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Memes have come a long way, from niche internet jokes to full-fledged speculative trading vehicles. Now, with Goatseus Maximus (GOAT), we have also created the first AI agent billionaire. I initially dismissed meme coins as gambling chips in crypto casinos, but it takes some foresight to understand what that really means. Murad Makhmudov’s presentation at TOKEN2049 in Singapore opened my eyes.
From Dogecoin (DOGE) and Shiba Inu (SHIB) to Bonk (BONK) and Pepe (PEPE), crypto memes are a rallying point in today’s hyperdigital world. They provide a common language and identity, a guarantee of belonging, for people for whom traditional institutions and market structures have failed. Murad says we are in a “meme coin supercycle” where tribal loyalties and community sentiment rather than practicality are driving the market. I think what he says is completely spot on. The signs are everywhere, not only in the trenches but also outside.
As an OG, I’ve always wondered if traditional business advice is of little use in Web3. The “token is the product” here. Therefore, innovators and developers may be wise to focus on building base tribes and tight-knit communities rather than just abstract fundamental utilities.
No increase in infrastructure or applications
Starting with Bitcoin (BTC) and Ethereum (ETH), an anarchic culture and cutting-edge technology have defined the value proposition of cryptocurrencies. This held the promise of a decentralized, trustless world built around individual autonomy. But more than 15 years later, cryptography still hasn’t fully lived up to its promise.
More infrastructure and apps may make blockchain and cryptocurrencies cooler, but what blockchain and cryptocurrencies really need, especially for mass adoption, are more emotional touchpoints, more people It is a story that brings people together.
The next billion users don’t care about technology or which big venture capital firm is investing in the next shiny object. They are interested in having fun with a community of like-minded people. The “public good” or social impact projects produced downstream from here are simply the best.
Take DOGE, the OG crypto meme coin, as an example. It was born with satirical intent, but no breakthrough technology or VC funding to back it up. When DOGE was launched, I was in a room at the Ethereum Foundation in Zug. That was an intentional joke. My tech friends said, “Let’s not take ourselves too seriously.” But now there are more than 6.9 million owners, and their communities are using their money to finance the construction of wells in Kenya. That’s what we call bottom-up utility creation.
Rather than deep-pocketed investors dumping “use cases” or overvalued coins to retailers, meme coins foster the creation of truly decentralized communities. That is the core strength and beauty of meme coins.
Speculation aside, they encourage geographically, culturally, and ideologically sensible people to form groups around common ideas (mostly fun and humorous ones). And usually with no long-term end in sight, the memecoin community comes together for the sake of the community.
Vibrations in a disconnected world
Tribalism is not new in cryptocurrencies. Bitcoin maximalism and Ethereum loyalty, for example, are quasi-religious sentiments. The Genesis block is a sacred symbol enshrined in mathematics, game theory, and mythology.
A question arises here. Why are meme coins booming now? The short and lazy answer is that cryptocurrencies work in cycles and this is the era of meme coins. Once the hype has passed, they will all be zero. But that’s not the case.
The world is becoming increasingly confusing, and younger generations are having a hard time understanding it. When an established organization collapses or betrays its dark anti-personal underbelly, it becomes completely meaningless and disillusionment ensues.
Memes are the antidote to such banality, not just in cryptocurrencies but everywhere. Even the U.S. presidential election was contested primarily on memetic identities like “Kamala is a brat” and “peer vote” rather than hard-core policy, performance, or ideology.
Previously, Brexit had been sharply divided into Leavers and Remainers, with tribal terms like “haters” and “Brextremists” characterizing the overall polarized conversation. Although a negative manifestation, this shows how essential tribalism is to modern times and culture.
Meme coins are great because they channel the growing demand for belonging and connection into something positive and monetizable. Thousands of people subscribe to the “Goat Gospel” and many more will do so without caring whether the LLM makes a typo or not.
Popcat (POPCAT), a Solana-based meme coin, is another example where a fun atmosphere and community traction eliminate the need for technical commitments. Bonk grew along similar lines, becoming Solana’s “social layer.”
Overall, the meme coin supercycle highlights the reality that identity has new utility. No matter what right-curve story or gigabrain innovation project you subscribe to, a community-first approach will separate the winners from the losers.
Without an underlying community, even the best technology will end up in the trash. On the other hand, even the most mundane and uninteresting technology can go to the moon with the active and loyal support of the community. Intrinsic value has acquired a completely new form.
Young consumers value fun, identity, and emotional connection as much as functionality. Web3 projects, like any other project, must pass the atmosphere check. Builders (mostly those with a Web2 background) will have to rewire themselves to build tribes rather than just tools.
AI may not take your job away, but if you can’t meet the demands of the times, it will definitely take your job away. The lesson is simple. Community is currency and identity is the ultimate asset.
