CryptoQuant CEO Ki Young Ju described memecoins as manifestations of the collective unconscious, a concept introduced by psychologist Carl Jung. He argued that while animal and celebrity memecoins stem from shared cultural beliefs, altcoins reflect collective consciousness. According to Ju, animal memecoins resonate with shamanistic traditions that honor animals, whereas celebrity coins symbolize higher human veneration. His perspective comes amid ongoing debates following the Libra token's collapse, which prompted scrutiny of memecoins and their market viability. Venture capitalist Nic Carter suggested that the appeal of memecoins lay in their purported fair launch, contrasting them with traditional altcoins. However, he believes the memecoin trend may be waning, indicating a shift in investor focus toward utility-based projects. The emergence of a vast number of cryptocurrencies, predominantly memecoins, raises concerns about market saturation and investor attention. These developments highlight the ongoing transformation within the crypto landscape, echoing Ju's assertion that belief systems significantly influence cultural and economic behavior.

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