The meme coin sector is growing rapidly, with thousands of tokens released daily. While many market experts have bashed the industry and its inherent lack of utility, some others believe the sector is not completely useless.
One of them is Ki Young Ju, founder and CEO of the market analytics platform CryptoQuant. Ju says meme coins are “archetypes of the collective unconscious.”
Archetypes of the Collective Unconscious
According to the Swiss psychiatrist Carl Jung, who developed the collective unconscious theory, universal, primordial images and patterns of thoughts exist within the shared unconscious mind of all humanity. These thoughts and images are considered archetypes and manifest in myths, dreams, and cultural symbols. They represent the fundamental aspects of the human experience and influence their behavior and perception of the world.
In other words, archetypes are patterns of thought that strive for realization within a human environment. Hence, the process of actualizing these thoughts influences the development of an individual’s unique identity and guides their journey of self-discovery and transformation.
Jung’s theory classifies archetypes of the collective unconscious into four main groups: self, persona, shadow, and anima/animus. Going by the classification, Ju believes animal meme coins reflect shamanism, a spiritual practice involving interacting with spirits through altered states of consciousness. Shamans revere animals and venerate them as spirit messengers and guides.
Celebrity meme coins, on the other hand, reflect higher religions that revere humans.
Meme Coins vs. Art Markets
There are a lot of animal-themed meme coins, and they include the dog-themed projects Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), Floki (FLOKI), and dogwifhat (WIF). Likewise, the market has seen a surge in the launch of celebrity meme coins like Official Trump (TRUMP), Mother Iggy (MOTHER), Official Melania Meme (MELANIA), Jason Derulo (JASON), Timeless Davido (DAVIDO), and Caitlyn Jenner (JENNER).
Ju pointed out that human evolution has been driven by shared beliefs that encompass worshiping, forming groups, and collaborating and that meme coins are an outcome of such developments. Therefore, people who thrive as entrepreneurs in the crypto industry are those who can create something people believe in.
Meanwhile, the CryptoQuant founder has also likened meme coins to art markets, insisting that the value of both sectors is assessed through narrative.
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