The Day The Memecoin Dies
Submitted by QTR's Fringe Finance
I opened Twitter this morning and saw a photo of a group of guys, lanyards swinging, hoodies zipped, shuffling off to a “memecoin conference.”
Which is to say we have reached the point in the batshit insanity cycle where people are boarding planes and booking hotels to celebrate coins that started as jokes about dogs. Pause and really sit with that.
Memecoins are not businesses. They are not technologies in any meaningful sense. They produce nothing, fix nothing, and generate exactly zero in revenue unless you count the transfer of money from the last guy in to the guy just ahead of him. They are vapor. Digitized empty space. Financial air pockets passed hand to hand with a straight face, as if this is all perfectly rational behavior.
And right now, it feels normal.
Of course it does. Markets are pressing highs. The Shiller P/E ratio is floating around nosebleed territory at 40x still. Everyone is still making money, or thinks they are. Risk is a punchline despite AI deals falling apart and private credit imploding. In that kind of environment, a memecoin conference doesn’t look insane. It looks like networking.
Now fast forward. Not a polite dip. Not a minor wobble. A real drawdown in the stock market. 30%, maybe more. The kind that makes people stop checking their portfolios because they already know what they’ll see. The kind that turns group chats quiet.
Now try pitching Dogecoin in that environment. Try explaining Shiba Inu to someone who just watched a third of their net worth evaporate. Go ahead, tell them it’s “community driven” and see how far that gets you. What passes for clever marketing in a bull market starts to sound like a bad joke when people are bleeding money. That’s when this whole thing (READ THIS FULL COLUMN 100% FREE HERE).
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