Memework makes the Dreamwork
A few days ago I did an analysis on the unofficial spokesman for the memecoin FOMO that has been rampaging the market. Murad makes a lot of good points and I was able to divine insight from the whole experience (even though I loathe memecoins).
Ultimately what I was surprised to discover is that memes aren't the narrative behind this cycle's Shitcoin Casino at all, but rather it is the subtle tech behind the memes that fuels this fire. It is how the tokens launch using Solana Presales that allows these things to get propelled to absurd heights and a new token to be spun up every day, just like we saw during DEFI 2020. In fact it piggybacks directly off of 2020 by infusing AMM yield farms with the fair-launch mechanics of a presale.
Coins that don't have utility don't need to pay for utility.
This is the myth behind the meme. It's actually kind of interesting because most "utility" that alts provide ends up being complete vaporware anyway. We might even frame up this memecoin trend as another mechanic that crypto has discovered to remove the middleman once again.
Dev teams?
Who needs those?!?
I'm here for the memes.
If a new token doesn't need funding for a dev team because their is no dev team... well then all those gains can roll directly into the hands of the gamblers on the trading floor. Sweet deal amirite? And as we all know gambling is heavily influenced by strong emotions and even crippling addiction. Given this context memes are actually the perfect fit here... which was really not something I was able to wrap my head around before now because it was just so comically nonsensical from the outside looking in.
https://x.com/RaoulGMI/status/1839788002576330928
Unfortunately it is painfully obvious that Murad is a false prophet that does not practice what he preaches. This is a larp who has become fabulously wealthy, not because of any kind of skill, but simply because he found himself in the right place at the right time. It's pure dumb luck, and his entire Xitter feed oozes with scarcity and greed.
Does he care about the communities being built or the connections being made like he claims to? Of course not. Every single post is buy buy buy moon moon moon cult cult cult. This is a guy that has verbally stated that he would like to personally profit off of the slave labor of cultists that memes are generating. And his following just goes along with it like, "Yeah that's awesome wen Lambo?"
CRAY.
https://x.com/MustStopMurad/status/1848037793932410955
I know what you're thinking: is this even legal?
He's basically just running around telling anyone who will listen to pump his bags. Shilling at its finest. And yet, given everything I know about securities fraud and insider trading, I do believe that this is a legal tactic. As long as he is not being paid to shill a security it doesn't really count as "investment advice" or equate to a reporting violation.
Not only is he likely not getting paid to shill these memes but also the memes themselves don't really qualify as securities because no one controls them due to the fair-launch mechanics. Comically enough memecoins are potentially the closest we've come to free-market capitalism in the most degenerate fashion possible.
The lottery burns green with envy.
https://x.com/MustStopMurad/status/1848502827850862739
Okay seriously WTF even is SPX6900?
This is a meme that I've only heard about just recently and now I'm being told it's going to propel into the top ten market cap because reasons. Color me skeptical. They do have a website though!
In a world where numbers on a screen wield more power than gold, SPX6900, a meme token birthed from the depths of internet culture, has embarked on an audacious quest to topple the S&P 500 by achieving a staggering $69 trillion market cap. The logic is irrefutable: 6900 is vastly superior to 500, making SPX6900 infinitely better than any traditional financial instrument. This mock thesis delves into the whimsical yet world-changing journey of SPX6900, as it sails toward financial domination powered by the sheer belief that bigger numbers mean better investments.
LoL?
Okay so it turns out this really is just a meme making fun of the stock market and the S&P 500? Okay then. Why not SPX69420? Probably would have added another zero to the market cap. kek.
This is one of the weirdest memecoins I've had the pleasure of hating because it seems to be self-referentially delusional and leans into that meta as a joke. Glorious.
Manifesto
You were born into a world where buying a house means taking on a mortgage in the hundreds of thousands. A world where social security is more a myth than a safety net, despite having it deducted from every paycheck. You've entered an investment landscape where the Stock Market has already celebrated its most significant gains, leaving you to wonder what's left for you. You're navigating a reality shaped by the aftermath of 9/11, a crippling 2008 recession, an unprecedented global pandemic, runaway inflation, and escalating violence. You were born into a different America. One that's been forever altered by economic and social factors largely beyond your control. A new world that demands new solutions. SPX6900 is the reset. SPX6900 is the canvas on which new financial dreams are painted. It's a tapestry woven with the threads of human hope. It's the S&P500 with 6400 more. It's the stock market for the people. SPX6900 sows the seeds for a forest of tomorrows. SPX6900 nourishes the souls and bodies of millions. SPX6900 is for you, your children, and countless generations after.
So... yeah!
The legacy system has failed you and getting rich slowly and steadily with Bitcoin is such a drag. How about you delude yourself into believing that belief alone can make you a billionaire? This is the ultimate perception-is-reality coin. Very cool. Such Manifest Destiny vibes.
What does Doge think about all this?
I'm actually surprised some kind of DOGE maxi cult hasn't popped up to tell everyone that there's only one meme-coin and it's DOGE. I guess not even DOGE is that hypocritical. Let the chips fall where they may.
This disclaimer is fire š„
SPX6900 Token is a meme token created for entertainment purposes only and has no association with any stocks, equities, or securities. Any resemblance or association between SPX6900 and the āStock Marketā is purely coincidental and intended for satirical or humorous purposes. All depictions of individuals on this site are intended as parody or satire and should not be taken as factual representations. This website is unofficial and operates solely as a fan page dedicated to SPX6900, with no affiliation to the official organization or entity.SPX6900 token is a meme token with no intrinsic value or expectation of financial return.
I actually want to create a token one day that forces people to sign a disclaimer like this on-chain before they can interact with it. Except I want it to be even more aggressive and hilariously anti-investment-contract. One day!
Riiiigggghhhhtttt...
So this coin pumps one time during the most boring poor-performing month and now it magically has a diehard community willing to ride it to zero? Call me crazy but this just looks like bored Solana whales making a splash and spinning a story. The SOL chart itself looks a lot like Bitcoin right now so the community gets bored with an 8-month crab walk. Sorted.
The interesting thing about these memecoins is that a lot of them pumped very recently during this boring consolidation period. Did Solana pump? Not really... even though all this "value" is built there. All this SOL is being locked up and traded around and dumped into these markets but it doesn't move the needle on SOL one bit.
This could be due to the market caps of the memecoins being too small to visibly affect the parent, but honestly the way I interpret it is that all of these market caps are 100% propped up by SOL holders. This isn't bringing in any money from the outside. Or if so all those gains have already been clocked when SOL pulled the x10 from $20 >> $200 during the main rally. Will this momentum continue on into the 2025 bull market? People do like the cheap fees. History suggests Solana might be just getting started, but I'll continue to boycott it regardless. As far as I'm concerned it's a ticking timebomb just like LUNA was.
Conclusion
Memecoins are NFTs on steroids. If anyone actually believed the rhetoric being spewed about this "revolution" they'd put their money where the real cult is: which is obviously Bitcoin. At least this time around everyone understands that they're all going to crash to zero. It wasn't nearly as obvious during DEFI/NFT 2020.