5 Real Use Cases for Useless Memecoins

Memecoins aren't useless: They skirt securities laws, don't make venture capitalists rich, and they're also pretty funny.

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5 Real Use Cases for Useless Memecoins

Memecoins aren't useless: They skirt securities laws, don't make venture capitalists rich, and they're also pretty funny.

by

Max Umbrella

9 minutes

December 18, 2024

Memecoins The betrayal of the cryptocurrency ideal... or its true purpose

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Memes are cryptocurrencies distilled down to their essence: social trends, wry humor, and the lure of ridiculous profits, all wrapped up in a token that does nothing. Not for Warren Buffett, but for a wide variety of ordinary people looking for fun, community, and a lottery ticket out of the rut they live in.

“The meme is the alpha,” says Danny Yang, founder of OnChainMonkey, referring to the incredible returns compared to other metrics. Memecoins gamify the investment process, as investors rush to follow intangible trends in election results or jump on the latest coin minted 10 minutes after the suspect in the UnitedHealthcare CEO shooting was arrested. Very 4Chan-esque.

Community building, social bonding and fun are all part of the appeal of memecoins. “Humans are social creatures, and memes are about people finding entertainment in the same thing,” says Yang.