In the ever-evolving landscape of cryptocurrency, meme coins have transformed from niche internet jokes to significant speculative trading assets. The rise of Goatseus Maximus, which has even minted the first AI agent millionaire, signals a new chapter in the crypto world.
Murad Mahmudov’s insights at TOKEN2049 in Singapore were eye-opening. Meme coins like Dogecoin, Shiba Inu, Bonk, and Pepe are more than just tokens; they’re rallying points in a hyper-digital age. They offer a shared language and a sense of belonging in a world where traditional institutions and market structures are falling short. As Murad puts it, we’re in a’meme coin supercycle,’ where tribal loyalty and community sentiment drive markets more than utility.
In web3, the concept of ‘token is the product’ challenges traditional business wisdom. Innovators and developers might be better off focusing on building strong tribes and close-knit communities rather than just abstract underlying utility.
Bitcoin and Ethereum initially promised a decentralized, trustless world centered around individual autonomy. However, after over fifteen years, despite the growth of infrastructure and applications, the mass adoption of crypto still eludes the industry. What’s truly needed are more emotional touchpoints and narratives that can bring people together.
The next billion users are less concerned about the technology or big-name investors. They’re looking for fun and a community of like-minded individuals. The social impact projects that emerge from these communities are an added bonus.
Take Dogecoin, for example. Born as a satirical joke with no groundbreaking tech or VC funding, it now has over 6.9 million holders. The Dogecoin community is using its resources to fund water wells in Kenya, demonstrating bottom-up utility creation.
Meme coins foster truly decentralized community formation, unlike traditional investment models where deep-pocketed investors push ‘use-cases’ and overvalued coins onto retail investors. They encourage people from diverse backgrounds to form groups around a shared, often fun and humorous idea. Since there’s usually no hidden long-term agenda, memecoin communities come together for the sake of the community itself.
Tribalism isn’t new in crypto. Bitcoin maximalism and Ethereum loyalty are examples of strong, almost religious, sentiments. But why are meme coins booming now? It’s not just a matter of market cycles.
The world is in a state of disarray, and younger generations are struggling to find meaning. Established institutions are either collapsing or revealing their less savory sides. Memes, not just in crypto but everywhere, are the antidote to this banality. In the US presidential elections and the Brexit debate, tribal identities and language played a significant role.
Meme coins channel the growing need for belonging and connection into something positive and profitable. Popcat, a Solana-based meme coin, and Bonk, which became the’social layer’ of Solana, are prime examples of how fun and community can overshadow technical promises.
The meme coin supercycle highlights a new reality: identity is the new utility. In web3, a community-first approach will distinguish successful projects from failures. Even the best technology can fail without a strong community, while the most basic tech can achieve great heights with loyal community support.
Younger consumers value fun, identity, and emotional connection as much as functionality. Web3 builders, especially those with a web2 background, need to adapt. They must focus on building tribes, not just tools. In a world where AI is advancing rapidly, the lesson is clear: community is currency, and identity is the ultimate asset.
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