Memecoins were never about memes, jokes, or financial nihilism; it is the underlying technology and its implications that are promising.
Memecoins are not dead because the market is down and the narrative has faded, according to president of payment infrastructure company MoonPay, Keith A. Grossman, who said that memecoins will be back but in a different form.
The real innovation of memecoins is that attention can be tokenized easily and at low costs through blockchain technology, democratizing access to the attention economy, Grossman said. He continued:
However, that value did not flow back to participants and mostly remained trapped by large, centralized platforms, he added.
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