There is no shortage of opinions when it comes to the stunning launch of President Donald Trump’s Solana memecoin. The news and $TRUMP’s incredible performance in the days leading up to his inauguration have confirmed the dawn of a new era for our industry, declaring definitively that the rules are now very different. In the midst of all the drama, confusion, and heated situations, I was left wondering: Have Bitcoin users felt the bag?
Last year, at block height 840,000, a major change took effect on the Bitcoin network – and I’m not talking about the halving. The Runes Metaprotocol was launched, making it possible to mine and trade fungible tokens on Bitcoin. This event was met with a surge of record size, briefly sending the memory pool to thousands of sats/vb. Although the craze was short-lived, the presence of runes and the initial indication of product market fit demonstrated that there was an appetite for Bitcoin to attract significant capital for the use case of tokens and memecoins, which are currently dominated by Solana, Base, and Ethereum. Bitcoin miners would also have benefited (beyond the short spike) from increased transaction fees, and the urgent need to reduce network congestion may have accelerated rapid progress towards new solutions for faster and cheaper Bitcoin transactions. In short, more people will use and learn about Bitcoin.
Instead, our society was bitterly divided on the issue. Some have expressed concerns, calling proponents of runes and tokens on Bitcoin “dirty currencies.” These criticisms often stem from a deep desire to protect the integrity of Bitcoin – a valid and important consideration. However, what if, instead of completely rejecting these emerging trends, we discovered ways to channel this enthusiasm into a productive, compatible framework for Bitcoin? Honest exploration of practical solutions to responsibly meet demand can reveal a path forward to meet market demand for Bitcoin tokens. Perhaps we could have spent the last several months rallying around developing a sleeker user experience, improved functionality and creative approaches to mitigate the damage being imposed on the chain. Instead, we leave these potential users to competitors in the market.
Had we properly anticipated and prepared for the fact that Bitcoin could attract the economic activity occurring on other chains, we would have been better off encouraging TRUMP’s $8.5 billion transaction volume yesterday and nearly a million new users to do business on Bitcoin instead. From him to Solana. Many will say “memes are not a business, and this kind of decadence has no place in Bitcoin” – but this assertion does not change the fact that by ignoring this economic phenomenon, we are giving up ground and actually missing out on the opportunity for users to join Bitcoin in the millions.
It may be that the PTSD we suffer from carpet pulls, ICOs, pumps, and dumps limits our imagination. The truth is that no one knows where all this strange economic activity is headed or how (if?) it will end. Many Bitcoin users believe that DOGE has been dead for a long time now, yet it currently boasts a market cap of $54 billion and is entering its tenth year in existence. It’s possible that what we call “memecoins” have become a staple of the new emerging economy, whether you like it or not.
It is undeniable that the memecoin ecosystem has its risks – scams, rug pulling, and decadent gambling to name a few. But I think a plausible case can be made to suggest a deeper explanation for the market’s willingness to place unrestrained bets on what participants find funny, provocative, clever, timely, useful, or popular. Eventually, much of our modern economy turned to various forms of gambling with varying degrees of complexity and abstraction. While the ultimate vision of a supercurrency aims to rectify this, it seems realistic to expect a transition period and even some remnants of the monetary system in the most optimistic scenario. The fact remains that as of today, you can buy $FARTCOIN or you can buy $TESLA call options. In both cases, you are placing a bet based on a number of (albeit very different) factors that have convinced you that your position is or will be shared by others who will follow you, increasing the value of your bet/investment.
I don’t claim to know the roadmap for $TRUMP, and I acknowledge that there is a lot that could go wrong. But I find it interesting that the 80% “pre-mineralized” supply is locked in for up to three years, which seems to indicate a clear intention not to “pump and dump.” This seems to indicate a minimum commitment of 3 years to build value in some way, shape or form.
A new reality may emerge where a high-profile person’s personal memecoin is a reflection of his or her performance or popularity in the eyes of the masses, similar to the mechanics of stock volatility based on relevant news or a company’s quarterly earnings release. If this thesis applies, high-quality memes would be managed by people and teams who have aligned incentives with their holders, similar to how publicly traded companies care about doing what is right by their shareholders.
Bitcoin has always thrived when its community embraces challenges with creativity and conviction. Instead of dismissing meme coins as a passing fad, I’m interested in how Bitcoin can become the foundation of a better token ecosystem — one rooted in security, transparency, and user empowerment under the Bitcoin standard. Rather than miss the forest for the trees or throw the baby out with the bathwater, it seems wise to consider a more aggressive approach to meet the clear market demand for memcoins. Are there productive ways for Bitcoin to filter out the noise while attracting high-quality memes into the Runes ecosystem, or is this just time preference thinking?
It’s not just the $100 billion combined market cap of DOGE and TRUMP that Bitcoin is missing. We also miss the mindshare of the millions who engage with these projects, the talent of the developers who rely on these chains, and the narrative that escapes us when competing chains grab a significant market share that Bitcoin seems unable or unwilling to even acknowledge. . By embracing innovation and thoughtfully addressing these emerging trends, Bitcoin can maintain its position not only as the most difficult currency, but as the bedrock of a dynamic economy, without compromising its fundamental principles.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
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