The fact that a dog coin is in crypto’s top 10 should make us question what “utility” actually means

I made this piece while thinking about something I find both fascinating and slightly embarrassing about crypto. We spent years telling people that tokens needed utility to justify their value. Projects built increasingly complicated ecosystems around their tokens: governance, staking, DeFi, infrastructure, payments, interoperability, etc. The implication was that the market would eventually distinguish “real” crypto from useless speculation. Then memecoins came along and basically said: what if

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