Web3 cannot exist without meme coins, nor can it have only memes
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Web3 cannot exist without meme coins, nor can it have only memes
Meme coins are the true value of the internet.
Navigating Web3 tides with focused insightsAuthor: Liu Honglin, ManQin Law Firm
A friend once said the biggest MeMeCoin in the crypto world is Bitcoin itself.
In a way, that's crude but truthful.
Within today’s Web3 ecosystem, MeMe coins have undoubtedly become the main drivers of traffic. Despite lacking sophisticated technological underpinnings or long-term value in the traditional sense, they have become an undeniable force in the entire Web3 industry—especially for public blockchains and projects whose dominance on rankings relies heavily on TVL. It would not be an exaggeration to say MeMe coins are holding up half the sky.
Yet there are others who hold critical views toward MeMe coins, lamenting that the crypto space is now nothing but endless "shitcoin" memes, making progress in the industry feel like Xianglao Tai's weight—each generation lighter than the last.
How should we understand MeMe coins? In this article, Lawyer Honglin shares some personal insights.
MeMe Coins Are the True Value Internet
The development of the Web3 industry has undergone a difficult transition from technological hype to real-world application. However, at present, no large-scale applications or technological breakthroughs have emerged to truly ignite the mass market. With a lack of clear narratives and innovation, significant capital and energy remain idle, searching for outlets.
In this context, meme coins have become an emotional outlet for the market. Through simple and direct formats, they transform social trends and internet pop culture into tradable assets, capturing the attention of a vast number of short-term speculators.
As a new direction for the internet, the core of Web3 lies in measuring and transferring various forms of value. Meme coins directly convert social buzz, traffic, and online culture into tokens, enabling circulation via blockchain technology. This reflects a fundamental logic of Web3: anything can be tokenized and transmitted across the network.
This monetization of attention and traffic is one of the key features of meme coins. Leveraging current social events and internet trends, they transform intangible attention into tangible token value. They can quickly adapt to any trending topic—from a viral dog to a popular meme on social media—and turn these elements into tradable tokens. This rapid market responsiveness is precisely why meme coins thrive in the Web3 space. By continuously aligning with and exploiting internet trends, meme coins evolve beyond mere digital assets into cultural symbols, serving as social currencies within the global crypto community.
From this perspective, MeMe coins represent the true value internet—not using “value” as an adjective, but as a verb. Any moment of internet热度 (heat) can be priced through tokens and measured and transferred via blockchain.
Moreover, MeMe coins serve as gateways for new users. Compared to more complex concepts like DeFi and NFTs, meme coins have extremely low barriers to entry. For newcomers, understanding and participating in a meme coin project requires no deep technical knowledge or familiarity with intricate financial rules. One word: just jump in.
Participation in most MeMe coin projects is incredibly simple—either clicking around in a Telegram group or getting airdropped for sharing content. Through this low-barrier engagement, many users who’ve never touched blockchain before get their first taste of Web3—whether it’s its charm or the sharp edge of the scythe.
At the same time, the speculative potential of meme coins stimulates user participation and creativity. In an open Web3 environment, anyone can become a creator or spreader of a meme coin. Once a hot event is “value-captured,” it spreads rapidly.
Compared to traditional advertising, the dissemination of meme coins is far more direct, organic, and interactive. For this reason, meme coins have become the “door opener” that draws mainstream attention to Web3—the first cryptocurrency for many young people.
Web3 Cannot Survive on Meme Coins Alone
But this doesn’t mean meme coins should become the core of Web3—just as the West cannot exist without Jerusalem, but also cannot consist solely of Jerusalem.
The majority of meme coins lack real technological innovation or sustainable business models, relying instead on successive waves of hype to attract investors. This “short, fast, and intense” nature makes meme coins resemble casino chips—they can quickly stir market sentiment, but fail to generate genuine long-term value. Like an improvised performance without a script, performers may instantly capture audience attention, but once novelty fades, the crowd disperses. For most meme coin projects, once market attention shifts elsewhere, their value plummets.
For Web3 to achieve true prosperity, substantial efforts must be made in infrastructure, technological research, and practical applications. While meme coins act as a “seasoning” that brings temporary vibrancy, they cannot serve as the foundation of the entire ecosystem. They may serve as entry points, drawing more people into experiencing Web3, but clearly, volatile price swings alone won’t keep them engaged in the long run.
Therefore, Web3 cannot live without memes—but cannot be all memes either. The existence of meme coins adds diversity to the market, showcasing Web3’s powerful ability to efficiently monetize traffic and social attention. Yet the true future of Web3 still depends on technological innovation, infrastructure development, and diversified use cases. Only through breakthroughs in these areas can Web3 evolve from a hype-driven market into a genuine value internet.
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