If anything portends the ever growing clowning of the investment world, it’s when the news media starts hyping a 40m micro cap memecoin with 20k holders. What the ever loving f*ck.
So what exactly is going on here?
Here’s my theory, and I’ll preface this by saying I’m not a crypto expert, but I am the owner of a large PR firm, and I’ve seen the underbelly of how media works.
What’s happening here is that we are witnessing the extraordinary power of meme based communities centered around highly memeable content. The power comes from two places.
- The meme creates very strong in-group dynamics. Look no further than the popularity of meme based (not memecoin) based subreddits. Memes spread like wildfire even when financial incentive isn’t involved. This creates hyper active communities that build strong ties extremely quickly.
- Memes themselves are viral loops. Any community user creating memes is a potential source of new virality for the meme, or memecoin. This is an exponential flywheel and this is what most miss.
As these groups ramp up, you inevitably get people with media power joining, including journalist with big audiences.
This seems to be happening with dogebonk and perhaps a few others.
The memecoin market is an insane Wild West, and everyone should fully expect them all to potentially be scams.
That said, we already know the proliferating power of memes, so to expect memecoins to not be able to leverage that huge power, is to be blind to the clown world crypto enabled.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.
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