From speculative bubbles to narrative assets, blockchain spurs the "全民造币运动" (National Coin-Making Movement)

“If every emotion could be tokenized, the market would be driven by endless sentiments.” — This is a quote from the latest “State of Crypto 2025” report, and it also marks the beginning of this discussion.

In 2025, over 13 million independent Meme coins appeared in the US market alone, a number that nearly rewrites the history of crypto. Unlike past waves of innovation driven by technological breakthroughs or funding booms, this time the protagonists are communities, emotions, and creativity. Behind this “全民造币运动” (全民造币运动), it reflects that the crypto industry is undergoing a profound structural change: the collapse of technical barriers, the rise of narrative economy, and the redefinition of regulatory boundaries.

— This Silicon Valley fund, which has invested in tech and crypto giants like Facebook, Coinbase, Uniswap, once again plays the role of industry trend “precursor.” It observes not only the cycles of technology but also reminds us: decentralized creativity is reshaping the relationship between capital and order.

Decentralized Creation Era: From Speculative Bubbles to Narrative Assets

The report points out that the explosion of Meme coins is not accidental but a product of technological democratization and social psychological evolution. Ethereum, Solana, Base, and other foundational chains make “token issuance” nearly zero barrier, while AI tools and low-code platforms turn “coin creation” into a one-click action. This signifies a new stage in the decentralization of “financial power”: from capital controlling narratives to communities co-creating value.

In the past, only venture capital firms could define project value; now, an ordinary user can gather thousands of followers with a picture or a slogan. Meme coins have become a new type of “social currency”—they do not rely on companies, whitepapers, or code, but on cultural resonance as a value anchor. This is not baseless fanaticism. According to data, in the first half of 2025, community-driven tokens had a trading frequency 2.4 times higher than traditional tokens, with an average holding period of only 12 days, yet their social media dissemination index was 8 times higher. Liquidity has gained new life through “emotion.”

Regulation and Order: From Vacuum to “Boundary Definition”

However, behind the 13 million Meme coins lies an unavoidable reality of regulation. The report repeatedly mentions “regulatory vacuum”—not as a criticism of legal gaps, but to highlight that the current regulatory system cannot explain this new type of asset. Meme coins are neither securities nor utility tokens; they are a blend of culture and finance. The U.S. Congress is currently reviewing the “Digital Asset Market Clarity Act,” which aims to establish classification standards, disclosure systems, and compliance obligations for digital assets, leaving room for innovation while preventing token spamming and fraud.

As Partner Chris Dixon states: “We don’t need more rules, but clearer rules.” This shift in “boundary definition” means regulation is moving from “prohibition” to “acceptance,” from suppressing innovation to setting safe tracks for it. Europe’s MiCA, Japan’s FSA, Hong Kong’s VASP regulations, and others are also advancing in parallel, forming a global “institutional consensus.” When the margins of market disorder are redrawn by policy, the true reconstruction of order is just beginning.

Cultural Financialization and Imagination Economy: The Next Stage of Crypto Narrative

To many, Meme coins are still “jokes in speculation,” but the reality is far more complex. First, democratization of value. Meme coins shift value definition from institutions to communities, returning the power of expression from capital to users for the first time. Second, liquidity restructuring. The high-frequency trading and social fission effects of Meme coins make market liquidity more aligned with “cultural dissemination”—fast, fragmented, and symbolic. Third, institutional innovation forcing.

When traditional financial logic cannot accommodate emotional assets, markets will push for institutional updates. This is the essence of the Meme coin phenomenon: a paradigm experiment of culture and finance fusion, a “trust re-creation” in digital society. As the report states: “Meme is a snapshot of social consensus, and consensus itself is the foundation of the economy.” In this sense, Meme coins are not only the “light assets” of the crypto market but also a prelude to “cultural financialization.” They make finance no longer just about digital assets and arbitrage but a socialized flow of value.

What is revealed is not just the surface of speculation but a reconstruction of human creativity and trust mechanisms. When everyone can create, express, share, and tokenize on-chain, capital logic is being replaced by the emotion economy. Regulation will come, bubbles will burst, but decentralized creativity has become an irreversible trend. Future competition will not be about who has more computing power or capital, but who can turn consensus, culture, and emotion into new value networks. And those 13 million Meme coins may be the most symbolic opening statement of this era. **$MEME **