Internet capital markets are redefining how companies raise funds or promote their businesses through digital-native financial instruments, particularly meme coins, which often have no real utility and are largely speculative. These meme coins can quickly attract significant market capitalizations, seen in high-profile examples like Vine Coin, which started with a market cap of $498 million. This trend replicates aspects of the ICO model from 2017, where companies sought capital from public investment instead of traditional venture capital. There are two main motivations behind launching meme coins: raising capital or enhancing marketing efforts. While some projects succeed dramatically, most meme coins face volatility and risk, often crashing post-launch. Legal concerns persist, with companies advised to seek legal guidance to ensure compliance with regulations, mainly to avoid classification as securities under the Howey test. Despite these risks, proponents believe the injection of speculation can foster liquidity and create opportunities for innovative projects.

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