Murad, the New Meme King: A Different God for Every Patch?
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Murad, the New Meme King: A Different God for Every Patch?
Who is really superior to whom?
Navigating Web3 tides with focused insightsBy: Alex Xu
I question Murad's over-packaging and romanticization of the grand narrative around the Meme cycle;
Murad has recently become popular—just another case of "each era crowns its own god." Murad didn't enter crypto early (2016), and his past investment track record is hardly impressive (his Adaptive Capital, founded in 2019, went bankrupt after the March 2020 market crash). Yet this year, he seems to have found his central mission for this cycle: constructing the narrative around memes. As he put it himself: "In early 2024, I began trying to understand meme coins from first principles."
In June, he started sharing his meme trading insights and picks within the community. Over the following three months, he gradually compiled his now-famous list of meme assets "destined to explode in the next super Meme cycle." As tokens like SPX emerged as wealth-generating success stories from that list—and with Murad’s evangelizing about the "super Meme cycle"—he quietly ascended into the status of a new-generation Meme deity.
Murad’s Core Arguments
In Murad’s speech on the “Super Meme Cycle,” he presented several “seemingly sharp” viewpoints, which together form the logic behind the coming of a super Meme cycle:
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VC-backed value tokens suffer from oversupply and rising valuations, leading to poor price performance
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Value tokens are orchestrated by VCs; retail investors can rarely share in the gains and often end up holding the bag
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Because value tokens have relatively clear business models, their valuations hit a ceiling
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Whether it’s value tokens or meme tokens, they’re all just tables in a casino—so why not build your own table and play at it?
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Meme coins are purer than value tokens because they only need to focus on “community” and “token,” whereas value tokens must also manage software development and operations
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Meme coins provide: fun, reduced loneliness, identity, hope, friendship, participation in cutting-edge culture, belonging, team collaboration experiences in crypto, stronger engagement, resonance, emotional connection, purpose, meaning, entertainment, and happiness. They even drive charity, collective art expression, shared imagination of reality, storytelling, and myth-building
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VCs dislike meme coins because they threaten their core business: selling air
Additionally, in another interview, Murad outlined his criteria for selecting memes:
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Mid-cap tokens between $5 million and $200 million
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Based on Solana or Ethereum
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At least six months of history
Yes, these criteria appear broad and arbitrary.
Viewing This Rationally and Objectively
I don’t mean to criticize Murad’s complaints about VC-backed tokens—he’s not wrong, though what he says is somewhat cliché. The market has already imposed its own punishment on low-quality VC projects through declining market caps and numerous post-launch failures (with secondary markets refusing to buy in). The market itself has disciplined these劣质 VC projects.
What I challenge is Murad’s excessive packaging and idealization of the grand narrative around the Meme cycle.
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The idea of “building your own table to play at”—do retail investors actually have the power to “construct their own table and take money off it”?
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When a Meme project goes to zero, can investors still cling to those positive emotional benefits—identity, cutting-edge culture, belonging—amid the pain of total investment loss?
I think that’s nonsense.
Just like most useless VC tokens, meme coins aren’t made successful by lofty ideals of “community culture.” Instead, their rise stems from market manipulation by market makers like Gobit—who recently paid tens of millions in fines to the FBI for such activities—and tight coordination with front-facing influencers like Murad.
Who’s really higher ground here?
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