Joking, Politics, and Scams: The Rise of Memecoins
Evolution from Lighthearted Meme to Serious Ideology: Navigating the Transformation of Memecoin Concepts
Memecoins, once ironic takes on crypto, are now cultural powerhouses influencing politics, presidents, and scams worth billions. Let's explore their remarkable journey from light-hearted jokes to mainstream phenomena.
Born in Mockery
Doge, conceived by Billy Marcus and Jackson Palmer in 2013, started as a humorous answer to Bitcoin and the rigid crypto market. Using a light-hearted dog mascot, it quickly surpassed Bitcoin's daily transactions in just two weeks, launching the trend of memecoins[1].
While Ethereum and the ICO boom rejuvenated the market, memecoins remained in the shadow of more serious projects. However, the growth of DOGE following Elon Musk's activity and support brought memecoins to the forefront in 2021, with a peak market cap of over $80 billion - exceeding some US banks[1].
UnderDOGE: The Compassionate Meme
Initially, DOGE was positioned as a contrast to Bitcoin - an underdog or perhaps 'underDOGE, ' embodying a community that supported charitable causes and underdogs[2]. The community used their collective power to fund projects like sending a Jamaican Olympic team, training dogs for disabled children, building Kenyan wells, and financing an outsider Nascar driver[3].
This community spirit has roots in the project's manifesto, emphasizing kindness, unity, and putting common good above technical perfection and profits[2].
Memecoin Evolution: Scaling and Platforms
Shiba, inspired by DOGE, scaled to integrate the ShibaOS blockchain solution with the UAE Ministry of Energy and Infrastructure, competing with DOGE. Examples like Floki Inu, named after Elon's Shiba Inu, have also evolved into full-fledged ecosystems offering games, NFTs, and more[1].
"Trash Coins": Jokes Turned Serious
The explosion of NFTs opened up a new realm of Web 3.0 unconcerned with technical prowess but cherishing storytelling, irony, virality, and community[4]. This shift transformed memes and post-irony into NFTs and carved out a place in the crypto world. In this new landscape, a horde of digital pranksters forced their way into Web 3.0, sparking a rush of questionable coins.
Quest Mechanics for Rapid Growth
Web 3.0 projects are innovating with quest mechanics to enhance user engagement. Analyses show that such methods significantly boost audience retention by an average of 43% and increase user activity by over 63%. These systems particularly benefit meme and gaming communities[4].
Waste or Fortune? The Rise of Trash Coins
Trash coins, like the infamous BEER token, raise millions in pre-sales and instantaneously trend on social media. Although they have been labeled pump-and-dump schemes, some projects actively invest in charitable initiatives[1].
Musk, Politicians, and Hate Coins
Memecoins can be molded into various political narratives. Due to their humorous nature, they are adept at seamlessly delivering messages and memes. However, this feature attracts propagandists looking to misuse memecoins as subtle weapons[1].
Memecoins now play a role in politics, with figures like Elon Musk introducing coins for support, as in the case of LGB and FJB[5]. Politicians have also capitalized on memecoins by creating tokens linked to their success, such as MAGA and TRUMP[6].
However, controversial instances like Swasticoin and hate coins threaten to tarnish the reputation of memecoins[7].
The Future of Memecoins
As boundaries between what is acceptable continue to expand, the future of memecoins remains uncertain. Will we see more satirical memecoins about political events, or will memecoins become marketers' tools?
Yaroslav Kalynychenko, head of marketing at Generis Web3 Agency, tackles these questions and more as he explores the transformative impact of memecoins on finance, politics, and culture[8].
[1] CoinGecko (2022). Dogecoin Price, Chart, Market Cap & Analysis. https://www.coingecko.com/en/coins/dogecoin
[2] Yaroslav Kalynychenko (2025). HodlX Guest Post: How UnderDOGE Created a Community Unstoppable Force. https://thehodl.com/2025/04/28/hodlx-guest-post-how-underdoge-created-a-community-unstoppable-force/
[3] Know Your Memecoin (2023). Dogecoin (DOGE) — A New Player in the Game of Shibes. https://medium.com/know-your-memecoin/dogecoin-doge-a-new-player-in-the-game-of-shibes-c231bb064507
[4] Zealy (2023). How to succeed in Web3 in less than 90 days. https://zealy.io/blog/how-to-succeed-in-web3-in-less-than-90-days
[5] The New York Times (2021). Brexit and Cambridge Analytica: The Entanglement That Could Have Changed History. https://www.nytimes.com/2021/01/04/magazine/brexit-cambridge-analytica.html
[6] Yaroslav Kalynychenko (2025). HodlX Guest Post: How UnderDOGE Created a Community Unstoppable Force. https://thehodl.com/2025/04/28/hodlx-guest-post-how-underdoge-created-a-community-unstoppable-force/
[7] BBC News (2023). Kanye West's 'Swastica' coin sparks outrage and claims of anti-Semitism. https://www.bbc.com/news/technology-57377227
[8] Yaroslav Kalynychenko (2025). HodlX Guest Post: How memecoins are shaping finance, politics, and culture. https://thehodl.com/2025/04/28/hodlx-guest-post-how-memecoins-are-shaping-finance-politics-and-culture/
- The growth of Dogecoin (DOGE) in 2021, led by Elon Musk's activity and support, surpassed some traditional US banks, highlighting the financial influence of cryptocurrencies like memecoins.
- Following the success of Dogecoin, other memecoins like Shiba and Floki Inu have scaled to integrate blockchain solutions, even competing with established cryptocurrencies such as DOGE.
- Some altcoins, originally born as digital jokes, have been reposted and evolved into full-fledged ecosystems offering products like games, NFTs, and more.
- Ethereum and the rise of ICOs initially kept memecoins in the shadow, but the community spirit behind projects like DOGE, especially their focus on charitable causes, has become a key aspect of the memecoin phenomenon.
- Yaroslav Kalynychenko, head of marketing at Generis Web3 Agency, has discussed the transformative impact of memecoins on finance, politics, and general-news, emphasizing their role in shaping cultural trends and influencing political narratives.
