To talk about MEMECOIN, one must first discuss meme coins; and to talk about meme coins, naturally, we must start with memes. The word 'meme' is pronounced /miːm/, not as 'me me'. The term 'meme' was coined by the biologist Richard Dawkins, first appearing in his 1976 work, The Selfish Gene.
Most people's familiarity with memes starts with meme images, which sometimes are screenshots from movies, TV shows, comics, or just photos. These images are often accompanied by bold words or short sentences to humorously convey an emotion. When the right combination of image, text, and context is achieved, it often has the effect of 'a picture paints a thousand words'. The story jumps out from the screen, even silently speaking, what's known as 'soundless speaking'. These not only bring a knowing smile but also allow instant understanding and empathetic connection to the emotion conveyed.
Incidentally, the most commonly used font in meme images is called Impact, designed by Geoffrey Lee in 1965. Its ultra-bold and clear lines make it particularly suitable for large formats like billboards. Ultimately, Impact found its greatest success not in giant outdoor advertisements but as the 'designated font' for the humble meme image, which I'm sure was beyond the designer's expectations.
However, meme images are just one of the mediums for memes. Just as genetic traits are propagated through genes, cultural traits are spread through memes. If culture is a disease, memes are the virus, and meme images, like droplets, are the virus's best carriers. Besides this, ceremonies, props, slogans, speeches, gestures, etc., can all be carriers of memes.
As for meme coins, they emerged as the newest carriers of memes with the democratization of coin minting following the advent of blockchain technology. Unlike all previous carriers, only meme coins can embody the idea of "putting one's money where one's mouth is". When a culture is carried by meme coins, no matter what is said or done, nothing is as direct as spending money to buy the coin to support that culture. The more supporters there are, the more people will buy the corresponding meme coin. Based on the basic economic principle of supply and demand, the price will rise, a characteristic not found in other carriers.
The most well-known meme coin is Dogecoin. Like many memes, Dogecoin's inception was somewhat accidental. Its founders, Jackson Palmer and Billy Markus, developed Dogecoin in 2013 by forking Litecoin's code, with a half-joking attitude and without much ambition. They aimed to create a more fun, approachable, and practical cryptocurrency, which unexpectedly became very popular. In 2015, Palmer, seeing the community deteriorate due to significant financial interests, left the project in frustration. He probably did not foresee the further deterioration that would begin in 2019 with Elon Musk becoming the 'CEO'.
In the process of spreading, 'variants' may emerge that even the founders cannot control. Cultural survival of the fittest, dominated by the community, is another characteristic of memes.
Broadly speaking, Bitcoin is the true king of meme coins. Before you accuse me of talking nonsense, consider this: if a meme coin is defined as a cryptocurrency adopted based on conceptual and cultural consensus without intrinsic value, not used for voting, and purely for entertainment, then Bitcoin, which is neither a utility token nor a governance token, fits this definition perfectly as a value carrier 'memed' into existence. Its "meme power" is just so strong and its market value so large that it stands in a league of its own.
Expanding this idea further, even gold can be considered a meme. While gold's intrinsic value isn’t zero, it’s extremely limited, and most of its price is 'memed' into existence. However, a consensus formed over thousands of years, across regions and civilizations, has made this meme incredibly solid.
This is not to belittle Bitcoin; quite the opposite. It's to say that meme coins should not be underestimated. When a meme officially forms, it becomes a belief, a force more powerful and enduring than strong functions and specific applications. A stronger meme can even become a faith that you can't argue about its existence with a believer.
Therefore, I believe meme coins must stay true to their original purpose and remain pure. Elon Musk once said he would invest resources to make Dogecoin more useful; I think this is the wrong direction. If you want functionality, you shouldn't base it on Dogecoin. Similarly, while I admire the creative hacker spirit, I think instead of adding NFTs and smart contracts to Bitcoin, it's better to keep its purity as a value carrier and focus development energy on other projects.
I have a playful 'perpetual bet' with finance and technology expert Cheung To. He advocates holding Bitcoin, while I primarily hold Ethereum, more than double the Bitcoin I hold. This doesn't mean I'm bearish on Bitcoin or bullish on Ethereum in the long run. The transmission of culture (meme) is more abstract, but the utility of smart contracts is very concrete. That’s why, even though many call Ethereum 'virtual' currency, I still use it as the backbone of my asset allocation, feeling quite solid about it.
Before 9gag's MEMECOIN was launched, apart from Bitcoin, I never spent money on any meme coin, based on similar logic. It's not that I look down on all meme coins or see them as scams, but rather that I am not part of the culture they represent. Buying into them without genuine cultural alignment and deep understanding would be speculation. Speculating is fine, but I seldom do it.
Last month, I was farming MEMECOIN on Twitter (please don't mind me not calling it X), and several friends kindly warned me, asking if my account had been hacked. This probably has to do with MEMECOIN's white paper openly stating it "has no functions, no utility and no intrinsic value" and is "completely useless and for entertainment purposes only". This doesn't seem to fit my serious demeanor and “persona” in advocating and developing services that shoulder responsibilities to the world. However, with the above discussion, my friends should now understand that I have my own ambitions, yet do not oppose others' paths, as the saying goes, "brothers climbing mountains together" (a Chinese slang that respects individual differences in solidarity). Moreover, just supporting my friend, Ray, the founder of 9gag, is a reason good enough to farm MEMECOIN.
Saying I'm supporting a friend might unintentionally elevate my own status. Instead of wondering why I support MEMECOIN, it's more curious why MEMECOIN supports me. Although I've been in the blockchain field longer than Ray and have shared many ideas and experiences, MEMECOIN, in every aspect like market cap, liquidity, number of holders, and prestige, is much stronger than LikeCoin. Besides, even if MEMECOIN itself is truly useless, based on blockchain characteristics, it can still be 'swapped' for something useful.
Last month, I loudly proclaimed that if my articles provide insight and help, please subscribe and pay. For every 100 Hong Kong dollars, you can help me scan one of Hong Kong's increasingly rare books. With all my might, I received generous support from 9 readers, enough to scan 40 books, for which I am truly grateful. However, this is merely a drop in the bucket and far from solving the problem. On the other hand, because I have always tried to popularize and explain the logic and philosophy of blockchain, and perhaps offered some insights, Memeland gifted me a "YOU THE REAL MVP" NFT. As I've always held it without cashing out, while agonizing over the massive amount of books and magazines waiting to be scanned, I unexpectedly received an airdrop of MEMECOIN, equivalent to ten years of subscription income.
Many things should not be judged superficially; many efforts should not be overly calculated. Blockchain is a carrier of karma; if you give your all and strive with sincerity, you will often find it rewarding you in unexpected ways.
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