Meme Culture

Published

December 9, 2024

Introduction

Memes serve as a unique form of cultural communication in the Web3 space, combining humor with important lessons and shared experiences. They often capture complex ideas in accessible formats and help create a sense of community among participants. This guide explores the most significant memes in Web3, their origins, and their deeper meanings.

Foundational Memes

“Not Your Keys, Not Your Coins”

This fundamental meme emerged from the early Bitcoin community and gained renewed significance after several high-profile exchange collapses. It encapsulates one of the core principles of cryptocurrency: self-custody.

Origin: The phrase likely originated on Bitcoin forums around 2011-2012 but gained prominence after the Mt. Gox collapse in 2014.

Cultural Impact: - Serves as a constant reminder of cryptocurrency’s original purpose: financial self-sovereignty - Often shared after exchange hacks or failures - Has evolved into a teaching tool for newcomers - Frequently referenced in discussions about centralized exchanges and custody solutions

Real-world examples that reinforced this meme: - Mt. Gox (2014): 850,000 BTC lost - QuadrigaCX (2019): $190 million lost - FTX (2022): Billions in customer funds lost

HODL

Perhaps the most famous cryptocurrency meme, “HODL” originated from a typo that became a battle cry for long-term investors.

Origin: December 18, 2013, when GameKyuubi posted “I AM HODLING” on the BitcoinTalk forum during a market crash. The poster, admittedly drunk, wrote a passionate defense of holding Bitcoin despite price volatility.

Evolution: 1. Initial phase: Simple misspelling joke 2. Secondary meaning: “Hold On for Dear Life” 3. Modern usage: Philosophical approach to cryptocurrency investment

Cultural significance: - Represents conviction in long-term value over short-term trading - Creates solidarity among investors during market downturns - Differentiates investment approaches (HODLers vs. traders) - Has spawned related terms like “diamond hands”

Character-Based Memes

Wojak Variations

Wojak (also known as “feels guy”) has become the protagonist of countless crypto trading stories, with several important variations:

The Crypto Wojak Timeline:

  1. Basic Wojak: Represents the average retail trader
  2. NPC Wojak: Symbolizes those who follow the crowd without thinking
  3. Brainlet: Depicts poor trading decisions
  4. Cozy Wojak: Represents comfortable HODLers during market turbulence

The Bogdanoff Twins

A complex meme centered around the late Bogdanoff twins, imagining them as all-powerful market manipulators.

Key elements: - “Dump it”: Order given after someone buys - “Pump it”: Command issued after someone sells - “He sold?”: The setup for market manipulation

Cultural impact: - Reflects the feeling of powerlessness many traders experience - Personifies the seemingly manipulated nature of crypto markets - Creates humor from shared experiences of poor timing

Educational Memes

The Bell Curve (Midwit) Meme

This meme format illustrates the concept of sophisticated simplicity in cryptocurrency:

Left (Low IQ): Simple but effective approach Middle (Average IQ): Overcomplicated strategies Right (High IQ): Return to simplicity with deep understanding

Examples: - Bitcoin storage: Hardware wallet → Complex multi-sig setup → Hardware wallet with proper backup - Trading: HODL → Complex trading strategies → HODL with occasional rebalancing - Security: Write down seed phrase → Use elaborate encryption → Write down seed phrase and store in safe

Market Condition Memes

“This is Fine” Dog

A cartoon dog sitting in a burning room, often used during market crashes. The meme represents: - Forced calm during market turbulence - Coping with significant losses - The crypto community’s resilience

“When Lambo?”

Origin: 2017 bull run Meaning: Represents the dream of crypto wealth Evolution: 1. Sincere question from newcomers 2. Ironic joke about unrealistic expectations 3. Critique of get-rich-quick mentality

Community-Specific Memes

Ethereum Memes

  • “Vitalik clapping”: Celebrating network achievements
  • “Ultra sound money”: ETH’s post-merger monetary policy
  • “Merge delayed”: Historical references to Ethereum’s upgrade timeline

Bitcoin Memes

  • “Number go up”: Bitcoin’s long-term price appreciation
  • “Stack sats”: Encouraging regular small purchases
  • “PayPal of crypto”: Mocking misunderstandings of Bitcoin’s purpose

Best Practices for Meme Literacy

Understanding crypto memes helps participants: 1. Navigate community sentiment 2. Identify market cycles 3. Learn from shared experiences 4. Connect with the broader culture

Modern Usage Guidelines

When engaging with crypto memes: - Understand their historical context - Recognize their educational value - Use them appropriately in discussions - Appreciate their role in community building

Conclusion

Memes in Web3 are more than just humor - they’re a sophisticated form of cultural communication that encodes important lessons, shared experiences, and community values. Understanding these memes helps participants better navigate both the technical and social aspects of the cryptocurrency ecosystem.

As the space evolves, new memes emerge while old ones gain additional layers of meaning. This living document will be updated to reflect these changes and maintain its relevance as a cultural guide to Web3.