Meme Wealth Machine: A Nihilistic Wealth Game

Author: BitpushNews

The meme coin super cycle continues, fueled by centralized exchanges (CEX).

On Monday, Binance announced the listing of PNUT and ACT, when PNUT was valued at about $90 million and ACT was about $15 million. As of the time of writing, PNUT's market value has soared to $2 billion, and ACT's earnings have reached 33 times.

Coinbase has also joined the battle for meme coin traffic. It has successively announced that it will list PEPE and Dogwifhat (WIF), and will include FLOKI in the coin listing roadmap, pushing FLOKI up 20% in the short term.

Coinbase has historically been slower than other competing exchanges in listing coins, a move that is not unrelated to market expectations of a shift in the Trump administration’s attitude toward crypto regulation. Trader Chumbawumba said: "Coinbase has refused to list meme coins without practicality since 2022... Today's announcement breaks the ceiling of meme coins."

Getting rich by playing memes: a nihilistic wealth game

Retail investors love the spirit of the times for meme coins. These "joke coins" born in the Internet community have quickly attracted a large number of fans with their unique marketing methods and community effects. The crazy rise of meme coins such as Dogecoin and Shiba Inu has given countless people hope of getting rich instantly and breaking the ceiling of life.

PNUT, a new favorite in the meme track, is a meme coin inspired by the Internet celebrity pet squirrel Peanut, which was born only two weeks ago. The "euthanasia" of its prototype Peanut caused outrage in the United States. The incident quickly became the focus of right-wing public opinion in the United States. PNUT memecoin continued to rise, and Elon Musk's tweets further boosted its popularity. He said: "A squirrel and a meme coin saved America!"

The craze for Meme coins is essentially a rebellion against the traditional financial system. In the context of economic downturn, people are eager to gain wealth through speculation, and Meme coins just meet this psychological need. Solana is the biggest beneficiary of the memecoin boom in blockchain networks this year, with tens of thousands of memecoins created every day on the Pump.Fun platform. Every few seconds, platforms such as Pump.Fun launch a new meme coin, and anyone with a fun jpeg/png photo and a cute name can issue a meme coin. CoinGecko data shows that Solana-based meme tokens account for nearly one-fifth of the memecoin market value. Peter Kris, CEO of cross-chain decentralized exchange Gasp, said that retail investors are increasingly less interested in so-called utility cryptocurrencies.

Kris said: "When the opportunity to earn a substantial return or income is taken away, as we have seen recently in most utility tokens, people are more likely to seek to 'go big' and take high risks for the potential of high returns."

Investopedia defines meme coins as "cryptocurrencies named after characters, individuals, works of art, or other names, designed to be humorous, light-hearted, and attract a user base by promising to build an interesting community."

Shiba Inu, Pepe, Bonk, Dogwifhat... Behind these funny-sounding names is the 'digital gold' that countless investors are chasing. But Coinmarketcap shows that Dogecoin is still the leader of the Meme track, and more Meme coins are actually ignored. It is like looking for a needle in a haystack to dig treasure from them.

So why do people still "waste" time on the meme market?

The famous Meme shouter Murad Mahmudov told the truth: In the economic downturn, the desire to get rich is the common voice of many people. Many people do not understand the high-end blockchain technology, but find comfort and a sense of belonging in these "digital pets". This mentality just reflects the anxiety and impetuousness that are prevalent in contemporary society.

In addition, social media has played a key role in fueling the trend. When your online friends, Internet celebrities or a big V are talking about a certain meme coin, you can't help but be curious and even follow the trend to invest. This "herd effect" is particularly obvious in the cryptocurrency circle.

The reason why meme coins can attract so many people is that they meet people's multiple needs for wealth, social interaction, belonging and excitement. For those who want to speculate, they will always have a market, just like a carnival that never ends. As long as enough people participate in it, this "wealth-making machine" can keep running.