When it comes to Meme coins, many people's first reaction is—aren't these just things issued based on a few memes and internet jokes?

$DOGE and $SHIB are the most typical examples. Compared to projects like Ethereum that require solving complex technical problems, Meme coins are born very "pure"—their purpose is just to be funny and to create resonance. So here’s the question: does this count as "not doing serious work"?

Honestly, the answer is quite complicated. It depends on two extremes.

**First, let's talk about 99% of these scam coins**

In the crypto world, the vast majority of Meme coins are just schemes to harvest retail investors' money. Technical barriers? Almost none. Now, issuing a new coin takes only a few minutes and costs less than a few dollars. Some scammer just comes up with a trendy name, hops into a few chat groups shouting, and retail investors get excited and rush in.

Even more ruthless is the "carpet pull." The logic is simple: the developer holds most of the coins, and once retail investors drive the price up, they quickly dump everything. This happens every day. Moreover, most Meme coins lack technical support and real-world applications; once the hype dies down, they drop to zero. Retail investors are left holding a pile of digital trash.

**Now, look at the top few**

The reason Doge and SHIB can make it into the top ten by market cap is a bizarre story. They have carved out a "from joke to mainstream" strange path.

First, consensus itself is a form of value. The underlying logic of finance is trust. Millions of people worldwide find these dog coins interesting, are willing to hold them, tip with them, or even buy Teslas with them—this creates a consensus value. It sounds mystical, but financial markets operate exactly like this.

Second, many major projects have professional teams and capital operations; retail investors are like meat on a chopping block. In contrast, many top Meme coins are genuinely community-driven—everyone creates memes, promotes, and holds together. To some extent, this makes them more decentralized.

Most importantly, to survive, these top projects have started to "catch up." SHIB has developed its own layer-two network and decentralized exchange; Doge is also trying to expand into broader payment scenarios. They are actually doing something.

**So how to tell real scammers apart?**

Look for these signals, and you can avoid 99% of the traps:

Anonymous team + no audits—You don’t even know who issued the coin, and no one can guarantee whether there are backdoors in the code. This stuff is extremely risky.

Unable to sell or forcibly lock-up—called a "Pixiu scheme." Once your money goes in, it can never come out. Clearly a scam.

Excessive hype—A big influencer tweets once, and within five minutes, a coin with the same name appears. These are almost certainly schemes designed to scam and then run away.

**There’s only one principle when playing with this stuff**

Treat these funds as tickets to an amusement park or money for buying lottery tickets. Accept losing calmly, and if you win, consider it good luck. Changing this mindset is basically giving money to scammers.