CryptoQuant CEO Highlights Similarities Between Meme Coins and Art Markets

Meme coins are considered inherently worthless and possibly without a future, but Ki Young Ju, the founder and CEO of the crypto analytics platform CryptoQuant, thinks otherwise. In fact, he has likened the fun sector to the art market, insisting that they have some similarities and could be viewed from the same lens.

According to a tweet, Ju believes value is assessed similarly in both the meme coin and art markets; both sectors “legitimize intangible value through narrative.” The meme coin sector is worth over $88 billion, while the art sector is worth roughly $550 billion, according to recent research.

Meme Coins Are Like Art

Using the same logic, Ju said the art market must be viewed as a scam if the meme coin market is considered as such. The CryptoQuant founder acknowledged that meme coins have many problems currently; however, that does not mean they will amount to nothing in the future.

Ju likened the current problems in the space to how Bitcoin was criticized ten years ago and tagged a speculative asset tied to drug deals and money laundering activities. Just like Bitcoin has evolved over the years and grown into a major global asset, the next few years could see the meme coin sector mature with the emergence of fair practices that would prevent the theft of investor funds through rug pulls and pump and dumps.

“Solvable problems are resolved over time. If inherently unsolvable, the industry collapses…This isn’t to dismiss Bitcoin but to encourage awareness of where the world is heading. I hope you can consider this as one possible future,” Ju stated.

Meme Coin Market to Mature By 2030

Furthermore, Ju asserted that the hype sound meme coins may fade, but the market itself will not “disappear.” The crypto analyst expects the sector to attain a more mature form around 2030.

“Of course, many unsightly elements remain, as the meme coin market is currently nearing the peak of inflated expectations. Eventually, the market will enter the trough of disillusionment, followed by years of gradual maturation,” he added.

Ju’s remarks come as the crypto industry witnesses a surge in the creation of meme coins from both top industry players and random users. Even celebrities and government officials are on the bandwagon. More than 50,000 meme coins are created daily – many more are released during intense hype – and crypto executives are advocating the need for the sector to evolve beyond fun and humor.