“I think it’s funny—that’s it!” says Ace, an investor in meme-based cryptocurrencies from Toronto, Canada. The point of meme coins, he explains, is that there is no point. It’s all one big joke.
Ace, who asked that his surname be withheld so he could speak about personal financial matters, has been buying and selling meme coins for years. His first was Dogecoin, the original meme crypto, launched in 2013 and popularized six years later by a now infamous Elon Musk tweet. It served no purpose and promised no innovation—“Everyone knew it was a joke,” says Ace—and yet almost 5 million people have bought in.
The meme
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