The Evolution of Stupidity Theory: MemeCoins have become the mainstream market, replacing NFTs as the popular gateway

In the previous bull market, NFTs became the token of blockchain application popularization, fueling the era of cash printing and creating a thriving market.

This round of the market is different because the funds for Bitcoin ETF are closed, and it has not brought much external funding to alternative coins (Alts). It is uncertain whether the interest of external funds will spill over to other cryptocurrencies after the listing of Ethereum ETF. Therefore, some people describe it as a “Bitcoin-exclusive bull market”.

However, “meme coins” have created a new situation in this bull market. Under the three elements of “technological fatigue”, “resistance to venture capital”, and “avoidance of regulation”, they have become the dominant concept coins. The liquidity of “meme coins” is even better than that of USDT, and their trading volume far exceeds that of other “high-end concept” coins.

The ETF issuer VanEck even launched the meme coin index “MEMECOIN”.

Andrew Kang, a popular investor, stated that the soaring of meme coins is no longer a signal of the market top, as meme coins are no longer a dead-end for the industry. In fact, they have become the leaders of the market. You must adapt to them, or you will not survive.

This statement also reveals that fund manipulators have entered the meme market and are intentionally conducting large-scale speculation.

Former President Trump strongly endorsed cryptocurrencies, and meme coins named after him, such as Trump, skyrocketed. Prominent media figure Caitlyn Jenner issued the meme coin JENNER, and rapper Iggy Azalea entered the market with the meme coin MOTHER. These actions have further fueled the meme coin frenzy, similar to the early stages of the NFT craze when many celebrities made recommendations.

Platforms like Pump.fun, which fair launches meme coins, have established more transparent issuing rules and generate popularity through “price curves”. This has made the meme coin market more mature compared to the past.

In 2006, there was a movie called “Idiocracy”. In this movie, a US soldier named Joe participated in a highly classified military experiment on human hibernation. Unfortunately, an accident occurred during the experiment, causing him to wake up after five centuries of hibernation. Upon waking up, Joe found himself in a completely unfamiliar future world.

This future world was completely different from the one Joe knew. Commercialism had reached uncontrollable levels, and people’s lives were dominated by endless consumption. What was even more shocking was that this society promoted anti-intellectualism, and people lost interest in knowledge and no longer pursued wisdom and innovation. Core values such as social responsibility, justice, and human rights were nonexistent in this world.

The investment market of cryptocurrencies may be entering an era of “anti-intellectualism” where “practical technologies are too distant” and “there are too many manipulations based on trends” and “organized startups will be regulated”, so it’s better to just lie flat and do nothing.

Meme coins were fully circulated from the beginning, without “foundations holding a large amount of tokens” or “lockups at low prices by well-known venture capitalists”. Everyone entering the market has the opportunity to be the banker and speculate in different market cycles. The fair distribution platforms like Pump.fun have established more transparent issuing rules and generate popularity through “price curves”, making the meme coin market more vibrant than ever before.

What’s more, there’s always a chance to become a meme coin mogul. Participants don’t need to have emotional attachment to meme coins, as thousands of meme coins appear every day. People can constantly compete for opportunities and strive to be the first. Profits can be transferred repeatedly, allowing small investors to strive for financial freedom.

Although not everyone agrees with the meme trend, venture capital firm a16z stated, “Why does the market always repeat these cycles instead of supporting truly transformative and productive blockchain innovations?” They pointed out that the crypto market, which has always been driven by speculation, is filled with utility tokens based on various projects and mostly useless meme coins. The latter, as an important role in the crypto industry, often plays a leading role in some malicious incidents.

Andrew Kang, MEME.