Memecoins Farming

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Yes, it’s called Fartcoin. Yes, it is totally useless.

And yes, it has nevertheless tripled in value over the past week to a market capitalization of more than $700 million — about equal to those of Office Depot, Guess jeanswear, and the parent company of Steak N’ Shake.

The carnival-casino era of cryptocurrencies has come back with a vengeance, riding a broader wave of investment in bitcoin that was itself spurred by the election of Donald Trump. It’s minting millionaires while potentially harming others — yet everyone, even the losers, seem to be in on the joke.

The wave of “memecoiners” is a mix of longtime bitcoin holders and people simply desperate to change their fortunes in an era of sky-priced homes and equities, according to Toe Bautista, research analyst for GSR, a decentralized finance group. While many memecoin traders, flush from gains thanks to bitcoin’s 130% increase this year — 50% of which has come since Trump’s election last month — are simply “moving down the risk curve” into areas of pure speculation, Bautista said. Others see the potential of making 10 times their money overnight.

“A lot of it is people thinking, ‘I can get some sort of edge by having a better chance at a lottery ticket,” Bautista said.

Memecoin buyers and sellers alike are, for the most part, aware that their trading activity amounts to the riskiest kind of gambling, Bautista said. It’s all about exiting one’s position to avoid getting left with “holding the bag” and failing to trade up and strike while the price is hot.

“Because they’re worthless, you’re betting on the ‘greater fool,’” he said, referring to the idea that someone else will pay a higher price for a given memecoin. “You’re thinking, ‘I’m early to this, someone will buy the bags.’ But there’s no underlying driver of its value.”

For the most part, the greatest risk in trading memecoins, which tend to be based on the lifespan of viral internet memes, is the meme itself fading away from the cultural zeitgeist. And indeed, the gains from a given news cycle for a very select few can be substantial. Blockchain data shows at least one holder of a coin created in the wake of the Peanut the Squirrel incident last month, which involved the death of a rodent possibly being kept without permission by a New York man, is sitting on nearly half a billion dollars.

Today, that coin, PNUT, is down about half from its peak value of $2.47 as that news story has faded from view.

Yet there are also operational risks to memecoins, as illustrated by the rise and rapid fall of “Hawk” coin, released earlier this month by Haliey Welch, a Tennessee woman who has parlayed a viral lewd street interview into a successful podcast.

Over the course of 24 hours, Hawk’s market cap peaked at $500 million before collapsing to $28 million, prompting complaints about dramatic losses in funds. Those complaints have not been independently verified by NBC News.

Facing accusations of insider trading, Welch released a statement saying neither she nor anyone on her team had sold the coins, blaming instead “sniper” algorithmic bots designed to sell as prices begin to surge.

Bautista said that indeed, algorithmic trading, which has long been part of mainstream trading on Wall Street, is now routinely deployed in the memecoin space. He estimates that of the top-20 traded coins in crypto, half are memecoins whose trades are almost entirely driven by bots designed to spot and respond to price movements.

Is it legal? Some believe memecoins are permitted because the Securities and Exchange Commission has never formally categorized bitcoin as a security. Yet the agency has taken actions against exchanges that have permitted trading of other tokens. And, crucially, many memecoins, including Fartcoin, do not appear able to be legally purchased from U.S. soil on most of the crypto exchanges offering them.

Ground zero for launching memecoins is a website called Pump.fun, which allows users to “launch a coin that is instantly tradeable in one click for free.” Launched in January 2024, the site has generated over $288.4 million in revenue since its inception, according to analytics data cited by CoinTelegraph, a crypto industry publication.

Earlier this month, the United Kingdom’s Financial Conduct Authority said the website was not authorized in the country and warned anyone who interacted with a product or service associated with the site had no investor protections.

Despite this, the site’s terms and conditions state that its provisions are governed by “the laws of England.”

A spokesperson for the website was not immediately available for comment.

It may be the digital Wild West, but some tools have been developed to help nonsavvy memecoin participants avoid outright scams. A site called Rugcheck.xyz bills itself as capable of scanning memecoin ownership data to determine whether an actor or small group of actors are capable of putting their thumb on the scale of the market. Pump.fun itself says it prevents “rugs,” or sudden price dumps, by making sure that any tokens it launches have no presales or small-batch allocations that would benefit insiders.

It is not clear how much longer the current crypto “bull” cycle will last, but at least one analyst believes it is still in relatively early innings given likely developments next year — namely, potentially further reductions in interest rates by the Federal Reserve, and the implementation of more crypto-friendly policies by the Trump administration.

“There are lots of events in 2025 that can help drive bitcoin and crypto prices up further,” said Gracy Chen, CEO of crypto group Bitget, in an interview with NBC News.

In fact, Trump world has already shown signs of accelerating its embrace of cryptocurrencies. Bloomberg News reported on Friday that World Liberty Financial, a crypto project “inspired by Trump,” has been buying millions of dollars worth of tokens beyond bitcoin, a sign that the decentralized finance lending platform could launch soon. Trump has been named as an eventual “financial beneficiary” of World Liberty.

A spokesperson for World Liberty did not respond to a request for comment.

Yet there is clearly a dark side to the memecoin world. Omid Malekan, who teaches crypto at the Columbia Business School at Columbia University, said it is emblematic of the economic “nihilism” that has taken root among many young Americans who feel they have been priced out of the American Dream.

“All these kids are like, ‘All the good stocks are way too expensive. And houses? I can’t afford them,’” Malekan said. “So, ‘I’ll gamble on something that can ‘10x’ my money, and if I lose it all, Who cares, I was screwed anyway.’”

It is a parable for the attention economy. A celebrity created entirely by social media, “hawk tuah girl” Haliey Welch, helps launch a crypto asset that stokes a viral frenzy and then flames out.

The Hawk memecoin was worth $490m (£385m) hours after it launched on 4 December but now has a market capitalisation – the value of all Hawk coins in circulation – of $17m.

Welch, a Tennessee native who sprang to fame with her response to a risque interview question earlier this year, was immediately accused of ripping off her social media followers. The crypto commentator Stephen Findeisen, who goes by the moniker Coffeezilla, described the launch as a “rug pull” – the term for when developers hype a crypto scheme for short-term gain and then shut down the project.

Hawk is still trading, however, and Welch has said her team “hasn’t sold one token”. Welch’s representatives have been contacted for comment.

The furore has taken place amid a boom in memecoins, which were valued at about $20bn in their entirety at the beginning of the year but are now worth $118bn, according to CoinMarketCap, which monitors crypto prices. And they are flooding the market place in their thousands. At one point in November, the memecoin platform pump.fun launched 69,000 tokens in a day, according to data from the crypto analysis firm Dune.

Experts say memecoins, the latest darling in a crypto field whose true economic worth is endlessly queried, have no fundamental value.

“It’s just a phrase attached to a digital coin. There is no value whatsoever,” says Carol Alexander, a professor of finance at the University of Sussex.

Memecoins riff on two prominent features of the digital economy: memes and cryptocurrencies. The former is an online image or video clip that is endlessly tweaked and recycled on social media to capture the zeitgeist (think Moo Deng the hippo or, more timelessly, distracted boyfriend). A cryptocurrency is a digital asset built on top of a blockchain, a decentralised ledger that tracks the ownership of a cryptocurrency or other digital asset.

Sam Baker, a UK-based memecoin trader, says a lot of the coins’ launches are based on internet trends “you have never even heard of” and rely heavily on influencers to push them on a range of channels from Discord to X and Telegram.

He acknowledges there is “no intrinsic value” in memecoins and there is no “rhyme or reason” to which ones will succeed. Recent launches include coins based on the new Squid Game series on Netflix and on the fall of Bashar al-Assad’s regime in Syria.

“It is a pure form of gambling,” says Baker. “It is like buying a lottery ticket. But some of them are going to rise by 10,000% or 20,000%.”

Memecoins, says Baker, are a merger of two digital economy cornerstones that span different eras of the online boom.

“It’s monetising people’s attention from social media,” he says. “It’s a crossover from web 2.0, which is social media, to web 3.0, which is decentralised finance and crypto. Although they are bonkers, memecoins represent the modern monetisation of the attention economy.”

There is also a link with meme stocks, or shares in publicly listed companies that posted huge gains after being hyped on social media and bought by amateur investors. The classic example is GameStop, a struggling video games retailer that surged in value after a Reddit community piled into the stock.

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The renewed popularity of memecoins can be traced to Donald Trump’s victory in the US presidential election, with the market doubling in value since his win. Trump is strongly associated with crypto, having pledged during his campaign to end the “persecution” of the industry. Bitcoin, the most valuable digital asset, has been the big beneficiary, with its value crossing $100,0000 for the first time a month after Trump’s win.

Cryptocurrencies appeal to influential figures on America’s political right such as Peter Thiel, the Silicon Valley billionaire, because they eschew the establishment by flying under the radar of regulators and having no underpinning from a central bank. Memecoins are also cheap for retail investors, with many of the tokens costing a fraction of a cent.

Creating them is relatively simple, according to Alexander: just mint, say, $4,000 worth of tokens on a blockchain (Solana is especially popular with memecoin creators) and advertise them across social media, with the hope of selling them at a profit. Once bought, they can also be traded on exchanges.

One of Trump’s key backers, Elon Musk, is a longtime supporter of the first ever memecoin, Dogecoin, based on a meme featuring a shiba inu dog. Launched as a parody of the crypto market, Dogecoin is now worth a more serious $60bn even if its direct use in transactions is limited to a few businesses such as Tesla, where Musk is chief executive.

Merav Ozair, the founder of the Emerging Technologies Mastery consultancy, says Trump’s victory has sparked a new wave of hype around crypto-related assets.

“The new administration promised it would be very pro the crypto space. The new hype is because of the election,” she says.

But, she adds, the basics around memecoins have not changed. “It’s just going to a casino and seeing which number is going to win.”