Markets
SocialFi Sector Challenges Meme Coins in Crypto Market
The world of crypto is constantly evolving, and while meme coins have seen explosive growth, a new trend is quickly emerging: SocialFi platforms.
These platforms capture the attention of the market and, in some cases, even exceed the same corners 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
THE SocialFi The 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 the development of the ecosystem over a four-year period.
The rest is distributed via airdrops and liquidity incentives, also common practices in distributions of coins. This equitable and community distribution is a characteristic common to both categories.
Functional applications of SocialFi platforms
A distinctive aspect of SocialFi platforms is their ability to offer more functional applications compared to SocialFi platforms. coins.
A significant example is the ami.tech token, which not only introduces unique applications, but also attractive elements such as “Clubs”.
These elements increase the level of engagement and challenges for users, creating a more interactive and dynamic experience.
However, this complexity could also restrict the audience, limiting the appeal of SocialFi platforms compared to meme coins, which are often simpler and more accessible.
Bitget Wallet and even coins: the crypto trend before SocialFi tokens
Bitget Wallet has cleverly exploited meme coin trends, introducing new features and activities that support transactions with these coins. cryptocurrencies. The company has in fact integrated the most popular blockchains, integrated support for new meme coins into the ecosystem and improved swap transaction capabilities.
Additionally, launching their own coin – MOEW – and organizing various meme-themed activities have led Bitget Wallet to be considered a leader in the coin industry.
Market evolution and the role of the DEX
Alvin Kan observes that the growth of decentralized exchanges (DEXs) has provided a solid foundation for meme coin trading.
Kan says:
“The industry has moved from a capital-driven approach to a community-driven industry, marking an important transition.”
This year, in fact, the cryptocurrency market was looking for the grand narrative to follow after the Bitcoin ETF era. So meme coins turned out to be a good candidate.
Conclusion
SocialFi platforms represent a new frontier in the world of cryptocurrencies, challenging meme coins in terms of market influence and interest. With similar distribution strategies but more functional and engaging applications, SocialFi platforms offer an interesting alternative that could redefine the cryptocurrency landscape.