CryptoQuant CEO and analyst Ki Young Ju recently said, “Memecoins are archetypes of the collective unconscious” — a concept coined by 20th-century psychologist Carl Jung to describe shared memories and symbols passed down through generations that underpin shared human culture.
In two Feb. 23 X posts, the CEO wrote that animal and celebrity memecoins are products of the collective unconscious, whereas altcoins are manifestations of collective consciousness. Ju added:
“Animal memecoins reflect shamanism, which venerates animals, while celeb coins embody higher religions that revere humans. Human evolution has been driven by shared beliefs —worshiping, forming groups, and collaborating.”
“If you can create something people believe in, you can thrive as an entrepreneur in the crypto industry,” the CEO continued.
The quantitative analyst’s comments came amid the fallout from the Libra token scandal, which caused roughly $107 million in losses for investors, the risk of impeachment for Argentine president Javier Milei, and the resignation of Meteora co-founder Ben Chow.
Libra’s crash put “fair launch” tokens and memecoins under a microscope, with many characterizing the incident as the final nail in the coffin for memecoins and calling for sensible regulation of the sector.
Related: Solana’s token minting frenzy loses steam as memecoins get torched
Did Libra signal the end of the memecoin craze?
Following the implosion of Libra, Venture capitalist Nic Carter said the incident signals the end of memecoins and their appeal to retail investors.
The VC argued that the central value proposition of memecoins was that they were purportedly fairly launched on the market without insider teams or early investors.
This made memecoins attractive to retail investors as an alternative to low-float, high fully-diluted value altcoins peddled by venture capital firms that would result in VCs using retail as exit liquidity.
“Memecoins are cooked. There will still be launches and probably some winners, but the meta is done,” Carter wrote and said that investor attention would shift to utility-based projects.
According to GeckoTerminal, over 600,000 tokens launched in January 2025 — the vast majority of which were memecoins — raising concerns over the dilutive effects of too many cryptocurrencies competing for market share and limited investor attention.
Magazine: Memecoins: Betrayal of crypto’s ideals… or its true purpose?
