Memecoins Are Running Amok

GM Readers!📪 It's BitDegree Insider, and it's time to get serious. We're about to dive into memecoins.

⭐️Today's selection:

• 🤡Memecoin Pandemic
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

MEMECOINS ALL OVER THE PLACE

Alright, well, those who've been spectating the crypto space, must have noticed that there's been something different lately.

Even though memecoins are nothing new, but, lately, new joke-based-cryptos took over the crypto spotlight.

Here's an example.

Less than a month ago, PEPE was launched on the Ethereum blockchain. Immediately, it was among the #1 trending crypto coins with its value increasing real fast.

What's funny about this one, is the fact that PEPE is not the first memecoin that was inspired & based on Pepe the Frog meme.

Even though the hype appears to be already fading, PEPE still reigns as one of today's top trending crypto coins.

But there's more. It looks like the memecoiners have been awakened from their slumber.

Suddenly, you find out that yet another memecoin, JEFF, is making rounds in the crypto sphere.

Based on Wojak, a McDonald's employee, the Internet face of the one who always struggles, JEFF seems to have a clear target audience.

'I Was Very Stressed, I Couldn't Sleep,' the coin's creator begins introducing their coin.

"I'm Jeff, just an average guy working at McDonald's. For years, I've been struggling to make ends meet and living paycheck to paycheck. I'm tired of just getting by, and I want more out of life," elaborates the JEFF creator.

And, it does seem, that there's something going on here. This may end soon, or this may become the very next serious, yet ironic thing.

You can never tell when it comes to crypto, and you can most definitely never tell when it comes to memecoins.

Where Do These Memecoins Come From?

The thing is... It's not that difficult to create your own memecoin.

Here, recently one digital artist shared a tutorial on how to create a memecoin.

And it wasn't just a random tutorial. It's a tutorial on how to make one of these coins in under 30 seconds.

So, the artist's name is Johnny Shankman (within the crypto space, Johnny is known as whitelights.eth).

Whiteligts.eth shared a video of how the creation process looks like.

In the video, he uses Contracts Wizard by OpenZeppelin, and ends up creating a new token, called EASY_MONEY (EZ).

Contracts Wizard allows users to generate an ERC-20 token code by selecting desired features.

Shankman used the Remix application to compile the smart contract and deploy it on the Ethereum testnet.

People were quick to do what people do. Make memes about memecoins.

TL;DR: Some sort of a crypto memecoin renaissance is currently unfolding. Such coins as PEPE or JEFF have caught the public's attention. In the meantime, one digital artist, Johnny Shankman (whitelights.eth), created a video showing how easy it is to create a new memecoin.

VENTURE MONDAYS

MovEX raised an undisclosed amount in a Strategic funding round from Mysten Labs.

And Mysten Labs are the ones behind the newly launched Sui blockchain!

This means that a promising decentralized exchange and liquidity provision service (that offers a hybrid model of an Automated Market Maker), and even an order book will join the Sui blockchain soon!

Tangem raised $8M in a funding round from Shima Capital. 

Tangem is provider of hardware wallet solutions for digital assets. So, this may lead to an increase on the wallet selection that's offered to us. Probably.

Entendre Finance raised $4M in a Seed funding round from Basis Set Ventures*, Valhalla Capital, Caffeinated Capital, MoonPay, Alumni Ventures (AVG).

Entendre is an accounting and bookkeeping platform designed specifically for businesses operating in the Web3 space. 

The platform is also scalable and can adapt to the changing accounting needs of businesses as they grow.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Extraditing Terraform Labs' Do Kwon to South Korea Could Benefit Victims. The claim is that the majority of crimes conducted by Do Kwon happened in South Korea.
• NY Attorney General Seeks to Expand Their Powers to Regulate Crypto Industry. It would be affect crypto firms operating in the state.
• Argentina Prohibits Payment Providers to Offer Crypto-Related Services. Criticism claims that the decision "threatens the progress and the free choice of citizens."