Memecoins and the art market share the same economics – Ki Young Ju
CryptoQuant CEO Ki Young Joo recently said that memecoins and the art market share similar valuation methods, both relying on the power of narrative creativity to drive price appreciation.
Ju predicted that the memecoin market will mature in the next five years and that it will not disappear or go to zero despite short-term issues such as carpet dragging and fake tokens.
The CEO compared the economics of the art market to the memecoin market in a January 26 social media post:
“Both markets legitimize unrealistic values through narrative. If the MemCoin market base is considered a scam, then by the same logic the art market should be viewed as a scam.”
Memecoins continue to be a controversial topic in the crypto community, with market participants wondering whether memecoins represent a fundamental shift in value creation or are a high-risk scam.
An example of where memecoins are in the crypto hype cycle. Source: Ki Young Ju
Related: Mark Cuban mulls memecoin to pay off US debt
By 2024, Memecoins dominate the mindshare and crypto markets.
In the year According to a December 2024 report from CoinGecko, memecoins were the most popular crypto coin in 2024, capturing more than 30% of global crypto investor interest.
According to data from CoinMarketCap, the total current market capitalization of the memecoin sector is more than $101 billion, while Dogecoin (DOGE) has a market capitalization of more than $51 billion.
In the year By November 2024, Dogecoin's market value will increase to more than $56 billion – the market capitalization of Porsche – the famous luxury automotive manufacturer.
Memecoin sector total market capitalization. Source: CoinMarketCap
Memories come into sharp focus following the official TRUMP launch
Memecoins stole the spotlight again in January 2025 after US President Donald Trump launched the official Trump Token (TRUMP).
Within 48 hours of its launch, TRUMP reached a fully leveraged value of nearly $71 billion and reached the 15th position in market capitalization on CoinGecko.
A Jan. 20 NFT Evening survey of 1,092 adults found that 42 percent of Trump family members who bought memecoins were first-time crypto investors.
The memecoin launch grabbed headlines and sparked debate among market participants, industry executives and lawyers.
Consensys lawyer Bill Hughes told Cointelegraph that it represents a fundamental shift in the president's memecoin policy and indicates positive developments in crypto regulations in the United States under the new administration.
On the contrary, attorney David Lesperance argued that TRUMP's token launch is a clear violation of the Foreign Emoluments Clause of the United States Constitution.
In a written statement to Cointelegraph, the lawyer said the clause was designed to prevent foreign influence on US officials through bribery.
On January 22, Democrat Senator Elizabeth Warren called for an investigation into Trump's memecoin, citing the possibility of undue foreign influence.
Following accusations by Senator Warren and others, crypto czar David Sachs fired back, comparing the TRUMP symbol to a baseball card.
Senior policy adviser TRUMP memecoin collects and does not represent a conflict of interest.
Magazine: Memecoins: Betraying Crypto Ideas… Or Its True Purpose?
