The crypto currency world remained isolated from the technology industry for a long time after a year full of great collapses and scandals in 2022. However, this situation began to change as Memecoin supporter Donald Trump sat in the presidential seat. Now the major technology players in Silicon Valley are also interested in Memecoins.
Jellyjelly and the founder of Venmo iqram Magdon-Ismail’s breast coin initiative
Since the beginning of the presidential period, many mainstream technology figures have launched or supported breast coin projects. However, some of these coins experienced harsh decreases. For example, Trump Token lost value in a short time. This shows that the risk appetite is revived in the crypto market and that the world of technology wants to be a partner in this rise.
Last night, Venmo’s founding partner, Iqram Magdon-Ismail, launched a breast coin for his new attempt. This attempt Jellyjelly is defined as a social media platform that combines Tiktok and Facetime. Magdon-Ismail’s Token, Solana’nın Memecoin Launchpad’i Pump.fun was released on the market.
Initially reached a market value of 230 million dollars, Token fell below $ 100 million in just one day. Magdon-Ismail said that one of Solana’s founding partners in a podcast he attended was excited about this launch by sending him a message and he also had interviews with some people from the Solana Foundation.
Following these developments, Slow Ventures, one of Venmo and Solana’s investors, shared his views on Memecoins. X (formerly called Twitter) in a sharing, argued that money is actually a form of communication and the expression of a point of view of the Memecoins. However, it is not known how much Lessin has received or whether it has received this token.
Vine’s founding partner also joined the memecoin craze
What happened to Jellyjelly Token reminds me of the fluctuations experienced by a Memecoin, which was recently initiated by one of Vine’s founding partners. Vine’s founding partner saw that Memecoin had experienced a big decline in a short time after a rapid increase in the market value.
On the other hand, Nikita Bier, one of the names behind viral social media practices, also made a sharing stating that he was thinking of starting a memecoin, but then deleted this sharing.
These shows that Silicon Valley sees breast coins only as a tool to create entertainment and community. However, not everyone believes that the Memecoins will make a positive contribution to the startup ecosystem.
Rob Hadick from Dragonfly: “Memecoins will not be permanent for startups”
Rob Hadick, a general partner of Dragonfly, an important investor in the crypto world, argues that startups cannot succeed in the long run by releasing memecoin.
According to Hadick, it is not possible for mecoin projects to create distraction, that investors have a negative feeling due to losses and that such initiatives are permanent due to the high regulatory risks.
In addition, Hadick said that the crypto and technology world reacted to short -term market movements and recalled the great debates about the NFTs in 2021, most estimates were wrong.
At this point, doubts continue whether Silicon Valley’s interest in Memecoins is a trend or a long -term investment strategy. However, it seems that the world of technology does not want to remain completely indifferent to this madness.
