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The recent popularity of memecoins highlights some dangerous intersections of social media, cryptocurrency, and psychology. Memecoins are digital tokens combining blockchain and viral internet memes.
The rises and falls of Dogecoin and Hawk coin show how unpredictable online trends can drive cryptocurrency prices. Dogecoin, originally a joke referencing a popular meme, now has a $60 billion market cap thanks to Elon Musk’s promotion. Meanwhile, influencer Haliey Welch’s new memecoin Hawk saw its purported $490 million value crash over 95% in days amid “rug pull” scam accusations.
Experts explain that prices of these tokens depend entirely on social media hype rather than inherent value. “You can create these tokens for just a few thousand dollars,” notes Professor Carol Alexander. Yet unsophisticated investors are enticed by low prices and dreams of massive returns.
