Memecoins have become a significant phenomenon in the crypto industry, reflecting cultural as well as economic aspects of contemporary society.
Collective Unconscious in Memecoins
CryptoQuant CEO and analyst Ki Young Ju recently stated that memecoins are archetypes of the collective unconscious, a concept introduced by Carl Jung to describe shared memories and symbols passed down through generations that underpin shared human culture. Ju noted that animal and celebrity memecoins are products of the collective unconscious, whereas altcoins are manifestations of collective consciousness.
Consequences of the Libra Scandal
The analyst's comments came after the Libra token scandal, which resulted in approximately $107 million in losses for investors. The scandal led to talks of impeachment for Argentine president Javier Milei and the resignation of Meteora co-founder Ben Chow. Libra's crash put ‘fair launch’ tokens and memecoins under scrutiny, with many calling for sensible regulation of the sector.
Future of Memecoins Post-Libra
Following Libra's collapse, venture capitalist Nic Carter stated that the incident signals the end of memecoins and a call for a shift of investor focus towards utility-based projects. According to GeckoTerminal, over 600,000 tokens were launched in January 2025, the majority of which were memecoins, raising concerns over the dilutive effects of an excessive number of cryptocurrencies competing for market share.
The role of memecoins in the crypto industry remains ambiguous. While they continue to reflect cultural phenomena, their economic viability is questioned in light of recent events.
