Web3 cannot exist without MeMe coin, nor can it exist only with MeMe

Author: Lawyer Liu Honglin

Some friends say that the biggest MeMeCoin in the currency circle is Bitcoin.

To some extent, it is also a rough saying but the truth is not rough.

In the current Web3 ecosystem, MeMe coins have undoubtedly become the currency circle's traffic leader. Although they do not have complex technical support and do not have long-term value in the traditional sense, they have become an existence that cannot be ignored for the entire Web3 industry, especially for those public chains and project parties that rely on TVL to dominate various rankings. It is not an exaggeration to say that MeMe coins hold up half the sky.

But at the same time, there are also friends who hold relevant views on MeMe coins, thinking that the currency circle is full of various local dog MeMe coins every day, making the construction of the currency circle like a nine-jin old lady, with each generation being worse than the previous one.

How should we understand MeMe? In this article, Lawyer Hong Lin would like to share some of his views with you.

The development of the Web3 industry has experienced a difficult transition from a technological boom to application landing, but at this stage, there are no large-scale applications and technological breakthroughs in the industry that can truly detonate the mass market. The lack of clear narratives and innovations has led to a lot of money and energy being left waiting.

In this context, meme coins have become an outlet for market sentiment. Through a simple and direct form, meme coins transform social hot spots and online pop culture into tradable assets, thereby attracting the attention of a large number of short-term speculators.

Web3 is a new direction of Internet development, and its core lies in the measurement and circulation of various values. Meme coins directly convert social hot spots, traffic and network culture into tokens, and realize circulation through blockchain technology. This actually reflects a basic logic of Web3: everything can be valued and transmitted in the network.

This valorization of traffic and attention is a major feature of meme coins. They use current social hot spots and network trends to convert intangible attention into actual token value. They can quickly adapt to any topic in the market, from a popular dog to a popular stalk on a social platform. Meme coins can convert these elements into tokens with trading value. This "fast-paced" market reaction is one of the reasons why meme coins can survive in Web3. By constantly catering to and utilizing network hot spots, meme coins are not just a virtual asset, but more like a cultural symbol, becoming a social currency in the global crypto community.

From this perspective, MeMe coin is the real value Internet, but the value here is not an adjective, but a verb - any hot time on the Internet can be priced in the form of Tokens, and can be measured and circulated through blockchain.

At the same time, MeMe coin is a guide for players. Compared with more complex concepts such as DeFi and NFT, the "threshold" of meme coins is very low. For new users, understanding and participating in a meme coin project does not require a deep technical background, nor does it require understanding complex financial rules. In one word, it is: do it.

The participation method of most MeMe coin projects is very simple, either a little bit in the TG group, or participating in the airdrop for forwarding. In short, through the low threshold of participation, many users who have never been exposed to blockchain before began to experience the charm of Web3/the power of the sickle for the first time.

At the same time, the hype potential of meme coins can also stimulate users' sense of participation and creativity. In an open Web3 environment, anyone can become the creator and disseminator of meme coins. After a hot event is "value captured", it will form a rapid diffusion and dissemination.

Compared with traditional advertising, the dissemination method of meme coins is obviously more direct, natural and interactive. Because of this, meme coins have become the "stepping stone" for Web3 to attract public attention and become the first cryptocurrency for young people.

But this does not mean that meme coins can become the core of Web3, just like the West cannot be without Jerusalem, but the West cannot only have Jerusalem.

Most meme coins do not have substantial technological innovation or business model support, but only attract investors through hot hype. This "short, flat and fast" feature makes meme coins more like chips in a casino - they can quickly mobilize market sentiment, but cannot form real long-term value. Just like an impromptu performance without a script, the performers can instantly grab the audience's attention, but once the novelty disappears, the audience will disperse. For most meme coin projects, once the market stops paying attention to them, their value will fall rapidly.

If Web3 wants to achieve real prosperity, it must make more efforts in infrastructure, technology research and development, and application landing. As a "flavoring" in the market, meme coins can bring short-term prosperity, but they cannot become the foundation for supporting the entire ecosystem. Meme coins can serve as a "guide" for new users to attract more people to understand and experience Web3, but what can ultimately keep them in the Web3 world is obviously not just the ups and downs of the price roller coaster.

So, Web3 cannot be without Meme, but it cannot be all MeMe. The existence of meme coins makes the entire market more diversified, demonstrating the efficient value-added ability of traffic and social attention in the Web3 ecosystem. However, the real future of Web3 still depends on technological innovation, infrastructure construction and diversification of application scenarios. Only by making breakthroughs in these aspects can Web3 grow from a market full of hype to a real value Internet.