After recent news of a $1 trillion pay package for Tesla CEO Elon Musk, memecoin creators dumped new cryptocurrencies and scammed buyers out of their hard-earned money.
What's happening?
A recent investment approval from Tesla shareholders could see Musk becoming the world's first trillionaire.
In discussing his plans for Optimus humanoid robots, Musk was quoted by the New York Times as saying, "you start getting into, like, some pretty wild, sci-fi sort of scenarios" — that also sounds about right for memecoins.
The news of the staggering increase in Musk's net worth sparked a movement for cryptocurrency creators, who flocked to make memecoins such as "TRILLIONS," "Elon's $1," and "MUSK," according to CoinDesk.
Though several of these Musk-themed memecoins rocketed in value by as much as 190% initially, many creators waited until the value peaked and suddenly withdrew all the funds from their project. This is known as a "rug-pull" scam, and it leaves investors with cryptocoins that are worth nothing.
Why are memecoins so concerning?
Besides being a breeding ground for scams and financial losses, the memecoin industry can also have a severely negative impact on the environment.
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Cryptocurrency mining is incredibly energy-intensive and often relies on dirty energy sources such as oil and gas. To mine crypto, enormous warehouses filled with thousands of computers are needed, and these machines use upward of 2,600 megawatts of power.
A study by the Institut Polytechnique de Paris found that the electricity needed each year to mine Bitcoin is comparable to the electricity used by the entirety of Poland.
The warehouses are cooled by fans, which have caused such terrible noise pollution that nearby residents have reported a lack of sleep, permanent hearing loss, and a loss in value of their properties.
What's being done about memecoins?
The most eco-friendly way to interact with memecoins is simply not to buy them.
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What do you think the future of cryptocurrency is?
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It is the future of currency 😎 However, for crypto enthusiasts, the good news is that cryptocurrency mining operations are increasingly turning to renewable energy sources, thereby reducing environmental damage.
Other crypto organizations are looking into forms of digital money that don't require the huge energy consumption of mining.
If you plan to invest in any form of digital currency, especially if it is a lighthearted memecoin, be sure to seek financial advice from trusted sources, do your research, and don't invest more than you can afford to lose.
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