When LoserCoin (LOWB) first appeared, quite a few people ignored it and just considered it a yield-farm coin like other tokens on Binance Smart Chain. But then within just a few hours, LOWB spiked 400% leaving nearly everyone forced to keep an eye on it and the project behind.
What is LoserCoin (LOWB)? The story behind this funny meme token
LOWB is only worth $ 0.0009 and its market cap is at $ 880,000. While the numbers above seem small, considering the project just started on May 7, having a Telegram group with more than 10,000 is really staggering. That is not to mention that these 10,000 people also need to bypass the firewall to use Telegram.
At the moment LoserCoin is surpassing DOGE and SHIB as the hottest mem coin produced in China. It is known that LoserCoin was created by two Chinese cryptocurrency traders. They entered the market in 2017 but have been continuously bankrupt thanks to Bitcoin speculation. Tired of losing money, the two decided to launch their own project and find out if the two “losers” could turn the tables and start reaping. Their honesty immediately resonated with the Chinese crypto community.
In a project AMA, one founder described himself and the other as losers, who dreamed of becoming rich instantly but somehow lost money above all else. all capital markets including the Chinese stock market, the Hong Kong stock market, derivatives, and, of course, cryptocurrencies. Those sincere confessions are an experience too many Chinese retail crypto investors have gone through.
When asked about the product roadmap, the business co-founder admitted that the technical co-founder only chose to develop on Blockchain a month ago. As a result, they may experience some delays. Again, his finesse and playfulness with his business partner were strangely beloved, especially compared to many project founders who just love to over-promise and just say. complex technical terms.
Meme tokens succeed in keeping close to China’s “poor” culture
LoserCoin is an implication of accepting the so-called diaosi – or poor Chinese culture. The term diaosi begins as an insult to the poor, unattractive man who lives with his mother and plays video games all day. As the term became viral, Chinese netizens began embracing it and using it as a trending term on social media.
In cryptocurrencies, the diaosi culture is similar to “leek culture,” a term originally used to describe investors bankrupted by shitcoin projects or scams. Today, everyone proudly describes themselves as a leek plant. Even if you are an experienced cryptocurrency investor, you consider yourself an “old garlic tree”. If you’ve just been lucky enough to eat DOGE, then you’re a “new leek plant”. Everyone is the leek.
LoserCoin is strongly spreading this message and encouraging every trader to accept their inner loser. They even held a Reddit discussion, urging everyone to share their best failure story. The winners received around $ 20,000 LOWB.
Winners lose, losers, but then the fate of LoserCoin (LOWB) will be like?
On Sunday, two major Chinese cryptocurrency exchanges, Gate and MXC, decided to list LOWB. The news took the coin to an all-time high, and many in the Telegram group are now worried that the founders will sell their tokens. It’s ironic that after building a strong community around the losers, the founders finally won this game.
However, like any meme token with no intrinsic value, LOWB will eventually drop and those who buy the prices above will give up. In other words, the people who actually buy and want to hold this token become dust.
This, of course, is similar to the case of DOGE. But so far, a celebrity like Elon Musk with a huge following has not turned to LoserCoin. But maybe, Jack Ma will be interested in the application of this currency.
Also, the question is not really who the loser is, but whether people feel bitter after losing. One strange phenomenon on LoserCoin’s Telegram is that investors bought the coin and predicted it would go to zero. But strangely, that makes perfect sense. LoserCoin (LOWB) actually losing is the only result that matches itself.
Source: AZCOIN NEWS