Guarda Wallet adds support for six meme-inspired and DeFi projects

Since the beginning of the month, Guarda Wallet, a non-custodial multi-currency crypto wallet, unveiled a string of new partnerships in a bid to capture smaller crypto projects’ communities.

futuristic transparent wallet with crypto coins inside, ultra detailed, art generated by Midjourney

Even though Guarda Wallet already supports over 400,000 tokens, it certainly doesn’t plan to stop there. As market sentiment turned positive with Bitcoin shooting past $30,000 for the first time since April and the meme coin sector posting impressive gains, Guarda Wallet went on a meme spree, welcoming aboard six more projects since the start of June.

The seven tokens available now on Guarda are meme coins Wiki Cat Coin (WKC), Vita Inu (VINU), Wednesday Inu (WED), Borzoi Inu (BORZ), and DeFi Tiger (DTG), along with FOX and SHROOM tokens of DEX and yield-optimizer protocol MagicFox.

Wiki Cat is a BNB token that states its mission as “educating people about the world of cryptocurrencies and promoting a strong meme culture around cats.” Both Vita Inu and Borzoi Inu are dog-themed meme coins that are entering an already crowded meme niche, while Wednesday Inu is a token that powers a newly launched decentralized predictions market on the Binance Smart Chain.

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DeFi Tiger bills itself as a “decentralized meme asset driven by a community of DeFi enthusiasts with a unique love for felines.” MagicFox, a multichain DEX, uses a two-token model as a backbone of its ecosystem, where FOX serves as a swap token that gets emitted as a reward for providing liquidity in farms, while SHROOM is an optimizer token that can be earned by depositing capital in vaults.

Guarda Wallet also recently announced its partnership with BitOK, an all-in-one asset tracker enriched with tax reporting and AML risk-tracking tools. With the help of this tool, Guarda users can now easily manage their crypto holdings while staying compliant and showcase their portfolio to a broader audience, which can be a helpful feature for users who want to share their trades for educational purposes or have them analyzed by a professional.

As the new meme coin speculation frenzy is gaining momentum — with the brand-new Pepe Coin leading the rally — it’s not too far-reaching to see how Guarda Wallet can become the degens’ one-stop-shop for HODLing, farming, and dumping their meme bags. However, it’s also understandable why some other Guarda users may take the recent partnerships with a grain of salt.

Meme coins remain the controversy within the crypto community

Meme coins — highly volatile crypto tokens with no real utility that are usually inspired by memes and internet jokes — have long held a reputation of being rife with pump-and-dump schemes and rug pulls. As the new name — PEPE, the self-proclaimed “most memable memecoin in existence” — has taken the space by storm, the hype around the new coin reignited the debate around the place of memes in the crypto ecosystem.

Read also: New Ethereum Coins Guide featuring ApeMax, Big Eyes, and Pepe

According to Crypto Data Wizard on Twitter, there’s evidence of a coordinated purchase of PEPE tokens by insiders. The on-chain records indicate that 75 wallets — of which 60 were new with no transaction history — bought each 0.5% of the token supply in one hour from the DEX before any sales were made, scooping up 38.5% of the supply from the platform. All wallets but one have already dumped their bags for an average 618,000% ROI.

“Early insiders mostly liquidated. Should you buy PEPE then? They may have other insider wallets holding tokens. One thing is guaranteed: they’ve proven they are 100% willing and ready to dump on retail. You may become someone's exit liquidity, a gamble,” the analyst warned their followers.

Even without the malicious intent, there’s another uncomfortable truth behind meme projects: namely, meme coin gamble is always a zero-sum game. Despite the promises of mind-blowing riches for everyone — which are often central to such projects’ marketing campaigns — for every winner, there must be a loser. And many “degens” — self-assigned degenerate traders who are ready to blow fortunes on dubious projects for a ghost of a chance to see 1000x on their investment — are oftentimes clearly aware of the risks of being dumped on. They just hope to be early enough to take profits and leave other retail investors holding the (worthless) bag.

That being said, the joke of meme coins often comes at somebody’s expense. Furthermore, meme coins replicate a stereotype of the entire industry as one massive Ponzi, stifling innovation and discouraging non-crypto natives from exploring the life-changing opportunities of decentralized money and finance.

About Guarda Wallet

Guarda Wallet has been making waves in the crypto world, and for a good reason. Launched in 2017, it has since expanded its ecosystem to support over 400,000 digital assets across over 60 major blockchains, including but not limited to: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), BSV, Ethereum Classic (ETC), Litecoin (LTC), TRON (TRX), Polkadot (DOT), and an extensive list of ERC-20 tokens.

The wallet is non-custodial, which means you maintain complete control over your private keys, and is available on various platforms, including Web, Desktop (Windows, macOS, Linux), and Mobile (iOS, Android), offering seamless synchronization across devices.

What’s more, Guarda Wallet has an integrated exchange feature, allowing users to swiftly swap between supported cryptocurrencies without leaving the app. The interface is clean, intuitive, and easy to navigate even for crypto newbies, which makes it a solid choice for those who want a versatile, secure, and user-friendly multi-currency wallet.