Why So Much is Going Into Meme Coins This Cycle

Crypto with Lorenzo
6 min readJun 12, 2024
Image (AI-generated) by DesignUni at Freepik

Another bull cycle, another discussion of what the trending meme coins on social media. We get a flurry of articles claiming to know the “best new meme coins”, mostly from lesser-known crypto news outlets.

In case you need reminding:

Meme coins should be treated as a joke. Almost all of them are a form of pump-and-dump with no real utility.

However, two main exceptions stand out: Dogecoin (DOGE) and Shiba Inu (SHIB), notably DOGE. These two have defied the odds and have managed to maintain their positions in the top 30, even during the challenging bear market of recent years.

These two have developed major, sustained followings for their respective communities. There’s a lot of activity on the latter’s network, with ShibSwap (a DEX), Shibarium (its Layer-2), Shib the Metaverse, etc.

Nonetheless, even these shouldn’t be taken seriously, and most experienced crypto investors would focus on Bitcoin (BTC) and Ethereum (ETH) as part of their major holdings.

As much as many serious investors want these projects to F off and stop diverting attention away from Bitcoin, Ethereum and other innovative blockchains, the reality is that meme coins will only get bigger.

Here are my reasons why people put so much time and effort into meaningless projects.