In a recent tête-à-tête, the illustrious Ki Young Ju, the head honcho of CryptoQuant, declared with all the gravitas of a sage, “Memecoins are archetypes of the collective unconscious.” Now, if that doesn’t sound like something straight out of a Jungian dream, I don’t know what does! 🧠✨
In a couple of posts on the 23rd of February, our dear CEO waxed lyrical about how animal and celebrity memecoins are mere products of this collective unconscious, while altcoins, bless their hearts, are the manifestations of collective consciousness. Ju elaborated:
“Animal memecoins reflect shamanism, which venerates animals, while celeb coins embody higher religions that revere humans. Human evolution has been driven by shared beliefs — worshiping, forming groups, and collaborating.” 🐶👑
“If you can create something people believe in, you can thrive as an entrepreneur in the crypto industry,” he continued, probably while sipping a fine cup of Earl Grey. ☕️
These profound musings came amidst the delightful chaos following the Libra token scandal, which, if you can believe it, caused a staggering $107 million in losses for investors. Not to mention the political drama involving Argentine president Javier Milei and the resignation of Meteora co-founder Ben Chow. Talk about a soap opera! 🎭
Libra’s spectacular crash put “fair launch” tokens and memecoins under a magnifying glass, with many declaring it the final nail in the coffin for memecoins, while others called for sensible regulation. Because, of course, what the crypto world needs is more rules! 🙄
Did Libra signal the end of the memecoin craze?
In the aftermath of Libra’s grand implosion, venture capitalist Nic Carter chimed in, suggesting that this incident might just signal the end of memecoins and their once-glorious appeal to retail investors. How very dramatic! 🎬
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“Memecoins are cooked,” Carter declared, with the finality of a chef tossing a burnt soufflé. “There will still be launches and probably some winners, but the meta is done,” he added, suggesting that investor attention would soon shift to utility-based projects. Because who doesn’t love a good utility? 🔧
According to GeckoTerminal, over 600,000 tokens launched in January 2025 — the vast majority of which were memecoins — raising concerns over the dilutive effects of too many cryptocurrencies competing for market share and limited investor attention. It’s a veritable crypto buffet out there! 🍽️
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2025-02-24 00:20