Can Utility like DeFi Transform a Memecoin's Status?

[AltLord]

Hey guys, I'm inclined to believe that memecoins are generally fueled by community hype and even KOL or celebrity figures. The recent of these peculiar example I can remember is SLERF.

What seems to both catch my attention and puzzle me is when memecoin tend to have utility. Yesterday I saw Catamoto which I knew as a memecoin were now having DeFi functionalities and were even forging strategic partnership with big names like BlueZilla.

My question is, do project like these stop being a memecoin? Can this be a DeFi platform with its memecoin or just a memecoin forever? What is the threshold? Are there others like this?

Cheers guys

[Stalker22]

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You got the first part right. Hype from influencers can make a memecoin blow up fast, for sure.  Never heard of this SLERF thing though, haha.  Guess some memecoins try to stick around longer by acting like real crypto with DeFi features and stuff.  But you cant just throw some DeFi on a memecoin and expect it to moon and  the real use cases and long-term plans matter more if its gonna last.

By the way, why did you post this in "Announcements"?

[AltLord]

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By the way, why did you post this in "Announcements"?

Thanks for the heads up... A mistake by me and nothing malicious intended... Kindly point out where is most appropriate. Thanks!

[Iamcrypticguy]

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By the way, why did you post this in "Announcements"?

Thanks for the heads up... A mistake by me and nothing malicious intended... Kindly point out where is most appropriate. Thanks!

You can move it to altcoins discussion session. For your question, I think a memecoin with utilities just makes it slightly more of a memecoin. But if it can be sustained, then it'll be good. Doge and Shiba are some memes I could remember with utilities and they're striving...tell me more about the CATA meme..what chain is it in, listing partnerships done or its just on dex..

[royalfestus]

Hey guys, I'm inclined to believe that memecoins are generally fueled by community hype and even KOL or celebrity figures. The recent of these peculiar example I can remember is SLERF.

What seems to both catch my attention and puzzle me is when memecoin tend to have utility. Yesterday I saw Catamoto which I knew as a memecoin were now having DeFi functionalities and were even forging strategic partnership with big names like BlueZilla.

My question is, do project like these stop being a memecoin? Can this be a DeFi platform with its memecoin or just a memecoin forever? What is the threshold? Are there others like this?

Cheers guys

I understand and agree with your caution regarding the hype in cryptocurrency. Only a few concepts in the cryptocurrency space will succeed, particularly those that fulfill a genuine need and have a strong platform. However, I believe that gaming and gambling tokens will continue to thrive, regardless of the bear market and downturns.