Alan Watts, the well-known British philosopher, says, “Money is merely a symbolic instrument invented by humans to represent value, and has no real or essential existence.”
Watts points out that money depends on mutual trust between people. This trust is not in the coins or notes themselves, but in the economic and social system that supports them. For example, the dollar or gold have no intrinsic value, but we believe in their value because we all share this story.
What does the $100 bill mean without people believing in it more than it being just a piece of paper with special drawings and pictures on it? What about a kilo of gold, and what is the difference between it and a kilo of iron or copper? Can you eat gold or paper?
1- Money is just electronic data
Iron and copper may have many more uses than gold, but nothing surpasses gold as an imaginary value in the minds of human beings created by the economic and social system over the years.
According to Watts, money or gold is just a myth like other myths that humanity has believed in over thousands of years, and it depends primarily on the common human imagination. Money depends on our ability to believe in what has no real material existence. This collective belief is what makes the global financial system stable.
As proof of this, most money today is nothing more than electronic data. The total sum of money in the world amounts to about 80 trillion dollars, but the total sum of coins, banknotes, or all minted money does not exceed 5 trillion dollars, and the rest, about 75 trillion dollars, only exists. In bank accounts and computer servers, according to the World Publication Review platform, which means that all this big money is just an illusion in our minds.
This is about money in general, let alone encrypted digital currencies, especially meme currencies, which have no real existence at all except in the imagination of some people and computer servers.
2- Trump Coin earns $10 billion in two days
US President Donald Trump launched his own digital currency, “Trump
quot; (Trump$) received widespread reactions, and this currency also achieved fantastic profits within days of its launch, as its market value reached more than 10 billion dollars.
There are many questions that may come to the reader’s mind, including, for example:
- What did this currency add to the world and humans?
- Is it something that can be eaten so that we can add it to the agricultural sector, or a machine or tool made so that we can add it to the industrial sector, or an advanced technological device so that we can consider it to be part of the technical sector, or a medicine that is used to heal so that we can classify it within the pharmaceutical sector, or is it an important and indispensable service for humans so that we can count it as a Service sector, or none of the above?
- What is its value, and would humanity and the global economy be affected if it did not exist in the first place?
The answer is no, but this did not prevent the new Trump currency from being sold for an amount that reached more than $70 amid strong demand from investors at first, and then the public around the world who found themselves rushing behind a bubble without much thought.
Not only did the new resident of the White House launch this currency, but two days later his wife, Melania Trump, followed him in launching her own meme currency, “MELANIA,” and its market value reached about one billion dollars within two days as well.
Trump and his wife have made billions of dollars out of thin air within days, and from what? It is a memetic digital currency that has no real value, and it may end up, as many others have ended, disappearing and disappearing.
3- What is the benefit of Trump’s currency?
Unlike cryptocurrencies designed for decentralized finance (DeFi) or smart contracts, Trump
quot; ($TRUMP) is essentially a meme currency, whose primary benefit lies in its association with Trump’s name, creating a strong cultural and emotional connection for his supporters.
Speculation aside, the currency offers no real benefit or inherent use case, nor does it perform the functions of currencies designed for finance like Ethereum and Bitcoin, or any other benefit beyond trading, according to Forbes.
However, the launch of this coin on a popular cryptocurrency platform, Solana Blockchain, demonstrated the potential of decentralized exchanges, drawing attention to the Solana ecosystem and the broader crypto scene.
4- Why is the Trump coin important?
The launch of the $Trump coin marks an important moment in the cryptocurrency scene for several reasons:
- Its rapid rise not only disrupted the market by withdrawing liquidity from other tokens and currencies, but also caused congestion in the Solana network, demonstrating its massive impact on the market.
- As a cryptocurrency associated with a prominent political figure, TrumpCoin blurs the boundaries between politics, culture, and cryptocurrencies, making it a culturally relevant phenomenon.
- Furthermore, its availability on decentralized exchanges underscores the growing shift towards decentralized platforms over traditional centralized exchanges (CEXs).
5- Meme coins
Perhaps the question that arises is: What are meme currencies?
- Meme coins Memecoins are cryptocurrencies inspired by internet memes, jokes, or cultural trends. And unlike Bitcoin or Ethereumwhich focus on solving specific problems or enabling decentralized applications, meme coins are often of limited utility.
Their value depends largely on community sentiment, social media publicity and celebrity endorsements. Popular examples of this are Dogecoin and Shiba Inu, which have gained immense popularity even though they started as jokes, according to Forbes.
- It has no tangible benefit It depends on one basic element: society
Mimecoins can be very volatile, making them attractive for speculation and risky for investment. They often serve as an entry point for beginners into crypto, but lack the fundamental benefit of other cryptocurrencies.
The memecoin market has always been based on one basic element: community. Unlike traditional cryptocurrencies, which often emphasize usefulness and technological progress, meme currencies thrive thanks to storytelling, jokes, cultural significance, stars and celebrities, and emotional resonance, as Forbes mentioned in another report.
- $140 billion market value of meme coins
The market value of meme currencies reaches about $140 billion, and is gaining increasing ground in the cryptocurrency economy, according to a new report issued by the cryptocurrency exchange, as reported by “Yahoo Finance” and the “CoinDesk” platform.
The sector, supported by popular memes such as Dogecoin (DOGE) and Shiba Inu (SHIB), represented 3.16% of the combined market capitalization of all cryptocurrencies on December 1, 2024.
If the cryptocurrency giants Bitcoin and Ethereum (ETH) are excluded, the market share of meme currencies will jump to 11.21%, according to the previous source.
This is a huge share of the cryptocurrency market value stored in cryptocurrencies that do not claim to be of interest (have no value), are inherently volatile, and tend to be named after animals like dogs and cats, internet jokes, and political figures like Trump and his wife Melania.
With Bitcoin recently crossing the $100,000 threshold, the value of meme currencies is also rising significantly. Dogecoin has risen by 168% since the election of Donald Trump stimulated the cryptocurrency market.
According to CoinDesk data, Dogecoin is now the seventh largest cryptocurrency by market cap at $56 billion at the time of writing.
6- The first memetic currency in history.. Dogecoin
The first meme currency was created in 2013 under the name “Dogecoin”, which is a word combined from two English words: “Dog”, which means dog, and “Coin”, which means currency. The two words were combined with “pampering” the word (dog) to (doge), so that the name of the currency became “Dogecoin”.
This currency was established as a joke by Billy Marcus and Jackson Palmer, who believed that cryptocurrencies were being taken too seriously, so they wanted to mock them by creating this currency that takes the shape of a dog, according to the Dogecoin platform.
On December 6, 2013, Dogecoin was launched, inspired by a 2010 dog photo of a Japanese Shiba Inu dog named Kapusu, who was adopted by Japanese kindergarten teacher Atsuko Sato from an animal shelter in 2008. .
To Bailey and Jackson’s surprise, Dogecoin was an instant hit, gaining huge popularity on sites like Reddit, where it was – and still is – used as a tip currency.
When Dogecoin was only two weeks old, it achieved a greater number of transactions per day than Bitcoin. Furthermore, within the first month, there were more than one million unique visitors to the online cryptocurrency website (dogecoin.com) founded by Jackson.
Despite its origins as a joke, Dogecoin has quickly grown into a huge and passionate cryptocurrency community, and this fun and friendly community has been behind many great causes and charitable endeavours.
Currently, the market value of this currency is about $52.2 billion at the time of writing these lines, according to the “Coin Market Cap” platform.
7- The pros and cons of Trump coins and meme coins
The new currency of Trump and his wife Melania is a meme currency, and it is a volatile currency, knowing that there is no maximum limit for meme currencies, as they can be minted and issued continuously, and there are currently millions of Dogecoin coins that are minted every day. Because of this, their prices are highly exposed to inflation risk and are highly volatile.
Pros
If we talk about the new Trump currency, one of its most important advantages is that:
- A new cryptocurrency that derives its strength from President Trump, who is a supporter of cryptocurrencies that are expected to witness continued prosperity during his reign.
- From just a few cents when it was launched, the Trump coin is currently priced at $43.8, This indicates a great future for her.
Cons
- Because it is a meme currency, Trump currency is characterized by rapid fluctuation in its prices over short periods, which makes it an unsuitable investment for people who do not like to take risks.
- They are prone to being overrated by celebrities or influencers, so people end up investing in them only to realize their mistakes later, according to the European platform.
- Finally, we advise investors to be very careful when dealing with this type of currency.
