From a Joke That Went Too Far to Radical Ideology – How Did the Memecoin Paradigm Change

Memecoins: From Joke to Cultural Force

Memecoins have evolved from a lighthearted joke into a significant cultural phenomenon, influencing politics, economics, and even public sentiment. Let's explore how these coins have transformed from ironic speculative assets to tools impacting politics and culture.

A Joke That Went Too Far

Dogecoin (DOGE) is widely regarded as the first memecoin. Created in 2013 by Billy Markus and Jackson Palmer, it was intended as a humorous response to Bitcoin and the perceived arrogance within the crypto market. The coin featured a Shiba Inu dog meme.

Unexpectedly, DOGE gained rapid popularity. Initially used as a tipping currency on Reddit, it quickly surpassed Bitcoin in daily transaction volume within just two weeks.

The success of DOGE inspired a wave of similar coins, including YeCoin (referencing Kanye West) and MaxCoin (referencing Max Keiser). This established a new category of coins based on references to famous figures or cultural elements. While Ethereum and the ICO boom revitalized the broader crypto market, memecoins remained relatively obscure.

UnderDOGE – The Original Memecoin Branch

Today, DOGE is considered a hype coin, but it maintains a dedicated community. The coin was positioned as a challenge, a contrast, an underdog, or perhaps an "underDOGE."

This community has often supported charitable causes and other underdogs. Notably, they raised funds to send a Jamaican bobsled team to the Olympics, train service dogs for children with disabilities, build wells in Kenya, and sponsor an outsider driver, Josh Wise, in NASCAR.

This fostered a sense of community and inclusivity. The project's manifesto emphasized doing good daily, prioritizing benefit over technical perfection, and valuing people over competition and profits.

In 2021, DOGE entered the mainstream, largely due to Elon Musk's endorsements. Mark Cuban, owner of the Dallas Mavericks, integrated Dogecoin into his business, allowing fans to purchase tickets and merchandise with DOGE.

At its peak in 2021, DOGE's market capitalization exceeded $80 billion, surpassing that of some US banks. While the combined market cap of all memecoins is now considerably lower, this example illustrates how celebrity endorsement can transform an underdog into a star.

DOGE remains a joke that evolved beyond its original intent. As communities grow, projects must adapt and develop.

Shiba Inu (SHIB) emerged as a response to DOGE. It's a project that has integrated the ShibaOS blockchain solution into the UAE Ministry of Energy and Infrastructure.

Created as an Ethereum-based competitor to DOGE, SHIB demonstrates how an entire ecosystem can be built around a meme. The project has evolved into a platform with its own blockchain, decentralized exchange (DEX), token system, non-fungible tokens (NFTs), decentralized autonomous organization (DAO), metaverse, and burn mechanism.

While SHIB has achieved significant technical advancements, DOGE remains higher in popularity. Floki Inu, another memecoin named after Elon Musk's Shiba Inu, has also scaled into an ecosystem with a game, NFT integration, and metaverse.

Memecoins have demonstrated the potential to become technically advanced projects.

Trash Coins

The popularity of NFTs has driven memecoins into a new direction, emphasizing storytelling, irony, virality, and community over technical sophistication.

Memes and post-irony have found a place in the crypto world, facilitated by platforms like Solana, which made token launches fast and easy.

Consider the creation of a beer token, not for a specific brand but for beer in general. It gained traction on social media, raising millions in pre-sales and listing on top exchanges in record time.

Web 3.0 projects are increasingly using quests to enhance user engagement. Data suggests that quests can boost audience retention and increase user activity, particularly within meme and gaming communities. Projects such as BEER have leveraged these platforms to attract tens of thousands of new users.

The creators of BEER later launched the WATER token, replicating their success despite user skepticism. Celebrity endorsements, such as Messi, Ronaldinho, and Suarez, played a supporting role. The project invested in creating water collection facilities in Africa.

Trash coins have emerged as a distinct category.

PolitiFi

Memecoins thrive on humor, surprise, emotion, and rebellion. Humor effectively conveys messages and is easily remembered.

Humor and memes have influenced politics. Social networks are filled with targeted messages and memes tailored to specific user groups.

Memecoins allow for the creation of coins based on jokes about political opponents, potentially bypassing censorship. This can be used to financially incentivize voters by linking the success of a politician or movement to the financial success of the coin holders.

The QAnon conspiracy movement launched a token, but leaders were accused of a "rug pull," selling coins to supporters with false promises of high returns.

The "Let's Go Brandon" slogan evolved into the LGB coin. After a partnership with a NASCAR team fell through, the token collapsed, and a congressman was accused of fraud.

Politicians have recognized the potential of memecoins. Donald Trump's campaign launched the TRUMP (MAGA) token in 2023 to promote narratives. He then released the official Trump Token (TRUMP) on Solana.

Javier Milley's support for the Libra cryptocurrency in Argentina diminished when the token lost liquidity.

Hate Coins

The "Let's Go Brandon" hate token failed as a scam.

In February 2025, Ye (formerly known as Kanye) announced the launch of a memecoin called Swasticoin, featuring a swastika. This sparked controversy, with some supporting the Nazi imagery and others condemning it. Human rights groups criticized the project, and traders faced accusations of hypocrisy for investing in it.

Neither Swasticoin nor LGB are the first hate coins. Platforms like Solana have facilitated the creation of numerous questionable tokens.

Solana has simplified token launches to the point where individuals with basic crypto knowledge can deploy a token using online instructions. This has led to the proliferation of hate tokens.

Screeners have begun to censor the issuance of such tokens, and the Solana Foundation is seeking ways to filter or "sanction" them.

The Future of Memecoins

Almost anything can be tokenized – emotions, beliefs, prejudices, and even hate. What began with innocent memes has spiraled into symbols of extremism.

Memecoins are no longer just a joke; they are tools that shape politics, culture, public perception, and ideals.

As the boundaries of what is permissible expand, the future of memecoins remains uncertain.