What awaits meme tokens?

Last week, Bloomberg experts warned holders of "meme" cryptocurrencies that in 2022 the digital asset market may begin to get rid of comic and useless tokens. The same opinion was expressed in his analytical report by Bloomberg Intelligence senior commodity strategist Mike McGlown, who called the high popularity of "meme" tokens a side effect of market overheating in 2021.

Cleansing from emptiness is inevitable

With the opinion of Mike McGlown, the director for the development of crypto exchange EXMO Maria Stankevich agreed. In her opinion, together with the formation of the cryptocurrency market, its natural purification from empty projects will inevitably take place. However, while the industry is in its inception phase, wherewith an almost complete lack of regulation, most market participants feel quite free, the expert explained.

As an example, Stankevich cited the situation with Elon Musk and McDonald's, where after the publication of the fast-food restaurant chain on Twitter, the Grimacecoin token was created, the cost of which at the moment increased by more than 200,000%.

This happened after McDonald's said on Twitter that she was ready to add the "meme" cryptocurrency Dogecoin to payment methods if Tesla begins to accept the non-existent Grimacecoin token. So the chain of fast-food restaurants responded to the call of Tesla CEO and SpaceX Elon Mask to begin accepting Dogecoin as a means of payment. The businessman said he was ready to eat Happy Mil live if the network begins to accept the "meme" cryptocurrency.

"It is difficult to imagine a similar situation in the market of traditional finance, which is why most classic traders look at cryptocurrencies as a sandbox where children play," said Stankevich.

Soon, the number of empty projects will be reduced, the expert is sure. However, while the cryptocurrency market does not have proper regulation, there will always be people who hope for a magical way to quickly earn money without doing anything, Stankevich added.

Meme tokens have no chance

The global correction of financial markets, which may have already begun, leaves no chance of growth for the entire cryptocurrency market, and in particular for meme cryptocurrencies, says Artem Deev, head of the AMarkets analytical department. According to his forecast, the main assets of the market may be in serious decline - Bitcoin and Ethereum, and in these conditions, other tokens will decline.

"It is worth getting rid of the" meme "cryptocurrencies a little bit, especially since the high demand for them is already behind," Deev advised.

The analyst also urged not to ignore the fact that "meme" cryptocurrencies may decrease even more, in the event of an increase in the rate by the Fed. In this case, investors will begin to massively drop risk assets, Deev explained.