Memecoins are like Powerball for crypto fans: Matrixport exec

Memecoins are like Powerball for crypto fans: Matrixport exec

For a lucky few, memecoins can provide a “path to wealth,” for others it’s simply a “risky gamble” Matrixport’s Markus Thielen tells Cointelegraph.

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Memecoin buyers are playing the crypto-equivalent of Powerball — with many “playing” hoping for “life-changing money” yet only a few will walk away with the jackpot, says Matrixport’s head of research.

Memecoins have seen a huge resurgence over the last week. Crypto tokens such as Pepe (PEPE) and Milady (LADYS) have boasted staggering price surges despite each having little to no discernable utility. 

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Speaking to Cointelegraph on May 10, Matrixport’s Markus Thielen suggested some buyers of memecoins bear resemblance to those that participate in the lottery. 

“There are numerous studies done on how most people in lower socio-economic

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