Why the Media Loves the Worst of Crypto

Not all crypto projects have clear value, however. Memecoins, digital tokens whose value is driven by internet attention rather than tangible use, are divisive — even within crypto circles. For example, dogecoin, a favorite of Elon Musk, has a market value exceeding 94% of companies in the S&P 500, despite lacking a product or business model. Recently, Chris Dixon, at Andreessen Horowitz, even criticized memecoins’ as undermining understanding of the sector’s utility. If one was looking for a reason to argue crypto is a scam, you could find it in pockets of the memecoin world.