Memecoins, whether people want to accept it or not, have become big business. Without delving into statistics, anyone immersed in the crypto space this year can confirm that memecoins have dominated conversations. Critics often argue that memecoins are just a rehash of Jordan Belfort’s “Wolf of Wall Street” era — a world of unregulated securities and insider trading. This time, however, the penny stocks have been replaced by on-chain memes financialized in ways that make it seem like anyone can create and profit from them.

Yet, this perception of memecoins as a quick, easy way to win a digital lottery and become an overnight millionaire is deeply flawed. While they may be marketed as accessible and egalitarian, the reality is far more complex.

Memecoins thrive not only on mechanics but also on culture. They tap into internet humor, FOMO, and the gamified thrill of financial speculation—making them as much about community as profit. As Kelvin Sparks Jr., a Research Analyst at The Block who focuses on memecoins, explains, “The absurdity of someone’s path to generational wealth through the likes of a vehicle like Dogecoin is becoming more of an aspiration for Gen-z and late millennials who are boxed out of other in

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Author: Azeem Khan