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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 capturing the market’s attention and, in some cases, are 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 the key similarities and differences between these two phenomena.
Summary
Crypto world: Similarities in distribution strategy between SocialFi and meme coins
The 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 the distributions of meme coins. This fair and community-oriented distribution is a characteristic that both categories share.
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.tech token, which not only introduces unique applications 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 could also narrow 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 leveraged the trends of meme coins, introducing new features and activities that support transactions with these 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 their 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.
The evolution of the market and the role of DEX
Alvin Kan observes that the growth of decentralized exchanges (DEX) has provided a solid foundation for trading meme coins.
Kan says:
“The industry has shifted from being focused on capital to being community-oriented, marking a significant transition”.
This year, in fact, the cryptocurrency market has been looking for the big narrative to 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.