A memecoin promises nothing, and everyone who buys it knows that. They bid for it anyway.
In December 2013 the programmer Billy Markus and the marketer Jackson Palmer made a cryptocurrency as a joke. They took the code of one of bitcoin’s copies, put the Japanese Shiba Inu dog from a then-popular internet meme on the logo and called the coin Dogecoin. The joke was on all of crypto, on the hundreds of identical coins promising to change the world. Dogecoin promised nothing. Eight years later it was worth more than $80 billion on paper.
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