothing compared to the almost straight-line growth in the value of Bitcoin. However, from a post on what was then Twitter, now X.com, Elon Musk made memecoins visible to everyone.
Memecoins: an inert body
In February 2021, Musk made a post on Twitter mentioning Dogecoin for the first time. The post, which seemed somewhat irrelevant, turned out to be extremely powerful. The memecoin, created in 2014 and inspired by the Shiba Inu Meme, was only known by the community. Its unit value, at the time, was no more than US$0.04.
In a sequence of posts mentioning cryptocurrencies, Musk caused the cryptocurrency to reach US$0.68 in May of that year. The jump of more than 2,000% in just over three months placed some teenagers in the select group of billionaires, including a Brazilian.
Quickly, memecoins made the news and the market started to look at them with different eyes. In addition to a series of other memecoin projects that were launched on the market, they took advantage of this memecoin engagement to gain market share, such as Crypto All Stars and CatSlap.
In his third law, Newton brought the idea of action and reaction. Basically, we can summarize this law with the popular phrase “what goes up, comes down”. In the same way that memecoins appreciated exponentially, they fell. The reasons are diverse, but in a post on X.com, user CryptoAmsterdam, with more than 100 thousand followers, gave us some ideas.
He highlighted that speculation around utility tokens was excessive in previous cycles and at the beginning of this one. Many projects were launched with grandiose promises but without solid foundations, leading to an artificial increase in prices that eventually failed to sustain.
Additionally, many teams behind memecoins and other tokens lacked credibility, featuring incomplete white papers and anonymous founders. This lack of confidence has caused investors to become skeptical, and when confidence wanes, mass selling becomes a natural reaction, resulting in sharp drops in prices.
Buy on the dip: discover the best utility tokens and memecoins
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Buy on the dip: discover the best utility tokens and memecoins
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Buy on the dip: discover the best utility tokens and memecoins
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Buy on the dip: discover the best utility tokens and memecoins
