It’s Web3, which is supposed to be all about decentralization, right? Community ownership? Next a publicly traded company goes and buys up a huge stash of a crypto meme coin. What gives? DOGP's move to acquire 2 billion Dogecoin Cash (DOG) tokens isn't just a financial transaction; it's a potential cultural earthquake that could redefine how we understand memes, digital identity, and the very soul of Web3.

Memes: Web3's Unofficial Currency

Memes are the internet’s native language, and in Web3, they’re downright currency. They create a sense of place, stir the imagination, and yes, attract economic development investment. Consider Doge, Pepe, all the other memes that have brought mass excitement and despair through punishment-inducing crypto busts. Far from being disposable jokes, they’re irreplaceable cultural artifacts with qualitative, even economic value.

I've seen it firsthand. I’ve seen communities coalesce around a standalone meme, turning it into a banner of collective values and ambitions. I’ve experienced the darker side, where memes are weaponized to manipulate markets and spread division and misinformation.

Specifically, meme coins are one of the most interesting combinations of humor, financial speculation and community sisterhood. These investments come with risks, lots of them, largely fueled by hype and speculation. At the same time, they’ve offered a novel opportunity for people to participate in decentralized finance and express their cultural affiliations.

  • Pros of Meme Coins:
    • Community Building
    • Accessibility to DeFi
    • Cultural Expression
  • Cons of Meme Coins:
    • High Volatility
    • Potential for Scams
    • Market Manipulation

Corporate Meme Overlords Incoming?

Here’s where it gets fun – and perhaps a bit scary. DOGP, a firm originally developed out of cannabis telemedicine, now finds itself sitting on large DOG token treasury. Why should we care?

This isn't about DOGP's business model. The dangers of a corporation having influence over a meme coin are far-reaching. This is true even for a corporation with a very small market cap by non-profit standards. Or even more insidiously, steer the narrative on DOG. Might they not release their current stockpile to give happy users incentives and critics the hook? Or, might they instead want to suppress the spontaneity, creativity, experimentation, etc. that led to DOG culture becoming so rich?

Think about it: If DOGP controls a significant portion of the DOG supply, they effectively control a piece of the DOG community's identity. In Web3, identity is everything.

I'm reminded of the early days of the internet, when the dream was a decentralized, democratized space for free expression. Then, corporations came in, fenced off their gardens, and began profiting off of our data. What I’m wondering is if we’re not seeing the same thing happen in Web3, with corporations of DOGP’s ilk trying to colonize meme culture.

The Future of Digital Identity at Stake

Buying Evernym has opened up some very core questions about the future of digital identity.… the fact that our online personas are ever more interconnected with our real lives. Who gets to determine the scope of those identities? Do we really want corporations in charge of dictating the terms of our digital expression?

Let's be clear: I'm not inherently anti-corporation. Second, I am a fierce advocate against corporate overreach in Web3. This is doubly true when the battle is over something as culturally relevant as meme culture.

How we answer these questions will determine whether Web3 actually lives up to its promise of decentralization and empowerment. Or it could turn out to be little more than another boondoggle for corporate America.

  1. Who owns the memes?
  2. Who controls the narrative?
  3. What is the effect on community?

We can’t let down our guard and we won’t stop fighting for transparency. Together, we can be on the cutting edge of developing the future of meme culture and digital identity!

Honestly, we don’t care if it’s all just the memes—it’s about the soul of Web3.

It's not just about the memes; it's about the soul of Web3.