Whether you love it or hate it, Memecoins are bringing a new group of users and classes to our world.
Author: TPan
Translation: Deep Tide TechFlow
A few weeks ago, a speech at Token2049 went viral on the X platform, garnering over 1.4 million views and tens of thousands of interactions: Murad's Memecoin Supercycle Speech.
Notice the ratio of likes to bookmarks; it's simply insane!
Key points from Murad's speech:
Whether old or new, Memecoins outperform all other Tokens.
Tokens are often overvalued before listing due to the involvement of various parties (founders, venture capitalists, angel investors, centralized exchanges, market makers, KOLs, etc.), ultimately leading retail investors to become exit liquidity.
Memecoins have already proven their "utility" through DOGE, SHIB, PEPE, and WIF. I am definitely not a supporter of Memecoins, but I documented the early stages of PEPE and WIF and why they are interesting.
The cryptocurrency industry is essentially a Token production industry disguised as a software production industry.
The distribution of Memecoins is more organic, decentralized, and fair. Poor holders become unpaid full-time promoters.
Retail investors ultimately care about making money, enjoyment, and a sense of belonging.
All Tokens (whether tech-oriented or Meme-oriented) are like gambling tables in a casino. "Why should we play at your table when we can have our own?"
The Memecoin supercycle also has external factors: inflation, AI replacing jobs, income inequality, loneliness, mental health issues, more online time, and fewer pathways to "success." This is what is called: financial nihilism.
Altcoins do not primarily focus on technology, and Memecoins do not primarily focus on Memes. Both attract people and drive price increases through different narratives and technologies in a Tokenized community.
The best Memes have become a culture, even a small religion, with shared values, lifestyle principles, ideals, ideologies, artworks, events, hopes, and visions.
Whether you like it or not, this speech provides a useful framework to help understand why Memecoins have become a major topic and may still be far from peaking. So, put aside your prejudices, and if you haven't seen it yet, go check it out.
In addition, Murad's rapid speaking style and quick slide transitions almost make you feel like you're trading Memecoins, watching the price charts fluctuate rapidly.
Where will Memecoins go next?
Untokenized Memes have established their status as mediums of communication, cultural units, and composable content fragments. They dominate social media dynamics, creating overnight celebrities (for example, the Hawk Tuah girl transforming into Haliey Welch), and entering mainstream media.
Thus, the Tokenization of Memes is a natural evolution. After all, various types of content and assets are being tokenized, from written content, car ownership, government bonds/commodities, to digital collectibles and artworks.
But what else is interesting about Memecoins beyond their common characteristics?
The Good Deeds of Memecoins
Vitalik Buterin
One strategy for gaining recognition for a Memecoin is to send a portion of the Tokens to well-known figures. If a Memecoin launches on Ethereum, Vitalik Buterin is often the preferred target.
Yesterday, Vitalik converted several Tokens he held into ETH, donating $642,000 to charity, pointing out that Memecoins have the opportunity to play a positive role beyond enriching and speculating for holders.
vitalik.eth:
I appreciate all the Memecoins that directly donate a portion of their Token supply to charity.
(For example, I saw ebull donated a large amount of Tokens to various groups last month)
Any Tokens sent to me will also be donated to charity (thanks moodeng! Today's 10 billion will be used for airborne disease technology), but I would prefer you send them directly to charity, or even establish a DAO to involve your community directly in decision-making and processes.
I have previously stated that I believe the best direction for Memecoins is to bring about the greatest positive effects for the world, so it's great to see this actually happening!
This is not the first time he has done this; he donated $1 billion worth of SHIB to support COVID relief in India in 2021.
Pump.science
pump.science is a platform developed by Molecule, which is a funding platform for early research in decentralized science (desci) that combines Memecoins and prediction market mechanisms.
Pump.science focuses on longevity research through low-cost, rapid testing methods for worms (click here for more information on testing methods).
How does it work?
Researchers can submit drug strategies and list them on the Memecoin launch platform pump.fun
When the Token market cap reaches $10,000, the live recording of the experiment begins
Users can speculate on the effectiveness of the tested compounds by buying and selling Tokens.
While pump.science may not attract attention like ordinary Memecoins, this platform, which has only been established for three weeks, is introducing new interactive mechanisms that draw attention to its field, have clear social benefits, and may create some reward systems to align incentives.
Memecoin Marketing and Sponsorship
Cryptocurrency is no stranger to engaging marketing campaigns and sponsorships (mainly in the sports field), some of which are still ongoing.
Coinbase signed a 4-year sponsorship agreement worth $192 million with the NBA in 2021
Crypto.com signed a 20-year contract worth $700 million to acquire naming rights for the Los Angeles Lakers' arena
Multiple F1 teams are sponsored by various crypto companies, including ApeCoin, Binance, OKX, Bybit, Sui, and Kraken
Before its collapse, FTX held naming rights for the Miami Heat arena and was a sponsor of F1
VeChain is the official blockchain partner of UFC, and you can't miss the logo displayed inside the octagon during matches
These sponsorships make sense, as the examples above showcase advertising for billion-dollar companies aimed at large audiences. But what about a Memecoin?
Earlier today, the APU Memecoin community announced a partnership with Bare Knuckle Fighting Championship (BKFC), with the APU (a derivative Pepe character) logo to be displayed at the event venue and other locations.
Notably, an individual within the APU community has taken on the sponsorship costs alone, indicating that they may gain significant benefits from the additional attention brought by the sponsorship.
Additionally, Emily Lai pointed out that when she arrived in London, she noticed a large adoption of guerrilla marketing strategies within the Memecoin community.
If you find graffiti NFTs or stickers plastered on streetlight poles annoying, I'm sorry to say this might just be the beginning (for example, there is still a wallet holding $650,000 planning to put WIF on the Las Vegas Sphere).
What can non-speculators do about this?
Memecoins can trigger instinctive reactions from some people in our industry, which is somewhat ironic, as people outside the industry generally have similar reactions.
The simple answer is: do nothing. Take a deep breath, let it happen, and accept the fact that Memes have already reached and will continue to reach billions or even higher levels of influence. Let them do their thing, as there is no need to oppose or hate it.
A more detailed answer is to be grateful. Why?
NBA Top Shot attracted a large number of new users, with over 80,000 unique buyers in February 2021 alone. Many users eventually turned to NFTs, some of whom later became entrepreneurs, creators, or contributors within the ecosystem. I am one of those who came here due to speculation and the potential for huge returns. Over the years, I have met many people with similar experiences.
Whether you love it or hate it, Memecoins are bringing a new group of users and classes to our world, which may confirm the hypothesis of the Memecoin supercycle.
Some of these individuals are using crypto wallets for the first time (fortunately, the experience is better). Some are learning about slippage and swaps. Some may lose money and thus conclude that cryptocurrency is indeed a scam.
And some will stick around, wondering what else is happening in this crazy world. This is the moment when the Memecoin super (Onboarding) cycle begins.
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