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SocialFi Sector Challenges Meme Coins in Crypto Market
The crypto world is constantly evolving, and while meme coins have seen explosive growth, a new trend is quickly emerging: SocialFi platforms.
These platforms are gaining market attention and, in some cases, even surpassing meme coins in terms of influence. Alvin Kan, COO of Bitget Wallet, provides a detailed overview of the unique relationship between SocialFi and meme tokens, highlighting key similarities and differences between these two phenomena.
Crypto world: similarities in distribution strategy between SocialFi and meme coins
O SocialFi Platforms use token distribution strategies similar to meme coins. For example, DEGEN tokens are not subject to pre-mining and 15% of the total supply is allocated to ecosystem development over a four-year period.
The rest is distributed through airdrops and liquidity incentives, common practices also in distributions of meme coins. This fair and community-oriented distribution is a characteristic shared by both categories.
Functional applications of SocialFi platforms
A distinctive aspect of SocialFi platforms is their ability to offer more functional applications compared to meme coins.
A significant example is the friend.technology token, which not only features unique apps but also engaging elements like ‘Clubs’.
These elements increase the level of engagement and challenges for users, creating a more interactive and dynamic experience.
However, this complexity can also restrict the audience, limiting the appeal of SocialFi platforms compared to meme coins, which are often simpler and more accessible.
Bitget Wallet and Meme Coins: The Crypto Trend Before SocialFi Tokens
Bitget Wallet has cleverly taken advantage of meme coin trends by introducing new features and activities that support transactions with these coins. cryptocurrencies. The company has indeed integrated the most popular blockchains, integrated support for new meme coins into the ecosystem, and improved swap transaction capabilities.
Furthermore, the launch of its own meme coin – MOEW – and the organization of various meme-themed activities have led Bitget Wallet to be considered a leader in the meme coin sector.
Market evolution and the role of DEX
Alvin Kan notes that the growth of decentralized exchanges (DEX) has provided a solid foundation for meme coin trading.
Kan says:
“The industry has moved from being capital-focused to community-driven, marking a significant transition.”
This year, in fact, the cryptocurrency market has been looking for the grand narrative that will follow after the era of Bitcoin ETFs. Meme coins have therefore proven to be a successful candidate.
Conclusion
SocialFi platforms represent a new frontier in the world of cryptocurrencies, challenging meme coins in terms of influence and market interest. With similar distribution strategies but more functional and engaging applications, SocialFi platforms offer an interesting alternative that could redefine the cryptocurrency landscape.