The Next Cryptocurrency Market Cycle: Decentralized Applications on Social Platforms and Meme-Based Cryptocurrencies, says Former Binance VP
Xin Jiang Predicts Next Cryptocurrency Market Cycle to be Driven by Decentralized Applications and Meme-based Cryptocurrencies
Xin Jiang, former Vice President of Binance, believes that the next cycle in the cryptocurrency market will be influenced by decentralized applications on popular social platforms and meme-based cryptocurrencies. In a recent blog post, Jiang stated that the existing infrastructure in the cryptocurrency market, such as Solana and Layer 2 Ethereum, is sufficient to sustain the industry until the next market peak.
Focus on Creative Decentralized Application Projects
Jiang emphasized the need for more innovative decentralized application projects that can leverage the large user bases of social media platforms. He mentioned examples like Friends with Benefits (FWB), a Twitter-based token system, and Unibots, a Telegram trading bot, as successful projects that have experienced significant user growth.
Meme-based Cryptocurrencies Leading the Way
Jiang also highlighted the influence of meme-based cryptocurrencies in shaping the cryptocurrency culture and community. Digital currencies like Dogecoin and Shiba Inu have gained substantial momentum in the latest bull market. However, Jiang pointed out that these meme currencies currently lack associated products and services.
Advice for Cryptocurrency Miners
For potential cryptocurrency miners, Jiang advised focusing on user acquisition through platforms like Twitter and Telegram during the launch phase. He also stressed the importance of incorporating sound token economics and leveraging community building expertise. According to Jiang, token allocation and distribution mechanisms can align incentives and drive growth.
An Ideal Investment Opportunity
Jiang considers the current market to be an ideal investment opportunity, as investment capital has shifted from cryptocurrency infrastructure to sectors like artificial intelligence. He remains optimistic about the long-term growth prospects of decentralized applications.