Silicon Valley wants in on memecoin craze
Silicon Valley's interest in memecoins appears to be growing despite past hesitations following significant crypto market upheavals. High-profile tech figures are now launching or endorsing memecoins, with notable examples including a new token by Venmo co-founder Iqram Magdon-Ismail for his app JellyJelly, which initially surged to a $230 million market cap before dropping below $100 million. Sam Lessin from Slow Ventures expressed enthusiasm for this trend, emphasizing that memecoins represent a new form of communication in finance. However, caution is advised by industry experts like Rob Hadick from Dragonfly, who warns that investing in memecoins lacks durability and raises significant risks. He likens the current enthusiasm to previous overreactions witnessed with NFTs. The rise of these tokens reflects a renewed appetite within the tech community for participation in the crypto space, regardless of earlier apprehensions.
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