Memecoins: Past, Present, and Future | Rahul Sethuram - Zoomer.Money

okay so today I'm going to be giving a talk about meme coins I think you know since this is e Denver a lot of us are like eth Maxis kind of like fundamental Maxis and we kind of look at this meme coin world and we just laugh at it we don't really want to put money in it because we think it's stupid but you know recently I got an opportunity to dive in a little deeper on Meme coins and I want to provide some insights from a developer point of view about meme coins and what this world is kind of peel back some layers so the title of this talk is WTF is going on on chain because really if you look on chain you will see most of it is meme coins and it's kind of crazy to see but really that is that is where the world is and where we are so first of all who am I my name is Rahul uh I am co-founder and CTO of connect so I've spent a lot of time many years building in the space building like actual infrastructure and products uh but more recently I decided to just launch a memec coin so now I am a meme coin developer of my own meme coin Zoomer we'll talk more about that later uh you know just to set some context and some background what exactly is a meme I was quite surprised to see when I Googled what the definition of a meme was that the definition is pretty much exactly what we all think it is it's just an image with text that gets shared over and over and copied and spread rapidly over the internet you know it has some Greek Origins somewhere about like imitations and things like that but really it's just a picture that got shared on the internet so really you know if you look at crypto meme coins have found product Market fits since the beginning ever since crypto was created they've always been meme coins and these are no joke you know if you look this is on the right here is the the coin gecko chart for meme coins and you'll see like there's billions and billions of dollars in these things the market caps are just insane and like like really this is more of a serious thing than people see there's real money in here real institutions are going into this stuff like people are looking at this hedge funds are trading meme coins it's not a joke and you know if you look recently at like Dex screener I just pulled this this morning from the Dex deck screener like trending stuff 80% This Is MeMe coin so that's really all people are trading on chain it's like you think we're building all this cool stuff everyone wants to buy our tokens cuz we're building real infrastructure but no they just want to gamble around on Meme coins and what what exactly is a mem coin let's back up so meme coins they don't do anything it's ridiculous and this kind of like as developers this makes us want to rip our eyeballs out because we're like why do people actually want to buy and spend money on coins that do absolutely nothing and the other thing about it is their Fair launch so what that means is the whole token Supply is immediately dropped onto the public so everybody in the public can buy the tokens instantly there's no lockups there's no VCS there's no insiders it's just completely onchain and that that's a cool thing that I'll talk about later and of course based on memes it's all about the memes and meme coins and with that in mind also there's like a community behind it so there's a cult of people that are following the meme coins and they're the ones who are driving the project so it's not a developers it's not a team it's a community so really it's like you know really Embraces kind of the ethos of crypto which is which I think is really cool uh so now I'm going to go into and talk a little bit about different kinds of meme coins I'm not Shilling any of these meme coins of course but I just want to give some highlights so everyone knows Dogecoin this is the OG meme coin like this is the meme coin your mom knows about your dad knows about your parents and your friends all your Normie friends will be like Dogecoin they'll kind of laugh at it but this is the original meme coin that created the space it was launched in 2013 as a Litecoin Fork it's a you know it's its own L1 there's no other apps on it it's not built on ethereum or anything like that then one really silly thing that I can't understand why people are still buying Dogecoin but people are buying Dogecoin this chart is from like today also and it's up huge it's 18 billion value but there's an infinite Supply so literally this is just going to keep diluting but people are still buying it it's insane and you know if you guys remember a few years ago this was big in the like international news because people people like Elon Musk were endorsing it Wall Street bets so it was like a big name and it's a big deal and that's why everyone knows about it everyone knows about meme coins because of Dogecoin so next one Sheba enu this is basically people who took Dogecoin and put it on chain they put it on ethereum they created an ecosystem on top of it they're kind of trying to be like Dogecoin plus utility and this is like basically the second big meme coin that has come out and still one of the biggest 14 billion value it's like no joke in terms of the money that's on it uh and this one chain link chain link is an interesting one so it's not really a meme coin it's an unsexy infrastructure coin but if you guys remember a couple years ago chain link was all over like 4chan like people this guy named chain link God he basically made a Pepe version of himself as a chain link guy and he was just like spreading chain link everywhere through memes and really kind of became like this 4chan meme coin even though it's not really a mcoin they have this thing called the link Army that basically infiltrates 4chan Twitter Etc and just talks about chain link all the time and and you know they treat it like it's a meme uh and then Pepe so this is like the start of a new wave of meme coins I think this one is going to be big this cycle and uh you know it's it's one of the big ones I think it's the most widely used 4chan Meme and it finally came on chain it's super huge on crypto Twitter I think this has the opport opportunity to really like penetrate into the Normie Market you know this is also sitting above billion dollar valuation these are like no joke big coins and then this one is just the funny one I threw in here uh Harry Potter Obama Sonic 10 enu it's just like ridiculous the ticker is Bitcoin they co-opted like 10 different memes the community is crazy autistic I don't know how much you guys know about this but literally they're Dev who's like the face of the project went on live stream smoked crack and literally that's what took it from like zero to like 10 million so like it's insane and they have twitter8 hour long Twitter spaces where like people just like come on like play music sing songs and this was created during the bare market so it was like just something I think for people to come together during the bar market like you know have some fun with things and like create a community and I think they did a really good job now they're like you know huge coin too almost h100 million valuation um so yeah that's a little background context now I want to give a little bit of a deeper dive on on this topic itself so a big thing about meme coins is narratives so there's always narratives are shifting meme coins are always trying to stay relevant because the the market is so like flip floppy like something's hot one day it's not one day so meme coins are always fighting to kind of like stay relevant capture attention capture eyeballs but with that said there's always some things that are St like dogs there's always dog coins for some reason dogs are so hot every new chain that launches has its own dog coin that's number one meme coin Pepe are also big but for some reason cats never work there's never been a good cat coin but there's been good cat nfts so it's like this weird thing people try to launch cat coins and they just go to zero it's crazy and then you know the narratives keep changing like these are just from like the past couple weeks I guess or you know past month or so from from what I could remember project founder dogs became a big thing so like every project founder I think the salana founder had one called like Meo Toshi is like Brian Armstrong's dog so all these coins keep launching under Founders dogs then Elon Elon is a huge meme anything he tweets instantly becomes a meme coin and kind of picks up salana had its run with a bunch of meme coins Fork so all these meme coins kept getting forked like there's one called Pepe Fork that became a big thing there's like do with hat Forks cross chain was a brief thing so like you know there's cross chain meme coins ERC 404a this is an interesting one because uh you know it was kind of like pushing a new standard two minutes oh my God okay I'll go through this a little quicker but really you know what do they do so most for the most part utility is not something you want in a meme coin it's it's bearish to actually have Your Meme coin do something because it kind of like caps the what they can do there's a couple that have tried tried to do it with like link like I uh mentioned there were some onchain games sniper Bots which is a cool other thing that we'll explore a little bit but really like it's all driven by the promise and not the delivery uh this to me is probably the most interesting part of meme coins these days so snipers are basically an infrastructure that has been built specifically around meme coins and fair launch tokens so Banana gun I don't know if you guys heard bananagun unibot these are like big projects so they have hundreds of million dollars TBL their infrastructure specifically developed so as a developer you'll want to rip your eyeballs hearing this but it's a telegram bot where you put in your private key into the bot so it's fully centralized they have access to your private keys they could do whatever they want with it but what it lets you do it lets you actually read the chain and you basically put in a smart contract address for so these guys basically what they're doing these snipers they are uh watching The Chain Looking At deck screeners seeing a new contract get deployed doing some minimal amount of due diligence putting the smart contract into banana bot banana bot is waiting for liquidity get added and instantly buying the token so like within seconds it will buy a token right when liquidity gets added so it's pretty cool and like that's that's kind of a big thing in the world is these sniper games and uh you know I've gone through this process now but I wanted to give a little background on how you actually launch a meme coin so you have your smart contract of course and you have all the various parameters on it then there's this interesting thing about onchain marketing because the blockchain is so transparent everything that happens on the meme coin is seen by everyone so what I what I put here is there's a deployer wallet that has like a huge eth balance because people will instantly look at who deployed this contract then there's some art on the smart contract because like you know you'll see the smart contract you'll see some art you'll be like oh people put some work into this and then over here you'll see that there's a bunch of transactions instantly when you deploy the contract those are all the snipers who are approving your contract and this happens within seconds so that's the onchain side and of course offchain side oh shoot okay I'm running out of time here but basically that's it uh I'm going to skip over here to my experience so my experience launching zomer I launched it basically because I wanted to launch a meme coin for genz and kind of like just just see what it's like to launch a memec coin I feel like you know gen Z is is crypto native they're going to be the ones that take over so we wanted to launch a memec coin around genz uh we launched it we got a lot of initial hype I docked myself and that created a lot of legitimacy and I got a lot of Team forming around it so the team of whales and Community I really saw an organic team came come in who bought the coin and engaged with it so there's this big thing in meme coins oh shoot did I just get cut off can you guys still hear me talk to you guys later thank you all okay if you want to he's going to show his token afterwards so um I would like to invite introduce Brian Russ this is his first time speaking at e Denver he's been coming here since 2018 he's from Finance group and he's going to be talking about blockchain evaluation which we all need to know about that so welcome