Have you gotten your Asscoin yet? How about some PooCoin?
Memecoins are proliferating on social media, offering laughs and the chance of a quick buck for some, while inducing cringes in those who hope to get cryptocurrencies taken seriously as a medium of exchange and a store of value.
The latest to take over social media is “Australian Safe Shepherd” (ASS) coin, started a few days ago by a Canadian developer who doesn’t seem shy about posting shots of her posterior on social media.
This afternoon there were nearly 10,000 users in a Telegram chat devoted to the risque memcoin, where a team leader was urging people to send tweets to Elon Musk, Binance CEO Changpeng “CZ” Zhao and Barstool Sports founder Dave Portnoy.
“If you care about ASS as much as I do then we will ride together and FULL SEND THIS ASS TO THE MOOOOOOOOOOOOOOON”
The Binance Smart Chain token is traded on – we swear we’re not making this up – a decentralised exchange called Poocoin, which has its own namesake cryptocurrency.
Did not expect to spend my afternoon looking for something called ASS coin on a site called Poo Coin Charts #bullish
— Hudson Mohawke (@HudMo) April 21, 2021
Then there’s Elongate, which was started last month based on a tweet from the Tesla Motors CEO.
If there’s ever a scandal about me, *please* call it Elongate
— Elon Musk (@elonmusk) March 25, 2021
At least that memecoin seems to be devoted – at least in part – to something other than getting its founder and early adopters rich.
There’s a 10 per cent fee on each Elongate transaction and half is donated to charity, with the rest split between Elongate holders.
The project donated $US325,000 this week to Children International, a global nonprofit humanitarian organisation, and says it has given a total of over $US1 million to charity. The team has also taken out a billboard in Times Square.
— $Elongate | A Token With A Purpose (@ElongatePromo) April 19, 2021
Because nearly all cryptocurrency projects are open source, it’s easy for someone with a bit of know-how to “fork” or clone one project into another while adding little original value aside from making it more meme-friendly.
While the original memecoin, Dogecoin, has shown remarkable staying power, some in the crypto community are urging caution.
If your longterm portfolio consists of coins like #safemoon $doge #asscoin #poocoin #safemars etc. Don’t get me wrong you might make money. But the owner of these projects will be chilling on a yacht EOY while 70% of those entering now will be living in a tent outside Walmart
— ฿ITCOINⒽT®APPER (@BITCOINTRAPPER) April 21, 2021
I do not advise any newbie to go into shitcoins but if you must, once your money has doubled, take out your Capital and a half and leave the remaining profits so you don’t lose out “WHEN” it crashes.
— Danny (@DannyCrypt) April 21, 2021
“People are going wild at the moment, it’s all over the place, there’s scams all over the place – it reminded me of 2017, and I honestly haven’t felt that yet this cycle.”
While some may say the schemes sound harmless and there might be money to be made if you get out early, Saunders has worked with regulators and has heard of people who have taken their lives after losing everything in similar scams.
It’s also not as easy to get out in time as one might think, he added.
“Ninty-nine per cent of people lose,” he said. “You might hear the survivor bias. The few people that make money, they make noise on social media. … I guess the main reason I don’t like these get-rich-schemes is, they never work. One hundred per cent of the time, they fail.”
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.