Crash Course

This crash course introduces the cultural forces that drive Web3, where memes, narratives, and communities often shape markets more than fundamentals. It explores the rise and fall of memecoins, from billion-dollar breakouts to rugs, alongside the boom of NFTs on Ethereum and Solana, which produced both iconic digital brands and notorious failures. You’ll learn how metas emerge—short-lived waves of hype like profile pictures, play-to-earn games, meme tokens, or AI tie-ins—each sparking frenzies before collapsing. The course also explains the dynamics of Crypto Twitter, where spaces, groups, farmers, and shillers amplify narratives that ripple across the market. By the end, you’ll understand how Web3 cycles function as cultural experiments, why narratives spread so quickly, and how to spot both opportunity and risk in this fast-moving ecosystem.

From Hype to Rugs – Understanding the memecoin Culture

Welcome to your crash course on memecoins! By the end of this, you'll have a solid foundation to study and navigate this wild corner of crypto. Memecoins are cryptocurrencies inspired by internet memes, viral trends, and community hype, often with little to no intrinsic utility. They're high-risk, high-reward, blending finance, culture, and speculation. We'll cover their history, successes, failures (including scams like rug pulls), current metas (trends and strategies), and the vibrant (sometimes toxic) culture, including slang and community dynamics. All info is up-to-date as of September 12, 2025.This guide draws from real-world examples, market data, and community insights. Think of it as your study manual—bookmark it, cross-reference with tools like CoinMarketCap or X searches, and DYOR (Do Your Own Research) before aping in.## 1. Quick History of Memecoins
Memecoins started as jokes but evolved into billion-dollar phenomena. The OG is Dogecoin (DOGE), launched in 2013 as a parody of Bitcoin, featuring the Shiba Inu dog meme. It gained traction through Reddit and Elon Musk tweets, hitting mainstream in 2021. Shiba Inu (SHIB) followed in 2020, dubbing itself the "Dogecoin killer" and building an ecosystem around it.By 2021-2022, memecoins exploded during the bull market, fueled by social media and retail FOMO. Platforms like Solana and Base made launches cheap and fast, leading to a "memecoin supercycle" by 2024-2025. Today, they're not just fun—they're cultural exports, with some integrating AI, utilities (aka "Meme+"), or real-world IP. As of 2025, the total memecoin market cap hovers around $50-100B, with Solana hosting many top performers due to low fees and high throughput.Key evolution: From pure memes (e.g., Doge) to "financial nihilism" where degens chase 100x gains, often leading to rugs or implosions. Study tip: Read Dogecoin's whitepaper (it's satirical) and track market caps on CoinMarketCap for patterns.## 2. The Successes: Memecoins That Mooned
Success in memecoins comes from virality, community strength, and timing. Here's a table of top examples in 2025, ranked by market cap or hype (data approximate; markets fluctuate):| Memecoin | Key Facts | Why It Succeeded | Market Cap (Sept 2025 Est.) || Dogecoin (DOGE) | OG meme coin, Elon Musk's favorite; started as a joke but now has payments utility. | Strong community, celeb endorsements, longevity. Hit $50B+ cap in Jan 2025. | $30B+ |
| Shiba Inu (SHIB) | "Dogecoin killer" with ecosystem (Shibarium chain, NFTs). | Massive burns, DeFi integrations, global hype. | $10B+ |
| Pepe (PEPE) | Frog meme from Matt Furie's comic; no utility, pure culture. | Viral on X/TikTok, community raids; flipped many alts. | $5B+ |
| Dogwifhat (WIF) | Solana-based dog in a hat; simple, absurd meme. | Solana boom, influencer shills; became a "blue chip" meme. | $2B+ |
| BONK | Solana dog coin; airdropped to users during 2022 crash. | Community revival, burns; tied to Solana's resurgence. | $1B+ |
| FARTCOIN | Absurd humor coin on Solana; viral for name alone. | Pure degen appeal, quick pumps. | $500M+ |
| PENGU | Penguin meme; fun, community-driven. | Viral art, X hype. | $50M+ |These winners often start with zero presale/marketing but explode via organic hype (e.g., PEPE hit billions in weeks). Common traits: Relatable memes, strong "frens" (communities), and timing with bull runs. Study tip: Analyze their X timelines for hype patterns—search "PEPE launch" on X.## 3. The Bad Ones: Failures, Scams, and Rug Pulls
Most memecoins fail—90%+ crash to zero. Failures stem from hype fatigue, poor liquidity, or outright scams. In 2024 alone, ~$500M was lost to rug pulls and exploits. Rug pulls (devs draining liquidity) are rampant, especially on DEXs like Uniswap/Solana.Notable bad examples:
- BIDEN/WETH (Uniswap rug): Pumped then rugged; classic liquidity drain.
- BALD (Base chain): Exploded to millions, then rugged; community destroyed.
- Celeb rugs (e.g., TRUMP coins): High-profile launches extract $150M+ in hours before dumping.
- Pig-butchering scams: Romance/investment fraud tying into fake memecoins.
- MEV bot exploits: Bots front-run trades, rugging retail.
- Bundled launches: Teams snipe 80%+ supply, dump instantly.Red flags: Locked liquidity? Team doxxed? Check on-chain data (e.g., via Dune Analytics). In 2025, DeFi rugs are rising; avoid if no audits. Study tip: Read scam reports on Chainalysis or PeckShield; simulate a rug on testnets to understand mechanics.## 4. The Metas: Trends and Strategies in 2025
"Metas" refer to prevailing trends/strategies. 2025's memecoin meta: Community > Utility > Hype. Solana/Base dominate (low fees, fast launches via pump.fun).Key trends:
- Meme+: Adding utility (e.g., staking, NFTs, AI integration) to evolve beyond pure memes.
- Layer 2/3 Scaling: Faster, cheaper on Solana/Base; Ethereum too gassy.
- Community-Driven: No VCs; fair launches, airdrops. Culture flips capital—build "unconditional conviction."
- Viral Marketing: X shills, TikTok, influencers (e.g., paid promo, AMAs). Strategies: Hype via memes, partnerships for 1000x potential.
- Late-Entry Plays: Scale into nukes (70-90% dips); focus on longevous mindshare (e.g., $FARTCOIN, $HOUSECOIN).
- Risk Management: Use DEXs, monitor sentiment; avoid over-saturated launches.Strategies for 100x: Research originals ($MOG, $WIF) vs. copies ($PEPE flips). July 2025 added $7B to market cap via tools like Ave.ai for trends. Study tip: Follow X threads on "memecoin strategies 2025"; use tools like DexScreener for volume analysis.Cultural insights: Originals ($NUB, $MOG) > copies; culture > capital (PEPE's no-roadmap win). 2021 was "elite" communities; 2025 is oversaturated, crime cycles (bundled rugs). Platforms like pump.fun democratize but fuel nihilism. Study tip: Join Discords (e.g., PEPE's), lurk X for "memecoin culture" threads; read "The Meaning of Memecoins" for deep dives.## Final Thoughts: How to Study and Survive
Memecoins are 10% finance, 90% culture—fun but dangerous. Successes like DOGE show longevity; failures warn of rugs. Metas shift fast; culture is the glue. To study:
- Resources: CoinMarketCap for data, X for real-time vibes, books like "Cryptoassets" for context.
- Practice: Paper trade on DEXs; analyze past cycles (2021 bull).
- Mindset: Assume 99% fail; invest what you can lose. WAGMI if you DYOR.

NFT's

NFTs (non-fungible tokens) are unique digital assets representing ownership of art, collectibles, or in-game items. Their value is often driven by community, culture, and speculation rather than intrinsic utility. Ethereum dominated the first big NFT boom (2021–2022), while Solana became the hub for lower-cost, high-velocity NFT trading from 2022 onward. Both ecosystems have produced blockbuster successes and brutal collapses.

Success Stories

Bored Ape Yacht Club (BAYC) – Launched in 2021 on Ethereum, BAYC became the ultimate NFT “social club.” Prices rocketed into six-figure territory, celebrities joined, and it spawned the broader Yuga Labs ecosystem (Mutant Apes, Otherside). Despite retracements, BAYC set the template for community-driven blue chips.Azuki – Positioned as anime-inspired art with strong brand building, Azuki rose rapidly in 2022–23. It cultivated a loyal fanbase and opened the door for IP expansion into fashion, anime, and games.Mad Lads (Solana) – Launched in 2023, Mad Lads became Solana’s defining NFT collection, closely tied to the Backpack wallet and the ecosystem’s comeback after the FTX collapse. It proved Solana NFTs could compete in prestige and volume with Ethereum projects.Pudgy Penguins – Revived from near death, Pudgy Penguins rebuilt into a community-driven IP brand, selling toys in Walmart and Amazon. This marked a pivot toward real-world business integration.

Cautionary Tales

Pixelmon (Ethereum) – Marketed as a Pokémon-style NFT game, raised $70M in 2022. Reveal showed poorly made 3D art (“Kevin”), triggering widespread ridicule. Became a textbook example of over-hype and under-delivery.Zunks / Phunks Clone Wars – Copycat projects during peak mania highlighted issues with IP disputes and dilution. Many collapsed after brief speculative runs.Degen Town (Solana) – Promised gamified NFTs but rugged post-mint, leaving holders with worthless jpegs. Showed Solana’s lower barrier to entry also made it a hub for rugs and scams.Okay Bears Imitators (Solana) – The original Okay Bears collection did well in 2022, but a flood of lookalikes (“Not Okay Bears,” etc.) diluted the brand and exposed how easy it was to launch quick cash-grabs.

What is Crypto Twitter (CT)?

1. Quick History of Crypto TwitterCT emerged around 2013-2014 as Bitcoin gained traction, evolving from niche discussions on Reddit/forums to X's real-time hub. Early days: Tech-focused debates on blockchain (e.g., Bitcoin vs. Ethereum wars). By 2017's ICO boom, it became a hype machine for pumps and dumps.The 2021 bull run supercharged it—Elon Musk's DOGE tweets sent markets soaring, birthing memecoins and degen culture. FTX's 2022 collapse exposed scams, leading to a more cynical era. By 2025, CT's market cap influence is massive: A single tweet from a KOL can swing billions. Solana/Base ecosystems dominate degen plays, while Ethereum focuses on tech. Total crypto market cap ~$3T+, with CT as the narrative engine.Key evolution: From educational threads to "financial nihilism"—degens YOLOing into absurdity amid rugs and FOMO. Study tip: Search X for "crypto twitter history" timelines; read "The Infinite Machine" for Ethereum/CT roots.2. The Culture: Toxicity, Memes, and Zero-Sum VibesCT culture is a mix of innovation, irony, and cutthroat competition—think Wall Street meets 4chan. It's anonymous (many use PFPs like apes or frogs), gamified (likes/reposts = clout), and money-driven, breeding toxicity: Racism, homophobia, and FUD are common, but sarcasm reigns.Herd mentality rules; positive sentiment can pump prices, but negativity (e.g., "it's over") crashes them.Core elements:Toxicity & Drama: Overwhelmingly negative during dips; "short bus behavior" in meltdowns. Recycled chain wars (e.g., "My L1 > yours") ignore real issues like dev retention.Authenticity is punished; "masks" and performative engagement prevail.Outsiders see CT as a red flag.Memes & Slang: Builds identity, fights loneliness.Terms like "rekt" (wrecked by dumps), "mog" (dominate), "copium" (delusional hope), "WAGMI/NGMI" (we're/not gonna make it). Boomer energy resists new users: "Looks gay" or "cringe" for innovations.Zero-Sum Dynamics: Bullposting bags while FUDing others; short-sighted amid long-term potential.Gambling > investing; risk-averse rhetoric clashes with degen plays.2025 Vibes: Immature/emotional, with engagement hurting prices.Safety tips: Avoid phishing, impersonators; use best practices like 2FA.

What Are “Metas” in Crypto?

A meta is the dominant short-term narrative that captures traders’ attention, capital, and culture. Just like gaming “metas” (strategies that dominate for a patch), crypto metas rise, peak, and collapse in quick succession. They’re fueled by memes, influencer amplification, and FOMO, and they rarely last long.

Last Cycle (2020–2022) – Ethereum-Dominant Metas

1. DeFi Summer (2020)Yield farming, liquidity pools, and governance tokens drove massive gains.
Coins like UNI, SUSHI, AAVE, COMP defined the narrative.
Risk: unsustainable APYs led to inflation and farm-and-dump cycles.2. NFT PFP Mania (2021–2022)CryptoPunks and BAYC became digital identity flexes.
Dozens of 10k PFP projects followed, from Pudgy Penguins to Azuki.
Community + celebrity adoption fueled explosive floor price growth.3. Gaming / Play-to-Earn (2021)Axie Infinity peaked at billions in market cap.
Promise: play games, earn tokens.
Failure: Token inflation + player exodus led to collapse.4. Ethereum Gas & Layer-1 WarsETH fees soared → “Ethereum killers” like Solana, Avalanche, BSC boomed.
Tokens rallied on “faster/cheaper than ETH” narratives.
Many faded as ecosystems failed to retain users.

Current Cycle (2023–2025) – Solana-Dominant Metas

1. Solana Memecoin Super-Cycle (2023–2025)Ultra-low fees let anyone spin up a coin → thousands of launches.
BONK, BOME, SLERF became icons.
Celebrity coins (DADDY, HAWK TUA) briefly ran up before crashing.
Meta = “anyone can mint, anyone can win” → but most ended in rugs.2. Narrative NFTs (2023–2024)Mad Lads showed Solana could host premium NFT brands.
Okay Bears popularized the “community-first PFP” meta.
Projects tied to real-world products (e.g., Pudgy Penguins toys) showed staying power.3. AI + Crypto Crossover (2024–2025)AI-driven tokens like GOAT merged memecoins with AI hype.
Chatbot treasuries and “AI companions” became meme assets.
Similar to the “metaverse coin” wave of last cycle — big hype, uncertain fundamentals.4. Ordinals & Inscriptions (2023–2024)NFTs on Bitcoin exploded with Ordinals.
Created a bridge between Bitcoin maximalists and NFT traders.
Volume spiked but cooled as novelty wore off.5. The Libra Collapse (2025)A themed “Libra” token meta spread across Solana.
At peak, over $4B in paper value before insiders pulled liquidity.
Reinforced the volatility and risk of short-lived meta frenzies.

How Memecoins & NFTs Intertwine

Memecoins = Liquidity Traps → Quick, viral pumps attract attention, but they rarely hold value.NFTs = Identity & Status → Longer-lasting if the community sustains culture (BAYC, Mad Lads).Every cycle, traders rotate from “serious” assets (BTC/ETH) → memes and NFTs as risk appetite grows.Both follow the same 4-step lifecycle:1. Narrative spark (influencer tweet, presale, celebrity tie-in).
2. Parabolic hype (FOMO, rapid price discovery).
3. Exploitation (insiders dump, rugs, or over-saturation).
4.Collapse → rotation to next meta.

Web3 Slang

  • Alpha – Insider or early information about a project or market trend that could give an advantage, e.g., "leaked alpha" on a new NFT drop.

  • Ape In – To invest heavily and impulsively in a project or token, often driven by hype or FOMO.

  • Aura – Intangible social charisma or "vibe points" that someone (or a project) exudes; can be gained (aura farming via memes) or lost (e.g., from a bad rug). E.g., “Your new PFP just aura-maxxed your profile, fren.”

  • Bagholder – Someone holding a cryptocurrency or token that has significantly dropped in value, often waiting for a price recovery.

  • Based – Authentic, unapologetic, or sticking to one’s principles, often used to praise someone for resisting mainstream narratives or FUD. E.g., “Staying in DeFi during the dip? Based.”

  • Betabux – A beta provider who buys status or loyalty with money (e.g., funding a project without real influence). E.g., “He’s just betabux for that influencer DAO—no real alpha there.”

  • Blackpilled – Deeply cynical or accepting harsh, unchangeable truths, like the inevitability of market cycles or Web3's volatility. E.g., “After that bear market, I’m fully blackpilled on altcoins.”

  • Blue Chip – Established, reputable, and relatively stable projects or tokens in the crypto space, e.g., Ethereum or Bitcoin.

  • Chad – A confident, dominant, or successful person in the Web3 space, often used humorously to describe someone who’s “mogging” others. E.g., “That whale buying up all the NFTs is such a Chad.”

  • Chud – A derogatory term for someone low-status, unattractive, or clueless in the community, often a normie or failed degen. E.g., “That shiller got rekt and is coping like a total chud.”

  • Cope – Denying or rationalizing a failure, like a price dump or bad investment, to avoid facing reality. E.g., “He’s coping hard about his bagholder status—‘It’s just a dip, bro.’”

  • Copium – A sarcastic term for delusional optimism, used when someone clings to hope despite clear signs a project is failing. E.g., “Still HODLing that rug-pulled token? Heavy copium.”

  • Cringe – Embarrassing or awkward behavior, often used to mock overhyped projects or try-hard shilling. E.g., “That influencer’s NFT pitch was pure cringe.”

  • Degens – Short for "degenerates," referring to risk-tolerant crypto traders or investors who chase high-risk, high-reward opportunities.

  • Delulu – Delusional optimism or denial about a project's potential, often used to mock over-hyped memecoins. E.g., “Thinking this token moons without utility? Peak delulu.”

  • Diamond Hands – Holding onto assets despite market volatility or downturns, refusing to sell under pressure.

  • Doxxed – When someone’s real-world identity is revealed, often a big deal in anon-heavy Web3 communities. E.g., “The project lead got doxxed, and now everyone’s freaking out.”

  • DYOR – Do Your Own Research; a reminder to investigate projects thoroughly before investing.

  • Fanum Tax – Jokingly "taxing" or taking a cut from others' gains or airdrops, like skimming community rewards. E.g., “The DAO lead pulled a Fanum tax on the treasury—sneaky but based.”

  • Flex – Showing off wealth, NFTs, or success in the Web3 space, often on social media. E.g., “He’s flexing his Bored Ape PFP on X again.”

  • FOMO – Fear Of Missing Out; the anxiety-driven urge to invest in a project due to its hype or rapid price increase.

  • Framepilled – Realizing the importance of physical or metaphorical "frame" (build, posture, or portfolio structure) for dominance in looks or trading. E.g., “Got framepilled after seeing those gym Chad NFTs—time to maxx my gains.”

  • Fren – A friendly term for community members, used to build camaraderie. E.g., “GM frens, let’s get this airdrop!”

  • FUD – Fear, Uncertainty, and Doubt; negative information or rumors spread to manipulate a project’s perception or price.

  • Gigachad – An exaggerated, hyper-confident version of a Chad, often used to describe someone dominating a space with unmatched swagger. E.g., “Vitalik dropping that new Ethereum upgrade? Total Gigachad move.”

  • Glowie – A derogatory term for someone suspected of being a government agent or infiltrator in Web3 communities, often used in paranoid or conspiratorial contexts. E.g., “That account pushing anti-crypto FUD feels like a glowie.”

  • Glowup – A dramatic positive transformation, like upgrading your wallet, PFP, or from noob to whale status. E.g., “From rug victim to DeFi yield farmer—that’s a serious Web3 glowup.”

  • GM – Good Morning; a common greeting in Web3 communities, often used on social platforms like X to foster positivity.

  • Grindset – The relentless hustle mentality of farming airdrops, staking, or trading 24/7 to "make it" in Web3. E.g., “Embrace the grindset or stay NGMI in this bull run.”

  • High-T – High testosterone; slang for hyper-masculine, aggressive, or bold behavior, like YOLOing into volatile tokens. E.g., “That whale’s high-T ape into the memecoin just mogged the market.”

  • HODL – Hold On for Dear Life; originally a typo, now slang for holding cryptocurrencies long-term despite market fluctuations.

  • Jaw-maxxed – Having (or pursuing) a chiseled jawline or sharp, elite features/status, often via looksmaxxing in NFT avatar culture. E.g., “His CryptoPunk PFP is jaw-maxxed—pure mog fuel.”

  • LFG – Let’s Fucking Go; an expression of excitement or encouragement, often used to hype up a project or community.

  • Looksmaxxing – Obsessively improving one’s appearance or online persona, sometimes tied to NFT PFPs or social status in Web3. E.g., “He’s looksmaxxing with that rare CryptoPunk.”

  • Mid – Mediocre or underwhelming, used to dismiss lackluster projects or NFTs. E.g., “That new token drop was so mid, not even worth minting.”

  • Mogger – Someone who mogs others effortlessly, a dominant figure in appearance, trades, or community clout. E.g., “Vitalik’s the ultimate mogger; one tweet and the ETH price moves.”

  • Moon – When a cryptocurrency or token’s price skyrockets, e.g., "This coin is going to the moon!"

  • NGMI – Not Gonna Make It; a term used to describe projects, people, or investments unlikely to succeed.

  • Noob – A newbie or inexperienced person in Web3, often unaware of basic crypto practices. E.g., “He sent his ETH to the wrong wallet? Total noob move.”

  • Normie – Someone outside the Web3 or crypto culture, often unaware of its values or slang. E.g., “Normies don’t get why we’re all WAGMI.”

  • NPC – Non-player character; someone mindlessly following trends without original thought, like a bot-like shiller. E.g., “All these copy-paste FOMO posts? Straight NPC behavior.”

  • Paper Hands – Selling assets quickly due to market dips or fear, the opposite of diamond hands.

  • PFP – Profile Picture; often refers to NFT images used as social media avatars, like CryptoPunks or Bored Apes.

  • Pilled – Being deeply convinced or obsessed with a specific Web3 ideology, project, or trend. E.g., “She’s totally DeFi-pilled after staking all her ETH.”

  • Pogged – The opposite of mogged; being hyped up or positively dominated by something awesome, like a viral drop. E.g., “That airdrop announcement pogged the entire community.”

  • Pump and Dump – A scheme where a token’s price is artificially inflated (pumped) before insiders sell off (dump), leaving others with losses.

  • Redpilled – Awakened to a "hidden truth," like the superiority of decentralization over fiat or a specific chain's tech. E.g., “Got redpilled on Solana after Ethereum's gas fees—LFG.”

  • Rekt – Getting financially or emotionally wrecked, usually from a bad trade, rug pull, or market crash. E.g., “Bought the top and got rekt when it dumped.”

  • Rug Pull – A scam where developers abandon a project and disappear with investors’ funds, leaving the project worthless.

  • Ser – A playful, respectful address (from “sir”), often used ironically or affectionately in Web3 communities. E.g., “Great call on that airdrop, ser!”

  • Shill – Aggressively promoting a project or token, often for personal gain, sometimes without disclosing bias.

  • Simp – Someone overly devoted to a project, influencer, or token, often to their detriment. E.g., “He’s simping for that NFT influencer who rugged the drop.”

  • Slayer – A charismatic dominator who "slays" opportunities, rivals, or markets with ease. E.g., “She’s a total slayer in NFT flips—mogging the bears left and right.”

  • Soyboy – A weak, indecisive, or low-energy person, the opposite of a Chad; often mocks paper-hand traders. E.g., “Sold at the bottom? Classic soyboy panic.”

  • Swole – Impressive or dominant, often used to describe a project or portfolio gaining traction. E.g., “His wallet’s looking swole after that airdrop.”

  • To The Moon – A phrase expressing optimism about a project’s potential for massive growth or success.

  • Vibes – The overall mood or energy of a project or community, often used to gauge its appeal. E.g., “This new DAO has great vibes, I’m aping in.”

  • WAGMI – We’re All Gonna Make It; a positive, community-driven phrase encouraging collective success.

  • Whale – An individual or entity holding a large amount of cryptocurrency, capable of influencing market prices.

  • Whitepilled – Optimistic enlightenment, believing in positive systemic change, like Web3's utopian potential. E.g., “Despite the hacks, I’m whitepilled on DAOs fixing everything.”