Meme Coin Madness, Degens and the Crypto FOMO that Makes No Sense. Yet, here we are.

One of the craziest seasons I’ve seen in crypto is right now. It’s because of meme coins. In just days, meme coins, usually with animals as the stars, are hitting surreal numbers.

These are coins that do not have any true function. It’s just that they can be funny and cute and create a culture and community that bonds around the sillyness and fun of it all. It’s literally a joke. Dogs, cats, frogs, dragons…

And, ideally, it makes nonsensical money. For instance, in 24 hours, 2.4 billion dollars were traded in $SLERF meme coin. That’s 100 million an hour. So more degens buy and try.

$SLERF

Peak Degeneracy

• People are sending thousands of dollars to random wallet addresses in presales, hoping to get airdropped a massive amount of life changing money coins. It’s nuts. Some degens are aping in at 50k, 90, 190k in some meme coins.
• Memes that gain traction are still volatile. You can easily be someone’s exit liquidity. Often, by the time you hear about a meme coin all over Twitter, it’s too late. You are not going to buy a Lambo.
• And of course, thieves, scammers and crooks are out there to rug you. Over 100 million USD have been lost in scams, according to Cointelegraph.

$BOME on Solana Blockchain (I hold a tiny bit)

It’s highly speculative. It’s likely you’ll lose. But for some weird reason, we humans just want the thrill of an extreme gamble.

Book of Memes

Like $BOME (Book of Memes). This one launched and immediately rallied 36,000% to reach a market capitalization of $1.45 billion in less than 56 hours. One investor turned 72,000 USD into 32 million on $BOME. Yup. For every one of these stories, there are millions who were … the exit liquidity.

Meme coins are relatively easy to create on blockchains such as Solana. In fact, the price of Solana is being driven up, in part, by all the meme activity on its blockchain. You have to buy the memes with SOL, the currency, and you have to go to decentralized exchanges, (DEXs) built on the Solana blockchain. I use Jupiter to swap SOL for meme coins.

$ WEN

Other blockchains, like Avalanche, are backing meme coins like this one. Coq Inu is recognized as a leading meme coin on the Avalanche blockchain.

$COQ

$PEPE is the main meme coin on the Ethereum Blockchain

$PEPE

Memes create sillyness, stories, and cultural commentaries.

Me-Me-Meme

I created one and have 50 million coins worth $0 in my crypto wallet. My The Rundown co-founder, Thomas, told me that the Luka Press Club is an interesting idea around decentralized storytelling and a new type of journalism, but it’s not mindless fun or pointless enough for the current meme craze. It’s too serious and not natural to translate into a meme, he said. He’s right.

OK. I’ll be spending some time working on a totally mindless meme that is cute and pointless and fun. Now I’ll need a couple of creative teenagers, 14–16 years old, to help me write and post funny memes. Know anyone? I’m serious!

Memes are also creeping into election season in the US.

$BODEN (Biden)

$TRUMP

The Communications Angle

Well, Gen Z is here if this is your audience. There is a massive in built audience waiting and watching their degen bags in this crypto bull run. Memes are a major narrative, as I’ve mentioned.