Is This the Robinhood Moment for Memecoins? Discovering the Bolide App

12 Jun 2024

Robinhood has made waves in the casual investment community for being a commission-free, mobile-friendly app that’s made trading accessible to everyone — not just the wealthy or experienced traders.

It’s only natural, then, that a similar solution be made available for would-be crypto investors — and it’s vital that this solution is made specifically for the casual investor. After all, even with more people trading in decentralized digital currencies than ever before, the majority of Americans still don’t have a strong grasp of crypto concepts. This can prevent new and inexperienced traders from integrating cryptocurrency into their everyday transactions and investments, and it risks concentrating knowledge and trading power in the hands of a few individuals or groups. And sure, there are solutions like Coinbase and Kraken available, but these platforms are still bogged down by unnecessary features and confusing terminologies.

This is where Bolide comes in. This easy-to-use mobile trading app aims to simplify crypto investments (specifically memecoins) for everyone, even those without any prior crypto experience.

Learn more about the common barriers of crypto investing, how Bolide is breaking these down, and how Bolide CEO Ox Bid is giving memecoins their Robinhood moment — pushing to make social, on-chain memecoin trading easy and fun for everyone.

Memecoin Trading: Navigating the Wild West of Crypto

Memecoin trading is the buying and selling of digital currencies that are often inspired by internet jokes or cultural memes. However, unlike more established cryptocurrencies like Bitcoin or Ethereum, memecoins are highly volatile and lack additional built-in uses, making them a risky investment.

The value of memecoins typically stems from viral marketing campaigns, speculation, and hype. While this adds to the risky charm of memecoins, it also makes it challenging for newcomers to distinguish between legitimate investments and fleeting trends. Additionally, the market's lack of regulation makes it ripe for scams, where promoters might inflate a memecoin's value and sell off their holdings at a peak, leaving others with devalued assets.

The cryptocurrency market itself is also volatile. For instance, during the crypto winter of 2022, the market saw a major downturn, resulting in a $2 trillion loss in market value and impacting many investors. Such slumps can be triggered by withdrawing from large investors, significant frauds or security breaches, or tighter government regulations.

Finally, navigating crypto trading platforms also requires a high level of digital and financial literacy. In order to maintain their investment and stay safe, beginners need to invest time into learning which risks avoiding and deciphering which coins are worth investing in — all while managing complex trading interfaces.

Due to these barriers, a lot of investors forgo crypto trading altogether.

Bolide: Memecoin Trading for the Masses

Bolide is a mobile app that makes it easy and affordable for beginners to start trading memecoins. It uses Pimlico’s Account Abstraction technology to allow gasless transactions and embedded wallets from Privy for social logins. In doing so, it gives users affordable transactions, secure account access, and lets them store their customer keys safely. This way, users can manage their investments with ease and confidence, knowing their data and digital assets are well-protected.

And thanks to a simplistic user interface, users can navigate Bolide as easily as they would a standard bank account — even if they’ve never used the on-chain market before

“As an early investor and trader in crypto,” says Ox Bid, CEO and co-founder of Bolide, “my dream has always been to provide access and teach people how to navigate this space. The crypto market is undoubtedly risky, but it can be less so if customers have access to straightforward tools, as complexity often leads to mistakes and barriers.”

Bolide is now available on the App Store, and its initial traction is notable. “Though we've been on the market for only a few weeks,” Ox says, “our trading volume has nearly reached $157,000, with an average of 13 trades per user and an average trade value of $30.”

Clearly, Ox’s strategy of appealing to a lay audience of retail investors is paying off.

Bolide’s Social Finance Future

According to Ox Bid, it's time for memecoins to have their Robinhood moment. To this end, she believes that the secret to making memecoin trading accessible to everyone is to take Robinhood's affordable, user-friendly approach, apply it to crypto, and add a social twist.

She notes that modern consumers are deeply influenced by social media in everything they do, from choosing where to eat to deciding where to live — and she sees this trend as vital to the future of retail crypto trading.

“People often make decisions based on recommendations from influencers or friends,” Ox explains. “My goal is to create a similar influence-driven recommendation system, where users can see which tokens to buy based on the on-chain actions of top influencers, friends, and traders.”

In doing so, Ox hopes to return to what made memecoins great in the first place: fun and levity. “I aim to make the crypto market not only accessible to the masses but also exciting and social,” she says.

Trade Memecoins with Confidence Using Bolide

Newcomers should be able to confidently trade crypto without having to sift through pages of research. They should feel at ease knowing that their investments are protected and that they have access to the tools and support required to make informed decisions. This is where Bolide shines.

By blending the user-friendliness of Robinhood and the engagement of popular social platforms, Bolide gives users the freedom to navigate crypto trading in a fun and informative way. To learn how Bolide is making the most out of its Robinhood moment, check out the app for yourself. You can also follow Ox Bid on her Farcaster at @oxb, and on X at @Oxxbid.