What is Midas The Minotaur (MIDAS) crypto coin? The truth about this meme coin's myth and risk

There’s no whitepaper. No team. No roadmap. Just a bull, a golden touch, and a promise that if you buy in, you’ll get rich. That’s Midas The Minotaur (MIDAS) - a crypto coin built on myth, not math.

If you’ve seen ads on Twitter or Telegram promising you’ll become the next crypto king with a coin named after a Greek legend, you’re not alone. MIDAS launched in October 2024 on the Base blockchain - Coinbase’s fast, cheap Layer 2 network - with a total supply of exactly 8,888,888,888 tokens. All of them. No reserves. No team allocation. No private sale. Just 8.88 billion tokens, floating out there, waiting for someone to believe in the story.

The story? King Midas, who turned everything he touched into gold. The Minotaur, a bull-headed monster from ancient labyrinths. Combine them, and you get the “True King of the Bulls.” That’s the branding. That’s the whole pitch. No smart contracts. No DeFi yields. No staking. No utility. Just pure narrative.

It’s not unique. Meme coins have been around since Dogecoin. But MIDAS is different because it doesn’t try to be funny or cute. It tries to be powerful. It’s not about a dog or a shiba. It’s about dominance. The bull market. The golden touch. The myth that if you hold this coin, you’ll be the one who wins when the market turns.

And it’s working - for now.

As of November 20, 2024, MIDAS trades between $0.00048 and $0.00056. That sounds tiny. But with 8.88 billion tokens in circulation, that gives it a market cap of about $4.5 million. That’s not much compared to Dogecoin’s $15 billion or Shiba Inu’s $9 billion. But in the world of meme coins launched this year, it’s in the top 15%. Out of 12 to 15 new meme coins popping up every day, most die within 30 days. MIDAS didn’t. It survived. It got traction. Why?

Because people are chasing momentum.

On Reddit, users report turning $50 into $300 in three days. On Twitter, #MIDAS had over 1,200 mentions in a week. The Fear & Greed Index hit 89 out of 100 - extreme greed. People aren’t buying because they understand the tech. They’re buying because they see others making money. They see the charts going up. They see the Telegram groups blowing up with “TO THE MOON” posts. That’s the only engine this coin has: FOMO.

But here’s the catch: FOMO doesn’t last.

Unlike Dogecoin, which has a decade of history and even gets mentioned by Elon Musk, MIDAS has no celebrity backing. Unlike Pepe, which trades over $1 billion a day, MIDAS struggles to hit $100,000 in daily volume. Unlike Bonk, which works inside the Solana ecosystem for real payments, MIDAS does nothing but sit on Base. It doesn’t pay dividends. It doesn’t let you vote. It doesn’t even have a website with real info. The only thing you get is a token contract address: 0x4a7b...89f2. That’s it.

And that’s the problem.

Experts are blunt. David Hamilton from CryptoInsight Research says meme coins like this have a 90%+ chance of crashing within 90 days. Dr. Elena Rodriguez, a blockchain researcher, says you should never put more than 1% of your portfolio into a coin like this. CoinDesk called it a “pump-and-dump machine dressed up as mythology.” And they’re not wrong.

Here’s what you’re really buying: a gamble.

You’re betting that someone else will buy it for more than you paid - not because it’s valuable, but because they believe the hype. That’s how all meme coins work. But MIDAS has almost no safety net. No team to fix bugs. No developers to add features. No community fund to run ads. If the hype dies, the price dies with it. And it’s already happened to hundreds of coins like this.

One Reddit user lost 60% in two days. Another trader on Bitget reported slippage of over 8% during price spikes - meaning if you tried to sell, you’d get 8% less than you expected. That’s not a glitch. That’s normal for low-liquidity coins. Your order gets eaten up by bigger players who know exactly when to dump.

And there’s no customer support. If you get locked out of your wallet or send funds to the wrong address, no one will help you. The official Twitter account @MidasMinotaur hasn’t posted anything technical since launch. It just shares memes and chart screenshots. The only “support” comes from random Telegram groups with 47-minute average response times.

So how do you even buy it?

It’s easy - too easy.

You need a wallet like MetaMask, connected to the Base network. Then you go to a decentralized exchange like Uniswap or PancakeSwap. You swap ETH or USDC for MIDAS. It takes five minutes. No KYC. No forms. No approval. You don’t even need to know what a blockchain is. That’s the beauty - and the danger.

But here’s the hard truth: if you’re thinking of putting $500 into MIDAS because you saw a video saying “this is the next 100x,” you’re not investing. You’re gambling. And the odds are stacked against you.

Professional analysts say 8 out of 10 firms rate MIDAS as “high risk of complete failure within 12 months.” The SEC has already warned about “mythology-themed tokens with no utility.” And Nansen analytics shows zero institutional money has touched this coin. Not a single hedge fund, not a single venture capital firm. Just retail traders - mostly from Southeast Asia and Latin America - chasing quick wins.

Compare it to the real winners: Dogecoin, Shiba Inu, Pepe. They all started as jokes. But they built communities. They got listed on Binance. They got memes turned into merch. They got real use cases. MIDAS? It has nothing. Just a name and a bull.

Is it possible to make money on MIDAS? Yes. But only if you treat it like a lottery ticket - not an asset. Buy small. Set a hard stop-loss. Get out fast. Don’t hold for “the next moon.” Don’t believe the hype. Don’t trust the Telegram gurus. If the price goes up 20% in a day, take profit. If it drops 15%, don’t average down. Just walk away.

The myth of Midas ended with him starving because he turned his food to gold. The Minotaur was trapped in a maze and killed. This coin is built on two tragic stories. Maybe that’s the real warning.

Don’t get turned to gold. Don’t get lost in the maze. If you’re going to play this game, play it smart. Or don’t play at all.

How MIDAS compares to other meme coins

MIDAS doesn’t compete with Bitcoin or Ethereum. It competes with other meme coins - and in that space, it’s a small player.

Here’s how it stacks up against a few others as of November 20, 2024:

MIDAS is tiny. It doesn’t have the volume. It doesn’t have the listings. It doesn’t have the utility. It’s not even close to the top tier. But it’s still alive. And that’s what makes it dangerous.

Who should avoid MIDAS?

If you’re one of these people, don’t touch MIDAS:

• You’re saving for retirement or a house - this isn’t an investment, it’s a roll of the dice.
• You don’t understand how crypto wallets or DEXs work - you could lose your money in seconds.
• You believe in “buy and hold” long-term strategies - MIDAS has no long-term plan.
• You’re risk-averse - the price swings are wild. 10% up or down in a day is normal.
• You expect customer support - there is none. You’re on your own.

Who might consider MIDAS?

Only if you:

• Understand it’s pure speculation - not investing.
• Are willing to lose everything you put in.
• Have a small amount of money you can afford to lose - say, $50 to $200.
• Can monitor the price daily and exit fast when it drops.
• Follow the community hype and know when to bail before the crowd does.

Can MIDAS go to ?

Technically? Yes. If the entire crypto market surges and MIDAS gets a viral moment - like a celebrity tweet or a big exchange listing - the price could spike. But $1 per token would mean a $8.8 trillion market cap. That’s more than Bitcoin, Ethereum, and the entire stock market combined. It’s impossible.

Even $0.01 would mean an $88 billion market cap. That’s bigger than 99% of all cryptocurrencies. The odds? Less than 0.1%. Don’t believe the “1000x” claims. They’re designed to lure you in.

What’s the future of MIDAS?

Delphi Digital predicts a 73% chance MIDAS crashes over 90% in six months. Weiss Crypto gave it a C- rating. The SEC is watching. No one is building anything. The only thing moving is the price - and it’s moving because of fear and greed, not facts.

It’s not going to revolutionize crypto. It’s not going to change the world. It’s just another coin trying to ride the wave of a bull market.

And when the wave ends? It’ll sink.