The CEO of CryptoQuant, Ki Young Ju, has offered a psychological perspective on memecoins, likening them to deep-seated archetypes in human culture.
In a series of posts on X(Twitter), he referenced Carl Jung’s concept of the “collective unconscious,” suggesting that memecoins embody symbols and beliefs passed down through generations.
Memecoins as Reflections of Human Belief Systems
Ki Young Ju argued that different types of memecoins reflect distinct aspects of human belief systems. According to him, animal-themed memecoins are rooted in shamanism, a belief system that venerates animals as spiritual beings.
Meanwhile, celebrity-themed coins represent higher religious structures that elevate humans to divine status.
“Memecoins are archetypes of the collective unconscious,” he wrote. “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.”
He added that the success of memecoins is deeply tied to their ability to create shared belief systems among investors. He suggested that in the crypto industry, entrepreneurs who can generate a strong collective belief in their projects are likely to thrive.
Fallout from the Libra Token Scandal
Ki Young Ju’s comments come at a time when memecoins are facing increased scrutiny, particularly following the controversy surrounding the Libra token.
The token’s collapse resulted in approximately $107 million in losses for investors, triggering political and financial turmoil. The scandal has placed Argentine President Javier Milei under pressure, with some calling for his impeachment.
Nic Carter has been particularly vocal about the implications of the Libra debacle. He stated that the “memecoin era is unquestionably over,” highlighting the increasing corruption within the sector and suggesting that these speculative assets may no longer dominate the crypto market as they once did.
CZ Denies Chasing Memecoin Profits
Amid the growing debate over memecoins, Binance founder Changpeng Zhao (CZ) has addressed speculation regarding his involvement in the ongoing “Meme Season” trend. Social media discussions suggested that CZ might be engaging in memecoin trading, but he firmly denied the claims.
While acknowledging that he has experimented with meme-related projects, CZ clarified that he does not actively chase quick profits from meme coins. “I am not a ‘Shitcoin’ user,” he stated, distancing himself from the highly speculative memecoin market.
Oversaturation of the Market
The memecoin frenzy has led to an overwhelming surge in new token launches. According to reports, more than 600,000 new tokens were launched in January alone, the vast majority of them being memecoins.
This oversaturation has raised concerns that the sheer volume of new assets could dilute the market, making it harder for any single token to gain lasting traction.
As more tokens flood the market, investor attention and liquidity are spread thin, leading to increased volatility and instability. Many of these projects lack strong fundamentals, relying instead on hype and viral trends to generate short-term gains.
The Future of Memecoins
While memecoins have thrived on speculative hype, the industry appears to be at a turning point. The Libra scandal, coupled with increasing regulatory scrutiny and market dilution, has cast doubt on the sustainability of the sector.
However, as Ki Young Ju pointed out, memecoins tap into deep-seated human behaviours and belief systems, suggesting that they may never fully disappear.
Whether memecoins continue to dominate or fade into the background, their impact on the crypto space is undeniable. The coming months will likely determine whether they remain a major force in the market or become a relic of a past speculative era.
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