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Live by the Meme Coin Die by the Meme Coin
Bobby Mars
 April 29 2024 at 09:49 pm
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Solana Tokens are Turning Memes into Vectors of Wealth Bobby had some big scores this past month, getting money of the best kind—crypto money. In terms of satisfaction, that’s gotta be near the top, right in the same league as gambling money, sports betting money, an unexpected inheritance, etc. Money won feels better than money earned, you better believe it. Money lost feels like a cavernous pit in your stomach, but hey, we won this time, leave that for the suckers who bought my bags. Macchiavellian, deal with it. Crypto is the wild west and you better be quick on the draw. Keep your wits about you, know when to get in, know when to get out. None of this is new, crypto isn’t new, capitalism isn’t new, spare me the petty moralism. Don’t be jealous, either, jealousy is never becoming, it makes you look so ugly. None of this is new! What IS new, however, is this direct tie between twitter memes and financial derivatives. Wifejak token was a perfect example. Within a day of the meme taking twitter by storm, a savvy token dev whipped up a token and a twitter account, and the coin mooned. No matter that the dev didn’t invent the meme, or claim to own it. No matter that the token itself provides nothing of inherent value, has no claim towards any use case relating to the meme, etc. What mattered was this; Wifejak was a great meme, people were posting about it, and this Solana token was called Wifejak. Boom, rocketship. Yes, to get it all out of the way, it’s a grift, a ponzi, it’s gambling, it’s wasteful, blah blah blah. Don’t tell me it isn’t real though, the fresh cash in my bank account proves it’s pretty damn real. The reality being, direct authorship over the idea has never mattered for memes. The author is dead, thank you Roland Barthes, and intention and creation matter absolutely zero compared to the power of the idea itself. That’s the draw, ideas DO have power. They have power to shape discourse, to shape the collective online consciousness. People invest in ideas all the time, isn’t every business just an idea? People trade stocks based not only on the holdings of a company, but on their ideas, the new schemes they’re pitching to investors, their promises of where the company will go. Meme tokens trade on similar premises, on the strength and fortunes of their idea. Untethered from the base, bothersome needs of a real company, they exist as the perfect post-modern speculative asset. A name, an idea, and a coin that can be bought or sold. People like the idea? Green line will go up. Simple as that. Fade the idea, however, and the coin falls flat. Hype, one token dev told me, is the entire meme coin business. Constant hype that the next best thing for the meme is right around the corner. The line will go up, buy now and sell higher later, this is always the game—that and convincing everyone else to hold their coins until you, yourself, can sell and get out. It’s brutal, don’t get me wrong, but it’s a logical evolution for a culture obsessed with memes and financial speculation. Publicly traded memes, investing in internet culture, gambling on the fate of an idea. It’s actually rather beautiful, it’s like if Cormac McCarthy wrote a sci-fi novel. Your coins are dancing, dancing, they never sleep, they never die in that wild western internet world. Go forth, young man, find your fortune in the gold rush, but remember that the truly wise sell shovels instead of digging for gold.

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