CryptoQuant CEO and analyst Ki Younger Ju just lately mentioned, “Memecoins are archetypes of the collective unconscious” — an idea coined by Twentieth-century psychologist Carl Jung to explain shared reminiscences and symbols handed down by means of generations that underpin shared human tradition.
In two Feb. 23 X posts, the CEO wrote that animal and celeb memecoins are merchandise of the collective unconscious, whereas altcoins are manifestations of collective consciousness. Ju added:
“Animal memecoins mirror shamanism, which venerates animals, whereas celeb cash embody greater religions that revere people. Human evolution has been pushed by shared beliefs —worshiping, forming teams, and collaborating.”
“In case you can create one thing folks consider in, you possibly can thrive as an entrepreneur within the crypto business,” the CEO continued.
A breakdown of the place memecoins sit in comparison with altcoins in regard to human consciousness. Supply: Ki Young Ju
The quantitative analyst’s feedback got here amid the fallout from the Libra token scandal, which induced roughly $107 million in losses for traders, the chance of impeachment for Argentine president Javier Milei, and the resignation of Meteora co-founder Ben Chow.
Libra’s crash put “honest launch” tokens and memecoins underneath a microscope, with many characterizing the incident as the ultimate nail within the coffin for memecoins and calling for sensible regulation of the sector.
President Javier Milei of Argentina discusses Libra scandal in interview. Supply: El Mundo
Associated: Solana’s token minting frenzy loses steam as memecoins get torched
Did Libra sign the top of the memecoin craze?
Following the implosion of Libra, Enterprise capitalist Nic Carter mentioned the incident signals the end of memecoins and their enchantment to retail traders.
The VC argued that the central worth proposition of memecoins was that they have been purportedly pretty launched in the marketplace with out insider groups or early traders.
This made memecoins engaging to retail traders as a substitute for low-float, excessive fully-diluted worth altcoins peddled by enterprise capital corporations that will lead to VCs utilizing retail as exit liquidity.
Hayden Davis, one of many figures central to the Libra token launch, releases video assertion following the implosion of the token. Supply: Kelsier
“Memecoins are cooked. There’ll nonetheless be launches and possibly some winners, however the meta is finished,” Carter wrote and mentioned that investor consideration would shift to utility-based tasks.
In response to GeckoTerminal, over 600,000 tokens launched in January 2025 — the overwhelming majority of which have been memecoins — elevating issues over the dilutive results of too many cryptocurrencies competing for market share and restricted investor consideration.
Journal: Memecoins: Betrayal of crypto’s ideals… or its true purpose?
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