Let’s get it out of the way: Haha, Fartcoin! Coin with “Fart” in the name!
Now for reality: The market value of memecoins – meme-based cryptocurrencies – is surging following the re-election of President-elect Donald Trump and his promise to make the US the “crypto capital of the planet.” Crypto enthusiasts are expecting the industry to rebound under a second Trump term, a sentiment already reflected in Bitcoin’s record valuation earlier this month.
This may be why people are investing in memecoins more than ever, even though they are completely worthless. According to NBC News, the fartcoin, which launched in late October, reached a high of $836 million on Monday. It has surpassed Dogecoin, a memecoin with a dog mascot that surged in value after Trump created a nongovernmental advisory group nicknamed DOGE.
Memecoin investors include Bitcoin millionaires and people who are taking advantage of the opportunity to make it big.
“All these kids say, ‘All good stocks are way too expensive.’ And houses? “I can’t afford them,” Omid Malekan, who teaches crypto at Columbia Business School, told CNBC. “So I’m going to bet on something that can increase my money tenfold, and if I lose it all, who cares? I was screwed anyway.’”
It’s a big gamble that memecoins can make you a millionaire overnight. You’re betting on the chance that someone will be willing to pay more than you for an inherently worthless investment because She I think someone will pay more than She did, and so on.
Toe Bautista, a research analyst at crypto trading firm GSR, described memecoins as…
