"Memeland CEO: Meme Coin Industry to Curb Fraud Over Time"

Memeland CEO Says Meme Coin Industry Will Curb Fraudulent Activity Over Time

The crypto sector has been grappling with a series of scandals involving meme coins, with the most recent being the LIBRA token launch, which was allegedly backed by Argentine President Javier Milei. The incident, which involved a pump-and-dump scheme, has angered many Web3 members who argue that meme coins damage the ecosystem's growth and unfairly target smaller investors.

In an interview with BeInCrypto at Consensus Hong Kong, Memeland CEO and Founder Ray Chan discussed the recent events involving meme coin launches and the sector's future. Chan, a crypto expert with nearly two decades of experience in the meme coin industry, believes that the meme coin industry will eventually curb fraudulent activity over time.

Chan acknowledged that the meme coin industry is extractive, with community engagement primarily driving many of these coins. Trading is largely speculative, and the market is inherently volatile. However, he emphasized the importance of understanding who is launching a token and what the token is for. If it's a meme coin, investors should expect it to go to zero, as most of these coins have no roadmap or utility and are purely for entertainment purposes.

However, Chan also noted that some tokens, like LIBRA, claim to support specific goals or companies. If these claims are not met, it becomes an issue. To safeguard users against common practices in meme coin trading, such as rug pulls, pump-and-dump schemes, insider activity, market manipulation, or sniping, Chan believes that these issues will likely become less frequent over time as the industry matures.

The meme coin industry is still in its early stages, having existed for slightly over a decade. Dogecoin, the first cryptocurrency based on an internet meme, was launched in 2013. Given the industry's nascent stage, investors need to accept the market's natural instability before deciding to participate. Players with extensive knowledge and experience in the field will inevitably have the upper hand.

As the market ages and the meme coin industry draws new players, these schemes will become less frequent. Chan expects the industry to grow in a healthier direction as more legitimate companies and builders enter the space. Consequently, meme coins will rely less on influential public figures to back them up and focus more on