Crypto analyst Murad Mahmudov argues that meme coins represent a new digital asset paradigm, driven by community belief rather than utility or technology.
What Happened: During an interview on The Block Crunch podcast, Mahmudov referred to meme coins as “tokenized vessels of faith,” stating that they absorb societal discontent, especially among younger generations facing economic hardships.
Drawing comparisons between Bitcoin BTC/USD and successful meme coins, Mahmudov pointed out that both foster “hardcore community” and “cult-like” followings. He tweeted a list of meme coins he believes are poised for significant growth, including SPX6900 SPX/USD, Dogwifhat WIF/USD, Giga GIGA/USD and Mog Coin MOG/USD.
Mahmudov downplayed the importance of utility for meme coins in bull markets, stating, “Utility creates a floor but also a ceiling.” Instead, he emphasized that community-building and "free cult labor" are the key drivers of success for these coins, predicting the meme coins that will thrive are those that generate the most dedicated community engagement.
Also Read: This Trader Netted Over $5M With 4 Different Meme Coins: Here’s How
Why It Matters: Mahmudov's perspective represents a shift in the perception of meme coins, elevating them from mere speculative assets to cultural phenomena. He estimates that 20-25 meme coin “cults” could reach multi-billion-dollar valuations. He analyzes coins with at least six months of survival, those that have weathered significant price drops, and coins with strong, decentralized communities.
Mahmudov also warned about “cabal coins” controlled by small groups, advocating for organic, decentralized communities instead. He predicts a transition from animal-themed meme coins to more serious “movement coins” that could evolve into global ideologies.
While acknowledging the speculative nature of meme coins, Mahmudov argues they may achieve the decentralized autonomous organization (DAO) vision “even though they don’t have a treasury,” powered by holders’ belief and dedication.
For Popcat POPCAT/USD, Mahmudov stated that the current market is still in the accumulation phase, predicting the coin could soon reach $5. He called SPX the "Biggest Movement of this Cycle" and believes Giga is massively undervalued, forecasting a parabolic rise by 2025.
What’s Next: The influence of meme coins expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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