Ki Young Ju on Memecoins: 'They Are Archetypes of the Collective Unconscious'

Memecoins and social tokens continue to stir debate in the crypto world, particularly following the collapse of the Libra token, which was promoted by Argentine President Javier Milei. This event has raised questions about the future of memecoins, with many speculating that the phenomenon may be nearing its end.

Ki Young Ju, CEO and analyst at CryptoQuant, recently shared his unique perspective on the subject, drawing on psychological theory to explain the allure of memecoins. In a series of posts on X (formerly Twitter) on February 23, 2025, Ju stated, “Memecoins are archetypes of the collective unconscious,” referencing the idea of the collective unconscious coined by famed 20th-century psychologist Carl Jung. According to Jung, the collective unconscious consists of shared memories and symbols that transcend individual experiences and are passed down through generations, forming the foundation of human culture.

Ju extended this concept to the world of cryptocurrency, suggesting that animal-themed and celebrity-driven memecoins are manifestations of this collective unconscious. He explained, “Animal memecoins reflect shamanism, which venerates animals, while celeb coins embody higher religions that revere humans.” In his view, human evolution has been shaped by shared beliefs — from worshiping animals and humans to forming social groups and collaborating. Ju believes that this power of belief plays a pivotal role in the success of memecoins, stating, “If you can create something people believe in, you can thrive as an entrepreneur in the crypto industry.”

Ju’s remarks come at a time when the crypto space is grappling with the aftermath of the Libra token’s sudden collapse. Libra’s crash led to significant losses for investors, totaling approximately $107 million, and has ignited further scrutiny of “fair launch” tokens and memecoins. The incident also sparked political ramifications in Argentina, with President Milei facing potential impeachment, and led to the resignation of Meteora co-founder Ben Chow.

The fallout from Libra’s demise has fueled ongoing discussions about the sustainability of memecoins, with some industry figures questioning whether the craze has reached its peak. Venture capitalist Nic Carter, for instance, believes that the collapse of Libra may signal the end of the memecoin era. In a recent statement, Carter argued that the central appeal of memecoins lay in their “fair launch” model, which touted the absence of insider teams or early investors. This was seen as an attractive feature for retail investors looking for an alternative to the high-fully diluted altcoins often pushed by venture capitalists, who typically use retail investors as exit liquidity.

Carter expressed skepticism about the future of memecoins, writing, “Memecoins are cooked. There will still be launches and probably some winners, but the meta is done.” He suggested that investor attention would now shift toward utility-based projects with more tangible use cases.

The rise of over 600,000 tokens in January 2025 — the majority of which were memecoins — has also raised concerns about market saturation. According to data from GeckoTerminal, the sheer volume of new tokens has contributed to a dilution effect, with too many cryptocurrencies competing for a limited pool of investor attention.

As the dust settles from the Libra scandal, the future of memecoins remains uncertain. While they may still capture the imagination of some investors, others argue that the focus will inevitably shift toward projects with more practical utility. Whether the memecoin phenomenon has reached its zenith or will evolve into something new remains to be seen, but the conversation about regulation and sustainability in crypto space is only just beginning.