Why is Karen Coin Such a Hot Topic Right Now in The Crypto Space?

Why is Karen Coin such a hot topic right now in the crypto space

The latest trend in cryptocurrency involves turning popular memes into their own cryptocurrency. Of course, this became a trend after Shiba Inu and Dogecoin completely blew up in value.

It’s somewhat logical for founders to use the recognition of a popular meme as the name of a cryptocurrency. There’s already some built-in name recognition. Not to mention that people really like memes. 

Anyway, the latest trend in the pattern is a cryptocurrency called Karen Coin, which is named after the extremely popular Karen meme. For those that don’t know, Karen describes a middle aged white woman that acts very entitled and demanding. Basically, a Karen is the type of woman to ask for a manager when something rather insignificant doesn’t go their way. 

With that in mind, we will explain what Karen Coin actually is and why it’s such a hot topic in crypto. 

What is Karen Coin?

Karen Coin is a fairly standard DeFi token on the Binance Smart Chain. It has the usual tokenomics of a meme coin with an 8% transaction fee (4% paid to holders and 4% added to the liquidity pool). 

It also has an insanely high total supply of 1000 trillion. However, 50% of that supply was burned at launch, which is also very common for meme coins. 

The developers also did some interesting things in terms of ownership to gain trust within the community. Those things include burning the original LP tokens to prevent looting the liquidity pool, no “pre-mine” for early investors, and renouncing ownership of the smart contract. 

The developers do have plans to release a fair launch launchpad and a decentralized exchange. But at the moment the current plan simply involves making the cryptocurrency much more popular.

Why is Karen Coin so popular?

Karen Coin has gained a fair amount of popularity in certain DeFi circles because of the massive price increase that it experienced almost immediately after launch. The price rose well over 1000% after launch, which helped propel the cryptocurrency to a listing on BitMart. 

But what caused the popularity that led to the price increase?

Well, there are a few likely reasons for the popularity of Karen Coin in certain crypto circles. These reasons include the following:

  • It uses a popular meme to better resonate with people. 
  • The low fees on Binance Smart Chain make it easier for smaller investors (ie. the ones that buy meme coins) to purchase it.
  • The marketing is excellent with a good website and a strong push by the developers to get information about the token in the right Telegram groups and Discord servers.
  • Popular influencers have been promoting Karen Coin. 
  • People really like meme coins. 

That basically covers it for why Karen Coin has become such a hot topic recently. You might even wonder how something that has no utility can become so popular, and that’s basically how it works. 

Where to Buy Karen Coin?

Most Karen Coin transactions take place on Pancakeswap V2. It’s also possible to purchase Karen Coin on BitMart, but we really recommend Pancakeswap with Metamask or Trust Wallet because it’s much easier and cheaper to use Pancakeswap. 

Karen Coin Price History

Karen Coin was released in May 2021 and the price skyrocketed almost immediately. It became the fastest meme coin to reach a $20 million market cap. 

Unfortunately, the entire cryptocurrency market collapsed shortly thereafter and Karen Coin lost quite a bit of value.   

It recently had a spike in October, but that quickly faded and the cryptocurrency has become mostly forgotten despite the greater cryptocurrency market making a recovery. 

The current market cap of Karen Coin hovers around $1 million USD and the 24 hour trading volume has stayed under $10,000 per 24 hours for about a month, but the price has recently made a recovery over the past few days. 

Is Karen Coin a Good Investment?

No, meme coins are not good investments from an objective standpoint. But that doesn’t mean it’s impossible to make money with them. 

A meme coin is more akin to gambling than it is to investing. Though understanding the market and the cryptocurrency culture can give you a huge advantage when it comes to picking a winning cryptocurrency. 

With that said, Karen Coin is priced low enough that even a small investment of $50 could turn into $50,000 if the team hits their goal of reaching a $1 billion market cap.

In our opinion, we don’t see that happening with Karen Coin because the meme doesn’t have the right type of fun level to it. 

The reason dog coins became so successful is that almost everyone likes dogs. The Karen meme seems a little too polarizing and divisive for it to become a top 25 cryptocurrency.

We also don’t like that it’s on Binance Smart Chain. That helps for some popularity with complete degenerates, but Ethereum seems like the more logical place for a meme coin because it can ride on the coattails of Ethereum’s success.  

Meme Coins Are Fun

To expand on our last point, meme coins have the fun advantage over regular cryptocurrencies because they’re just fun. At the end of the day, the vast majority of people do not care about the technological innovations of Chainlink, Ethereum, or Bitcoin. 

They just want something that’s cheap to buy, easy to use, and has a strong community. The strong community, in our opinion, is one of the most important factors for any cryptocurrency to grow in value. 

This can be observed with all the popular cryptocurrencies like Bitcoin, Ethereum, Avalanche, Cardano, and so on. 

They all have dedicated communities that create culture (ie. memes, songs, art, etc.) related to cryptocurrency. This culture creation has the intended purpose of recruiting more members into that particular cryptocurrency’s culture, which should theoretically raise the price. 

And this is why meme coins are so genius – they take something that already has a well-established culture and community surrounding it, and add a token that can capture some of this value. 

With that in mind, meme coins are simply a way for a meme community to capture and represent value in their community. The bigger the community; the more value the token has within the community. 

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