- Anarchy, a recent meme coin, is soaring in the cryptocurrency market.
- Regardless of the hype, meme coins come with huge risks, making them a gamble rather than an investment.
Just as the scars of the 2008 financial crisis were healing for people, another series of bank collapses in early 2023 led to more suffering. Multi-billion dollar companies have continuously oppressed people and used consumer data for their own benefit. Once they are done earning according to their will, they walk off and leave the taxpayers to clean up their dirty work.
Although a person honestly pays a series of taxes like property tax, income tax, and others, they continue to suffer under the dominance of the government, which imposes indirect taxes and causes inflation. The little man is losing his purchasing power due to these central authorities’ greed, and the government preaches the need for inflation and rationalizes their actions.
Most governments in the world claim to be democratic, but don’t we all see the invisible hands of the rich pulling the strings and directing the actions of these democratic puppets? Government agencies continue to patrol the internet in the name of protecting users from malicious hackers and schemes; however, they abuse privacy rights, impose censorship, and even freeze accounts. Their position makes them answerable to no one and they continue without intervention.
Isn’t everyone entitled to digital rights? A vicious cycle of the rich getting richer is continuously playing out, with the common people relying on their leftover breadcrumbs. But no more, we have the Anarchy token, which represents free speech and a community-based rebellion against the established centers of power, which for so long have succeeded in manipulating us, but no longer.
Anarchy, the Meme coin
Meme coins were launched as an internet joke, to oppose centralized financial institutions and portray any famous meme. The first meme coin was the DOGE coin, which had the Shiba Inu breed of dog as its mascot. These altcoins (alternative coins) were built as a challenge to Bitcoin. However, unlike others, meme coins do not have any specific purpose.
The life, market cap, and price of these tokens, all depend on the current market hype and ongoing trend. The more engaging the backstory of the token and the more interesting its cause, the more people will join it and form a stronger community. The price is often the result of celebrity promotions and social media hype, which can result in a feeling of FOMO (fear of missing out) among individuals who may rush to invest in the next big project to get in on the latest trend.
Dogecoin, the first, and Pepecoin, though young, have become the two most popular meme coins with robust community support, although lacking any practical use like a store of value like Bitcoin or fuel for smart contracts like Ethereum. Anarchy, a relatively new coin, is gaining huge attention from investors due to its simple yet powerful cause, resulting in continuous growth of community and market value.
The whole cryptocurrency market is volatile because of its inherent nature, and this is doubly true of meme coins. Many projects are just pump-and-dump schemes, which build up the hype and then dump the project, profiting from the increased price. Rugpulls and fraud projects are too common, with developers running away with investors’ money in the early stages of development.
Conclusion
Several projects are launched without a whitepaper, so people are not aware of the underlying technology, like consensus mechanisms and governance processes. Investors need to undergo thorough research before investing in the project, even though it may look promising as it is surrounded by huge clouds of hype. People should not blindly follow the principle of high rewards entailing high risk, because then it’s a gamble and not an investment.