When Crypto Markets Meet Psychology
In February 2025, CryptoQuant CEO Ki Young Ju proposed a thought-provoking idea: “Meme coins are products of the collective unconscious.” This concept, rooted in Carl Jung’s theory of shared cultural memories across generations, suddenly found new relevance in crypto. Those tokens featuring dog heads, frogs, or celebrity faces might be tapping into humanity’s primal instincts.This resonance is reflected in market data. Over 600,000 new tokens flooded the market in January 2025, with 89% being Meme coins. Most lasted less than 72 hours, yet they accounted for 63% of retail trading volume. Why do investors rush into high-risk assets?
From Tribal Totems to Social Currency
Ki Young Ju categorizes Meme coins into two types:
- Animal-themed (e.g., DOGE, PEPE): Echo ancient worship of natural forces.
- Celebrity-themed (e.g., TRUMP, MUSK): Reflect modern idol culture.
“Human civilization has always relied on symbolic worship,” Ju explains. “Early humans drew mammoth paintings for hunting success; today, we use Meme coins to seek validation on social media.” Chain data reveals 72% of Meme coin holders share related memes online.But risks lurk beneath the frenzy. The February 2025 Libra token collapse erased $107 million and entangled Argentina’s president in scandal. This disaster exposed the myth of “fair launches,” where insiders manipulated liquidity pools and social hype to exploit retail traders.
A Coexisting Future Ecosystem
The real challenge lies in creating a new evaluation framework:Base Layer (e.g., Bitcoin): Value storage.Utility Layer (e.g., Ethereum): Infrastructure.Cultural Layer (e.g., Meme coins): Emotional and social needs.As Ju states: “Judging Meme coins by P/E ratios is like measuring blood pressure with a thermometer.” The market now diverges into:VC-driven utility: Protocol revenue and user growth.Community-driven culture: Narrative-driven consensus.Hybrid models are emerging: A dog-themed coin donates to animal welfare, while a Layer 2 protocol rewards developers with cultural NFTs.
As the Libra fallout fades, the industry must focus not on eradicating Meme coins but on building healthier cultural economies. From Wall Street to Silicon Valley, humans never cease reinventing ancient narratives with new tools. Crypto’s maturity may begin by embracing both technical logic and collective unconscious as twin drivers of innovation.
Colin Winston
