A Socioeconomic and Structural Perspective from the Crypto Community

While first-generation memecoins such as Dogecoin emerged as satirical responses to the cryptocurrency boom, and second-generation tokens like Shiba Inu integrated DeFi elements to gain traction, a third wave of memecoins has now emerged. Characterized by community-centric narratives, liquidity engineering, and meme-native launchpads, third-gen memecoins operate within a hyper-financialized yet cultural context. This article examines their rise, structural dynamics, and socioeconomic implications, grounded in the ethos of decentralized communities and blockchain-native humor.

1. Introduction : Beyond the Joke

The term memecoin has traditionally evoked skepticism, often dismissed as unserious or purely speculative. However, their evolution signals deeper phenomena at play: gamified finance, collective storytelling, viral culture, and frictionless liquidity provision.

In 2025, third-generation memecoins like $WIF (dogwifhat), $PEPE, $BOBO, and $TURBO have transcended their humorous origins. They are being used to:

• bootstrap decentralized communities,

• conduct high-volume trades,

• and even shape micro-economies within the Solana and Ethereum ecosystems.

2. Defining Third-Generation Memecoins

These assets are not "projects" in the traditional sense—they are movements with liquidity.

Key Features:

• No VC backing: grassroots funding from community pools or launchpads

• No roadmap: replaced by vibes and iterative memetic governance

• Tokenomics: often deflationary, LP-locked, or burn-driven

• Distribution models: many use stealth launches or meme-specific platforms like Pump.fun

3. Meme Launchpads: A New Kind of Infrastructure

Platforms like Pump.fun (Solana), Degen Launchpad, and MemePad (BSC/Ethereum) have revolutionized low-barrier token deployment:

• No-code launch tools (for creating meme tokens in minutes)

• Built-in liquidity pools

• Viral mechanics (token names, emojis, and memes auto-generated from trends)

Example: Pump.fun

• Daily volume (2025): $10–20 million

• 200+ tokens launched per day

• Tokens like $WEN, $TOSHI originated from here and reached $100M+ valuations

These launchpads act as social laboratories where speculative sentiment is tested in real time.

4. Community Dynamics and Governance

Third-gen memecoins invert the traditional order of crypto projects:

Instead of utility → market fit → adoption, memes reverse it: culture → liquidity → purpose.

Governance often emerges post-facto, via Twitter spaces, Discord debates, or meme-voting contests.

Memecoin communities function more like digital tribes, with:

• Shared language (e.g., "Send it", "Wen moon?")

• Rituals (airdrops, sticker wars)

• Leaders as meme-lords, not CEOs

5. Economic & Regulatory Considerations

Economic Features:

• High slippage and speculative volatility

• Ultra-low FDV at launch (e.g., $10k market cap)

• Flash-pump cycles, meme mining behavior

Regulatory Red Zones:

• Unregistered securities concerns

• Pump-and-dump vulnerability

• Potential for retail loss and legal gray areas

However, their permissionless nature makes regulation difficult unless centralized exchanges list them.

6. Sociocultural Implications

Third-gen memecoins reflect:

• Dissatisfaction with over-VC'd, over-promised tokens

• Desire for immediacy and participation

• A new cultural economy, where meme = value carrier

These tokens often parody the very financial systems they inhabit, while still participating in them—creating a strange loop of irony and capital accumulation.

As absurd as they appear, third-gen memecoins are structurally aligned with Web3’s ethos:

• decentralization,

• permissionlessness,

• collective value creation.

While risk-laden, they signal a shift toward culture-first finance—where memes are market infrastructure.

Whether they’re bubbles or brave new primitives, one thing’s clear:

Ignore them at your peril.

References & Suggested Reading

1. CoinGecko – 2025 Crypto Narratives Report

2. Coindesk & The Defiant – Coverage of WIF, PEPE

3. pump.fun – Token creation & volume analytics

4. Messari & Delphi Digital – Reports on memecoins and social tokens

5. Reddit r/cryptocurrency & Twitter Spaces archives