Starting from the Memecoin Category, How Should the Webster's Dictionary Define It?
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Starting from the Memecoin Category, How Should the Webster's Dictionary Define It?
If you don't understand Memecoin, then cryptocurrency won't make sense to you for a long time.
Navigating Web3 tides with focused insightsByron Gilliam
Translation: Luffy, Foresight News
When Richard Dawkins was searching for a term to describe his concept of a "unit of cultural transmission," he coined "Meme"—a blend of "gene" (to reflect self-replicating ability) and "mimeme" (Greek for "that which is imitated").
Dawkins invented the term back in 1976, but it didn't gain popularity until internet memes emerged. In 1998, Merriam-Webster defined it as:
Meme, noun, [ˈmēm]: An amusing or interesting item (such as a captioned picture or video) or type of item that spreads widely online, especially through social media.
The term underwent its next major evolution in 2013 with the advent of Dogecoin—a cryptocurrency originally created as a joke, later recognized as the first "Memecoin."
Merriam-Webster has yet to acknowledge this groundbreaking term—an apparent oversight, especially since they’ve already accepted "Meme stocks":
Meme stocks, noun, [ˈmēm ˈstäk]: Stocks whose popularity and prices spike suddenly and temporarily due to coordinated efforts by small investors (e.g., viral social media campaigns).
I’m not sure how to interpret this. Perhaps it’s because Meme stocks are approved by the SEC and listed on exchanges like NYSE and Nasdaq, giving them (relative) legitimacy—unlike Memecoins?
But Memecoins predated Meme stocks by nearly a decade.
Moreover, Memecoins outshine Meme stocks in every way. They’re more popular, more entertaining, more valuable, and far more numerous.
They also prove more enduring. GameStop’s stock price has been declining since 2021—the year “Meme stock” was coined. AMC hit a historic low of $3 today, and Bed Bath & Beyond’s shares were delisted months ago.
In contrast, Memecoins are thriving once again.
Yet the ivory-tower lexicographers at Merriam-Webster may have missed that Dogecoin’s market cap has rebounded to $27 billion (surpassing GME’s 2021 peak by $7 billion), dogwifhat (WIF) surged 25x this year, and cat in a dogs world, born just seven days ago, is already worth $640 million.
They likely won’t pay attention anytime soon, so we’ll have to do their job for them.
The Memecoin Family Tree
Unfortunately, we can’t simply adopt Merriam-Webster’s definition of Meme stock and swap “stock” for “coin.”
First, unlike the short-lived frenzy around Meme stocks, surges in Memecoins aren’t necessarily “temporary.”
The rise of Memecoins isn’t always due to “coordinated efforts” or merely the enthusiasm of “small investors,” and they aren’t always fun.
There’s far greater diversity among Memecoins than Meme stocks, so adapting the latter’s definition falls short.
To achieve better clarity, we must first build a rigorous taxonomy of Memecoins, complete with scientific naming conventions consistent with Dawkins’ original methodology for memes.
Memecoin Classification
Pure Meme: The purest form of tokenized meme—these tokens do nothing, and their value depends entirely on their ability to capture attention. (WIF, PEPE)
Productive Meme: Tokens primarily tied to a meme (e.g., a dog photo), but which also derive intrinsic value from income generated via some utility function. (BONK)
Utility Meme: Currencies whose value stems largely from a meme, but which also possess utility by enabling certain on-chain activities. (FLOKI, SHIB)
Native Meme: Tokens deriving value from an idea and serving as the native currency of a blockchain. (DOGE, BTC)
Stealth Meme: Tokens claiming current or future profitability, but which actually exploit people’s eagerness toward a trend to generate revenue. (AI tokens?)
De Facto Meme: Closest cousin to Meme stocks—tokens with (or potentially having) actual profitability or demand-driven fundamentals, but whose value is at least 90% attributed to the associated meme. (WLD)
Currency Meme: Money whose value rests on people’s unfalsifiable belief that it is money. (BTC, gold)
Making Sense of Memecoins
Here’s my submission to the editors at Merriam-Webster:
Memecoin, noun, [ˈmēm ˈkȯi-n]: A cryptocurrency whose value is partially or wholly derived from a meme.
After all our effort to construct a detailed taxonomy, this definition may seem overly simple—but that’s precisely the point.
The Memecoin ecosystem is vastly more diverse than its name suggests, so its definition must be broad enough to encompass everything—even including Bitcoin.
Memecoins aren’t just pictures of dogs, cats, or (more recently) U.S. presidential candidates.
They’re absurd. Intellectually, dismissing them might be correct—or even directionally accurate. But the danger lies in this: if you don’t understand Memecoins, then for a long time, cryptocurrency will make no sense to you.
This Memecoin taxonomy should help make sense of it all.
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