Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Creating a successful meme coin is no easy feat. Luke Martin described his experience as a "10-Day Roller Coaster," stressing that it’s better to do it the right way.
What Happened: In his latest thread, Martin shares his journey of creating a meme coin on the Solana (CRYPTO: SOL) blockchain.
Within hours, his dog was transformed into a meme that quickly gained traction. Martin seized the opportunity by launching a meme coin and avoiding the typical pitfalls of rug pulls.
To ensure fairness, he put 100% of the tokens into the liquidity pool, forgoing presale, team allocation and marketing wallets. Despite hoping for the meme’s success, Martin refrained from artificially promoting or pumping the coin.
This decision led to a divided community – some eager for the coin to pump, while others simply enjoyed the meme for its entertainment value. The former group prevailed, causing a rapid rise followed by an inevitable decline.
That led to Martin feeling as if he had “rug pulled” himself by not actively promoting or selling the coin. “I may be everyone’s exit liquidity as they dumped,” his thread opener reads.
The experience taught Martin that many projects and communities prioritize quick gains over fair launches, making it challenging for influencers to promote low-cap coins without facing backlash.
He describes the meme coin super cycle as incredible:
This memecoin supercycle we're living through is incredible.•Tradfi unable to fathom dogs wif hats = billions
•Botched launches creating best distributions
•More ppl than ever interacting onchain
•Endless entertainment
In many ways, making crypto the wild west again.
— Luke Martin (@VentureCoinist) March 20, 2024
Also Read: Shiba Inu Blockchain Shibarium’s Meme Coin DAMN Leads Board With 22% Single Day Gains, Active Accounts Spike 1059%
Why It Matters: Early March witnessed a resurgence of meme coins, with many reaching all-time highs. However, the current meme coin hype is shrouded in uncertainty, with experiencing sudden price drops, often in tandem with Bitcoin’s declining prices.
Caught up in the hype, many traders who heavily invested have suffered significant losses within hours of their trades. The sudden pump and dump of the Slerf meme coin, for example, led to trader losing $784,000 due to FOMO trading.
Established meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) remain strong, bolstered by notable figures promoting the tokens and the latter’s diligent efforts to expand its utility. However, newcomers to the $2 billion valuation club, such as Dogwifhat (CRYPTO: WIF) and Pepe (CRYPTO: PEPE), seem to be chasing highs based on celebrity mentions and overall crypto sentiment.
As the crypto world awaits Bitcoin’s next price movements and the Halving event, it will be intriguing to see how meme coins perform in the coming months.
Read Next: Meme Coins Foster ‘Strong Relationship’ With Solana, Franklin Templeton Finds
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