Cryptocurrency jokes get serious
The big picture: "Joke" cryptocurrencies can thrive when bored people who have cash to spare look for new ways to entertain themselves with seemingly benign bets — hoping that one of those bets could turn into a lucrative investment.
Catch up quick: A meme coin or token is a cryptocurrency inspired by internet memes, jokes, notable personalities and existing cryptocurrencies. They are typically worth fractions of a penny, and have no utility.
State of play: Launching new cryptocurrencies has become easier over the past few years, making it possible for someone to do so without expensive equipment or technical knowledge — sometimes in less than an hour.
What they’re saying: Outside of crypto, there aren't that many real-world examples of literal jokes that turn into something of monetary value, says Guan Yang, a data scientist who launched Stalwartbucks as an inside joke with journalist Joe Weisenthal in 2014.
