The success of meme coins in the past has had long lasting effects. There are hundreds of meme coins, most of which were made to make money for the people who created them. Many of them are based solely on trends and hype, rather than on innovation or technology.
Following the death of Queen Elizabeth II, over 40 new meme coins were created on Ethereum and BINANCE Smart Chain. The most popular of these was Queen Elizabeth Inu, which had a 28,506% increase in just 24 hours and a market cap of $158,086.
With how simple it is to create meme coins nowadays, anyone can create their own tokens in minutes. In their haste to capitalize on Queen Elizabeth II's death, these people abandoned their last shred of human decency.
Many people outside of the cryptocurrency space will think less of cryptocurrency and the people who hold it when they see projects like these. There are numerous issues with cryptocurrency, and we do not need to provide skeptics with another one to use in their arguments.
Projects like these are most likely to end up worthless and forgotten but they have a big impact in the short time they are active. We need to look down on these practices as much as we can.
