As dust settles from the latest Memecoin Fiasco, the crypto industry is at a familiar crossroads.
This time, the explosion was caused by a scandal involving Argentine President Javier Miley and the unfortunate Libra token. This is an episode that opened the floodgates of frontrunning, insider trading, and debates about the absurdity of Memocoin casino.
To unravel this all means to the wider industry, Coin sat with Travis Kling, founder of Ikigai’s asset management. Kling sees this latest chapter as the culmination of an increasingly reckless cycle.
“I think we’ve come to run the Post-Gensler SEC unregulated slash regulation light. People call it crime season. In his view, Donald at Memecoin. The involvement of politicians like Trump and Javier Mairay has pushed the space to an absurd level that can no longer be ignored.
“Iggy Azalea was raw so Donald J. Trump can apparently walk,” he stopped, highlighting the cast of crypto participants who are unlikely to have cash.
Kling said that Memecoin’s ecosystem is left to the space “the most nihilistic, the most hypergambling, the most valueless, the most meaningless, the most extractive, the most extractive, the incredibly extractive.” He claims that there is. The question is whether this is simply a cyclical excess or whether it represents more fundamental corruption at the core of Crypto’s use case problems. “We still have use case issues, core utility issues, and this is what comes to fill the gap.”
This sense of nihilism is only exacerbated by the players involved. Hayden Davis is the controversial figure behind the launch of multiple well-known Memecoin, and in a recent interview with Coffeezilla, “It’s an insider game. This is an unregulated casino.” But admitted the risks Despite being, the Latte Secomer was wiped out while Davis himself profited from the system and won millions. Kling discovers that the entire spectacle is tired. “This shit was a bit overwhelming…it’s just a bit, do you know?”
The speed at which these glyfts regenerate is accelerated. Multi-year token schemes are gone. Now, as Kling says, “We’ve distilled the scam to the Argentine president who now runs a five-hour scam in a crypto ecosystem.” The contrast with longer and more drawn token dumps is harsh, but somehow, it’s not really that different. “We were pretending to do something at least with those projects. Now it’s completely nihilistic and people are turning the corner to get some of the glyft.”
The story continues