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A crypto expert highlights how meme coins have become the prime interest of Dubai’s wealthiest individuals, overshadowing traditional financial concerns.
What Happened: A self-proclaimed former Wall Street Macro Trader, Wizard Of SoHo, took to his X account to share surprising encounters with some of Dubai’s wealthiest individuals, noting their strong interest in memes over traditional financial matters. He recounted interactions with billionaires from Qatar and Kuwait who expressed keen interest in launching their own meme coins despite their substantial wealth.
The trader shared an anecdote about a Qatari billionaire who asked him to teach him how to launch a meme coin, despite his immense wealth. Similarly, a Kuwaiti construction mega-billionaire, who had never bought any crypto, expressed his desire to launch a Saudi-focused meme coin.
He believes that the biggest misconception lies in the question, “If you are so rich, why are you buying meme coins?” He argues that this is how people were taught to fade meme coins until they made billions, and then they “aped in.” Wizard advises his followers to not fade meme coins because “they are an asset class in themselves.”
Also Read: Dogecoin, Shiba Inu And Who Else? How Meme Coins Have Evolved Since The Last Bitcoin Halving
Why It Matters: The Wizard’s observations challenge the notion that meme coins are the domain of the less affluent. Instead, they reveal a growing trend among the wealthy to actively engage with meme coins, both as investors and creators.
This shift in interest underscores the rising influence of memes and meme coins in the financial world, with discussions about them often overshadowing traditional financial topics at events.
Crypto trader Sonder Crypto highlights some meme coins beyond Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe (CRYPTO: PEPE) that he wishes to look out for, singling out Dogwifhat (CRYPTO: WIF) as an example of a meme coin with its own distinct appeal.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Meme Coins And The Bitcoin Rollercoaster: A Match Made In Mania?
Image: Shutterstock
