- YouTuber Chris Gabriel discusses how the meme economy relates to the crypto space.
- He says that crypto rises and falls with belief or “vibe”.
- Although success could be linked to some established fundamentals, popularity cannot be explained in rational terms.
Chris Gabriel, the host of the YouTube channel MemeAnalysis, which studies internet memes, shared the meaning of “The Meme Economy”.
Gabriel believes that although many think the value of crypto only lies in a set of complicated technologies, the actual value is entirely “memetic”.
The YouTuber states that meme is a difficult word for many because it has been inextricably linked with internet jokes. However, he clarified that memes are units of cultural transmission or word or image viruses, as writer William Burroughs would put it. Memes are reproduced endlessly through culture.
He believes that all currencies have been built on memetics, and that crypto is the closest to the source. He says that crypto rises and falls with belief or “vibe”. Few people have really understood the big surges and crash so often seen in crypto markets.
Gabriel specifically used Dogecoin (DOGE) as an example of memetics. The price of DOGE skyrocketed from a mere few cents to a high of 74 cents during the pandemic, mostly caused by support from celebrities. At the moment, as interest in the meme coin faded, it is “down to pennies again.”
The inconsistent adoption of crypto projects is also one of Gabriel’s interests. Some projects reach great success while others wither and die. This has been very evident in the non-fungible token (NFT) industry, where some low-quality projects can make millions while others make almost nothing.
Gabriel sees memetics as the study of severity. What makes art popular, and why do certain businesses succeed? He believes that there are almost certainly no rational answers to these questions. Although success could be linked to some established fundamentals, popularity cannot be explained in rational terms. Success and failure “are totally random.”