Bitcoin Hit $67,645 Over the Weekend, and it was all Thanks to…Meme Coins?
TL;DR
Memes are just representations of trends in internet culture, and with meme coins, all that’s changed is how they’re measured (market value instead of likes/shares).
Full Story
Do you know which two items contributed most to modern day e-commerce?
Beanie Babies (the trade of which made up most of eBay’s early revenue).
And books (see: Amazon).
Which might have seemed ridiculous and unsustainable at the time — Beanie Babies were a fad, while the internet was a death knell for the traditional publishing industry…
And you wouldn’t have been wrong in thinking that!
They were both ridiculous and unsustainable — but they didn’t need to last in order for online retail to continue long term, they just needed to get the ball rolling.
We view meme coins through a similar lens.
For example: the price of Bitcoin touched its highest point since the halving last month ($67,645), and it’s thanks (in part) to the trade of Bitcoin-based meme coins, which only became possible to launch on the network at the end of last month.
And it’s a pattern we’ve seen play out many times before, first on Ethereum, and more recently on Solana.
The takeaway:
If you think meme coins are silly, well…
You’re right. They are.
But that doesn’t mean their contribution to market prices should be discounted.
Memes are just representations of trends in internet culture — and with meme coins, the only thing that has changed is how they’re measured.
Instead of likes, shares, and comments, it’s now market value.