Not all crypto projects have clear value, however. Memecoins, digital tokens whose value is driven by internet attention rather than tangible use, are divisive — even within crypto circles. For example, dogecoin, a favorite of Elon Musk, has a market value exceeding 94% of companies in the S&P 500, despite lacking a product or business model. Recently, Chris Dixon, at Andreessen Horowitz, even criticized memecoins’ as undermining understanding of the sector’s utility. If one was looking for a reason to argue crypto is a scam, you could find it in pockets of the memecoin world.
Source: https://www.coindesk.com/opinion/2024/11/21/why-the-media-loves-the-worst-of-crypto/?utm_medium=referral&utm_source=rss&utm_campaign=headlines