June 14, 2024

Are Memecoins the Next Evolution of Wall Street Bets? - Ep. 659

46 minutes

Nathaniel Popper just published his latest book, "The Trolls of Wall Street," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto.

In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men.

He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing.

Show highlights:

01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals

04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities

13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe

18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation

22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling

30:07 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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Guest

Nathaniel Popper, author of The Trolls of Wall Street

Links

Previous coverage of Unchained on memecoins:

Unchained: Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641

BRETT Becomes First Memecoin on Base to Reach $1 Billion in Market Cap

DWF Labs to Invest in Memecoins, Onchain Data Reveals LADYS Transactions

Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures

The book:

Blockworks: What do memecoins and meme stocks have in common?: A review of ‘The Trolls of Wall Street’

Fortune: Q&A with the author of ‘The Trolls of Wall Street’: Gambling, conspiracies, and the return of Roaring Kitty,

Meme culture

WSJ:

Meme Stocks Are Back, but Fund Investors Moved On

Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania

CoinDesk: In Defense of Meme Coins

What else could memecoins be? By Vitalik Buterin

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By Laura Shin

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