(noun) joke-based crypto tokens with bafflingly enduring appeal
The anarchic streak to markets is thriving in the world of memecoins — an “asset class” (for lack of a better word) targeting those who find the wild west of crypto just not wild enough.
The biggest crypto asset is bitcoin — essentially a line of code created by computers firing sums at each other to which the wisdom of crowds now attaches a value of almost $100,000 apiece. True believers have made great fortunes here, despite the currency’s lack of everyday utility or underlying institutions and revenues. Its value has more than doubled in 2024, thanks in no small part to Donald Trump’s crypto curiosity.
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