The true value of “Thanh Hoa coin” and “Doge Phu Quoc”

Along with the animal trend, a series of entertainment cryptocurrencies have been created.

Current blockchain technology allows anyone with basic knowledge to create tokens in a short time. Lately, cryptocurrencies created as jokes (meme coins) are becoming a trend.

Also, some Vietnamese can’t miss this trend. Several Vietnamese tokens such as ThanhHoa Token (TH36) or DogePhuQuoc (DPQ) were created and traded in the last week when the “animal coin” trend became popular.

Less than an hour to create a new coin

“Creating dog, cat, and animal coins, known as meme coins, is very simple. To create a meme coin, you just need a cute logo or image, text to explain the coin’s purpose, then find a smart contract to define the most basic data.

ThanhHoa Token or TH36 was created a week ago. Photo by: TA.

There are tons of smart contracts in the market. All you need is just copy and edit. “It takes only an hour for programmers with blockchain knowledge to get a new token,” Huy Nguyen, Co-founder and technical director of KardiaChain, speaks to Zing.

Last week, as the “animal coin” trend grew, many new coins boomed and shared by many people. The most prominent is the Shiba Inu (SHIB), with the Shiba dog symbol and the goal of defeating the Dogecoin.

After SHIB, a few other animal coins such as PIG, AQUAGOAT, or ASS also had a large volume of transactions, with prices fluctuating strongly. Many users who invested early in these coins have already made a profit.

Animal coins have thrived lately. Photo by: Luno.

Yet, there are also tokens created as funny jokes. TH36, which combines Thanh Hoa city’s name and provincial code, was created about a week ago. According to information on BscScan, TH36 has a total supply of 1 million billion VND but has only made 5 blockchain transactions. Only 4 wallets are holding this coin.

DogePhuQuoc is also a coin that follows the animal trend. It combines “Doge” in Dogecoin and “Phu Quoc dog”. This coin has a total supply of 100,000 billion VND, only 5 wallets held, and only 14 transactions have been made. It all happened within hours of the token is created.

What is the value of coin jokes?

While creating new coins is very simple, creating demand or fear of staying out (FOMO) so that many investors rush to buy is a challenge.

Mr. Huy Nguyen said: “The technical aspect is very simple, but it requires a community to create a trend. You need a message that makes people want to buy it, and create FOMO in investors.”

DogePhuQuoc coin has a total supply of 100,000 billion VND, but there are only 5 holders and 14 transactions. Photo by: TA.

In his article, Joe Weisenthal tells of the experience of receiving a token named after him. After almost an hour of asking on Twitter, an account sent him an address for the JOE token, traded on the PancakeSwap platform.

Although it is a coin joke, Joe Weisenthal said the JOE coin was traded and had a total market capitalization of more than $100,000 within minutes. Of course, this number is nonsense. The coin’s transaction volume is too small, which means that the value is not real.

After only a few hours, the value of JOE coin has returned to zero.

“A whole market crashed in just a few hours,” this author shared.

Even without a specific financial application, or an ecosystem, meme coins still have a certain value.

JOE coin was created as a joke, but there are some people trading it for a few hours. Source: Bloomberg.

“The memes are purely entertaining. People buy meme coins for fun, just like we buy decorations because it has spiritual value. I think memes will always be there, because humans always need something to entertain themselves.

Meme coins have been around for a long time, and initially their prices were very low. Recently, new traders are so confident in Dogecoin due to Elon Musk’s support. Since the market now is vibrant, their prices are highly volatile. After a while, as the feeling passed, meme coins will return to their true value, which is the price people are willing to pay for their joy,” commented Mr. Huy Nguyen.


You may also like

Read More