In this very early phase of my crypto journey, I’ve got to address the subject of meme coins.   Near as I can tell, meme coins are “assets” created purely for the purpose of trading.  They have no “utility” on the block chain.  They don’t facilitate commerce in any industry.  There is no hope that they (like Bitcoin) will eventually be a key part of the economy.

Some meme coins are named after cartoon characters such as Peanut the Squirrel.  Seriously, this one is trading today at around 50 cents per coin, for a total market cap of around $400 million.  It traded at around five times that price when shortly after it was created a couple of months ago.

In the very same podcasts and social media forums where people discuss the price case for BTC and ETH and other “serious” coins, people speculate all day long about PNUT and other seemingly worthless assets.

Today on January 20, Trump has been sworn for a second term as U.S. President.  At the very same time a new TRUMP coin is trading, with a market cap of around $9 billion.  A new Melania coin is trading. It’s too new to even quote a market cap.

This is what’s so strange and counterintuitive about crypto trading.  The prevalence of mindless speculation is, well, mind-boggling.  Can the insanity continue?

As one commentator said, it’s possible for two things to be true at once.  Your 401(k) account on Wall Street is not invalidated by the fact that casinos exist in Las Vegas.  I’m trying hard to look at it that way.

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