I just read this piece on the defense of memecoins. The opinion article was posted on Coindesk website. The article was written by Daniel Kuhn.

It starts by saying that “the only thing worse than meme coins is complaining about the financialization of memes.”

True, there’s a danger in complaining about just anything because we haven’t seen such before. O don’t know how many people kicked against Bit coin when it first started but I know many millionaires have been made through it. I can’t deny that, although I’m not a crypto whale yet.

The next line that made sense to me in the article is: I don’t necessarily think meme coins should be celebrated, particularly not for the reasons most often given. At this point in the cycle, it’s clear tokens – even “blue chips” like shiba inu (SHIB) or dogwifhat (WIF) – aren’t really bringing in new adopters; at least not yet. I think it’s dubious to suggest that the “communities” that form around investing in meme coins are at all long term sustainable. And it’s, of course, irresponsible to suggest these tokens are creating “generational wealth” for people.

However, before he ended his remarks, he made a quote:

As Riva Tez put it in her recent speech at Consensus 2024, meme coins are helping crypto win the “narrative war” by fulfilling a genuine need that people have. Meme coins meet people where they are.

For some people, that’s no future for these coins, so let’s all pack our bags and get engaged in things that are tangible.

He also mentioned Calaxy CEO Solo Ceesay who recently wrote in a piece for The Defiant: “Memecoins are a prime example of how any collective group of individuals can create the economic infrastructure to facilitate commerce, trade, and collaboration without the need for an intermediary. Before blockchain, this was virtually impossible.”

In his final remark, he said: But in a real way, there is something more honest about meme coins. They make no illusions about the game being played.

I agree with this.