Author: Vince Quill, CoinTelegraph; Translator: Deng Tong, Golden Finance
Ki Young Ju, CEO and analyst at CryptoQuant, recently stated that "Meme coins are archetypes of the collective unconscious" - a concept coined by 20th-century psychologist Carl Jung to describe the shared memories and symbols passed down from generation to generation that underpin common human culture.
In two X posts on February 23, Ki Young Ju wrote that Animal and celebrity Meme coins are products of the collective unconscious, while altcoins are manifestations of the collective consciousness. Ju added:
“Animal Memecoins reflect shamanism that worships animals, while celebrity coins embody a higher religion that reveres humans. Human evolution is driven by shared beliefs - worship, forming groups and cooperating.”
“If you can create something that people believe in, you can thrive in the crypto industry as an entrepreneur,” he noted.
Meme coins vs. altcoins in terms of human consciousness. Source: Ki Young Ju
The quant’s comments come amid the fallout from the Libra token scandal, which has cost investors around $107 million, left Argentinian President Javier Milei at risk of impeachment, and Meteora co-founder Ben Chow resigning.
The Libra debacle has put “fair launch” tokens and memecoins under the spotlight, with many describing the event as the final nail in the coffin for memecoins and calling for sensible regulation of the industry.
Argentine President Javier Milley discusses the Libra scandal in an interview. Source: El Mundo
After the Libra crash, venture capitalist Nic Carter said the incident heralded the end of memecoins and their appeal to retail investors.
The venture capitalist believes that the core value proposition of memecoins is that they were allegedly launched on the market fairly without an internal team or early investors.
This makes memecoin attractive to retail investors as an alternative to the low-circulation, high fully diluted value altcoins peddled by venture capital firms who would use retail investors as exit liquidity.
Hayden Davis is one of the central figures in the launch of the Libra token. Source: Kelsier
“Memecoins are done. There will still be new tokens launched, and there may be winners, but the era of meta-coins is over,” Carter wrote, saying that investors’ attention will shift to utility-based projects.
According to GeckoTerminal, more than 600,000 tokens were launched in January 2025, the vast majority of which were memecoins, raising concerns about the dilution effect of too many cryptocurrencies competing for market share and limited investor attention.
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