The sudden rise of prominent meme coins like Dogecoin (DOGE)

—as well as SPX and GOAT recently—suggests a radical shift in the crypto space. As the meme coin category continues to evolve into a trend in its own right—known as meme coin hype season—during the current market cycle, prominent crypto analyst Murad Mahmudov has hinted at a shift in perceptions of the category that could reshape the crypto space: the emergence of new meme coins based on sectarianism and partisanship. In a recent interview on The Block Crunch, Murad described meme coins as

“digital representations of internalized beliefs,” claiming that they represent a new trend in digital assets that draws support from societal beliefs rather than functional uses or technical innovations.

The analyst drew comparisons between Bitcoin (BTC) and successful meme coins, stressing that both are backed by “intolerant communities” or followers of what resemble “extremist groups.”