Meme Coins Represent a New Digital Asset Paradigm, Driven by Community Belief: Analyst

Crypto analyst Murad Mahmudov argues that meme coins represent a new digital asset paradigm, driven by community belief rather than utility or technology.

Crypto analyst Murad Mahmudov argues that meme coins represent a new digital asset paradigm, driven by community belief rather than utility or technology.

Mahmudov, known for his bold predictions in the crypto space, shared his insights on meme coins during an interview on The Block Crunch podcast. He described these coins as “tokenized vessels of faith” that absorb the discontent in society, particularly among younger generations facing economic hardships.

Mahmudov drew parallels between Bitcoin ( BTC/USD) and successful meme coins, highlighting how both foster “hardcore community” and “cult-like” followings. He also shared a list of meme coins he’s watching, which includes SPX6900 (SPX/USD), Dogwifhat (WIF/USD), Giga (GIGA/USD) and Mog Coin (MOG/USD).

The full list. Most are not prepared for this. pic.twitter.com/ZgYpICekZ1

According to Mahmudov, utility is not a key factor for meme coins in bull markets. “Utility creates a floor but also a ceiling,” he said. Instead, community-building and “free cult labor” are the main drivers of success for these coins. He predicts that the meme coins that will continue to thrive are those that generate the most dedicated community engagement.

Mahmudov's perspective on meme coins elevates them from being mere speculative assets to being cultural phenomena. He shared his analysis, which indicates that 20-25 meme coin “cults” could reach multi-billion-dollar valuations. He added that 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 highlighted “cabal coins” controlled by small groups, which he advises against, and instead advocates for organic, decentralized communities. 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 that 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, and he predicts 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.

The influence of meme coins is expected to be explored further at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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