May 23, 2024 - Economy

Charted: 📖 A meme triumvirate

A line chart that tracks the price changes of three memecoins: Normie, PepeCoin, and Wojak, from April 21 to May 21, 2024. Normie and PepeCoin show a decline, with the steepest drop of 50.17% for PepeCoin on May 6. In contrast, Wojak increases by 79.28% on May 21. All three have spiked toward the end of the period, with Normie and Wojak going up much faster than the older and higher marketcap PepeCoin.
Data: CoinGecko; Chart: Axios Visuals

As the kids say, there's a lot to unpack here.

Reality check: Speaking of financial nihilism, the interplay of thematically related meme coins like these are at the heart of all of that.

Zoom out: All of these tokens represent popular internet archetypes. If we took the Freudian construct of the id, ego and superego and overlaid them with these memes, then the breakdown here is easy.

  • Wojak, the feels guy, is the superego. He's the one who can get angry, who can cry, who is tapped into a values system.
  • Pepe is the id, the trickster. Things feel good to Pepe independent of values.
  • Normie is the ego. Normie the mythical "regular person." Normie is not very online. He does not have a folder of memes on his phone. He has never posted on 4chan.
  • Normie does not need to "touch grass" because that's his whole life.

Vibe check: As the pandemic era has shaken off, there's a growing suspicion that the not-very-online, the ones who don't get their jokes, who don't know that people on Reddit call them "normies" had it right all along.

By the numbers: The market cap of NORMIE (on Base) is only $46 million and WOJAK (on Ethereum) is only $49 million.

  • PepeCoin (on Ethereum) is $600 million.

The bottom line: Nevertheless, there could be a larger message in the fact that WOJAK and NORMIE are rising fast while PEPE has been basically flat in recent days.

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