In the vibrant and ever-online world of cryptocurrencies, money can be made and lost in the span of moments. Within this digital and non-discriminating realm of opportunity, there exists a special asset class that has managed to divide cryptocurrency proponents. Incumbents view it as a manifestation of the worst traits of crypto and fear it could sink the reputation of a fledgling industry. Others see it as a necessary on-ramp for the next generation of cryptocurrency investors, who are attracted by these coins before pivoting to more ‘worthy’ endeavors.

Launched into the stratosphere by Elon Musk - please appreciate this pun -, Dogecoin is the prime example of what constitutes a memecoin, a cryptocurrency that originated from an Internet meme. Dogecoin was birthed in 2013 as a joke, merging the hottest real estate in internet culture at the time: Bitcoin and Doge memes. As a fork cubed of Bitcoin - LuckyCoin > Litecoin > Bitcoin - it had limited to no utility at time of inception. Hence, when crypto investors started flocking to Dogecoin’s banners, it was swiftly picked up by the media and presented as an example of the crypto craze and its impending doom.

Were they wrong? An influx of funds into a seemingly worthless asset, created as a joke, can definitely be described as a bubble. However, as the media reported on the Dogecoin craze and the wealth it created, retail investors threw caution to the wind and FOMO’d in at scale. Perhaps thanks to Elon Musk’s broad shoulders, Dogecoin has been able to retain its position at the top of the cryptocurrency picking order, sitting at a market cap of a whopping $20 billion.

As Dogecoin gained traction, other copycats - again, applaud my pun - followed suit. Memecoins and dogs proved to be a match made in heaven, as Shiba even briefly overtook its dogfather in market cap. With the advent of Floki, the dog of Elon Musk, go figure, the dog memecoins show no signs of slowing down. So where does this all come from?

Memecoins are a marriage of internet culture and cryptocurrency. This foundation in internet culture is very important to understand why people continue to funnel funds into memecoins, while the crypto space has matured into an ecosystem of utility consisting of DeFi, GameFi, etc.

**Internet culture is inherently contrarian **The internet drives counter-culture. Copy-pasta from Wikipedia, don’t judge: “a counterculture is a culture whose values and norms of behavior differ substantially from those of mainstream society”. Social networks have driven engagement by placing users in echo chambers with like-minded individuals. This has led to a boom in the dissemination of fake news and conspiracy theories, but it’s also managed to foster a strong sense of community.

Contrarian voices thrive on the internet, and Elon Musk - by now you should have deducted that Elon Musk is Satoshi Nakamoto - demonstrates this by amassing a massive Twitter following with his no holds barred approach. The internet is the pilgrim, the quaker, the cowboy, and there is no place for us in what was: the outside world...

**Internet culture is community **The internet has allowed people to mobilize and create community. The frontier of cryptocurrency is Twitter, Discord and Telegram. Any self-respecting project has official chatrooms, and ownership of a coin now provides you membership to a club. These communities drive excitement and support your decision to ‘ape’, to ignore or substantially underestimate the risks and dream of a ten-bagger.

These foundations in internet culture help explain the rise of memecoins. The traditional financial system has not been designed to allow you to be successful without first amassing significant capital. Memecoins are upfront about the dream they’re selling: you can amass significant wealth or you’ll lose it all. We’re a memecoin. There’s no utility, just the thrill of the ride.

In the vibrant and ever-online world of cryptocurrencies, money can be made and lost in the span of moments. Within this digital and non-discriminating realm of opportunity, there exists a special asset class that has managed to divide cryptocurrency proponents. Incumbents view it as a manifestation of the worst traits of crypto and fear it could sink the reputation of a fledgling industry. Others see it as a necessary on-ramp for the next generation of cryptocurrency investors, who are attracted by these coins before pivoting to more ‘worthy’ endeavors.

Launched into the stratosphere by Elon Musk - please appreciate this pun -, Dogecoin is the prime example of what constitutes a memecoin, a cryptocurrency that originated from an Internet meme. Dogecoin was birthed in 2013 as a joke, merging the hottest real estate in internet culture at the time: Bitcoin and Doge memes. As a fork cubed of Bitcoin - LuckyCoin > Litecoin > Bitcoin - it had limited to no utility at time of inception. Hence, when crypto investors started flocking to Dogecoin’s banners, it was swiftly picked up by the media and presented as an example of the crypto craze and its impending doom.

Were they wrong? An influx of funds into a seemingly worthless asset, created as a joke, can definitely be described as a bubble. However, as the media reported on the Dogecoin craze and the wealth it created, retail investors threw caution to the wind and FOMO’d in at scale. Perhaps thanks to Elon Musk’s broad shoulders, Dogecoin has been able to retain its position at the top of the cryptocurrency picking order, sitting at a market cap of a whopping $20 billion.

As Dogecoin gained traction, other copycats - again, applaud my pun - followed suit. Memecoins and dogs proved to be a match made in heaven, as Shiba even briefly overtook its dogfather in market cap. With the advent of Floki, the dog of Elon Musk, go figure, the dog memecoins show no signs of slowing down. So where does this all come from?

Memecoins are a marriage of internet culture and cryptocurrency. This foundation in internet culture is very important to understand why people continue to funnel funds into memecoins, while the crypto space has matured into an ecosystem of utility consisting of DeFi, GameFi, etc.

**Internet culture is inherently contrarian **The internet drives counter-culture. Copy-pasta from Wikipedia, don’t judge: “a counterculture is a culture whose values and norms of behavior differ substantially from those of mainstream society”. Social networks have driven engagement by placing users in echo chambers with like-minded individuals. This has led to a boom in the dissemination of fake news and conspiracy theories, but it’s also managed to foster a strong sense of community.

Contrarian voices thrive on the internet, and Elon Musk - by now you should have deducted that Elon Musk is Satoshi Nakamoto - demonstrates this by amassing a massive Twitter following with his no holds barred approach. The internet is the pilgrim, the quaker, the cowboy, and there is no place for us in what was: the outside world...

**Internet culture is community **The internet has allowed people to mobilize and create community. The frontier of cryptocurrency is Twitter, Discord and Telegram. Any self-respecting project has official chatrooms, and ownership of a coin now provides you membership to a club. These communities drive excitement and support your decision to ‘ape’, to ignore or substantially underestimate the risks and dream of a ten-bagger.

These foundations in internet culture help explain the rise of memecoins. The traditional financial system has not been designed to allow you to be successful without first amassing significant capital. Memecoins are upfront about the dream they’re selling: you can amass significant wealth or you’ll lose it all. We’re a memecoin. There’s no utility, just the thrill of the ride.