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At the Token2049 conference in Singapore on Oct. 1, Polychain Capital founder and CEO Olaf Carlson-Wee delivered a keynote that sought to reframe the debate on meme coins. His central theme — “Meme Coins are Information Markets” challenged the assumption that these tokens are merely speculative fads.
Carlson-Wee pointed out that institutional investors typically view meme coins as tools of ‘gambling and zero-sum games.’
He contrasted this with how Bitcoin and Ethereum are treated: as long-term investments, hedging instruments, or assets with clear utility.
“From an institutional perspective, meme coins lack intrinsic value and are far too volatile to play any role in treasury allocation,” said Carlson-Wee. “That’s why they are largely dismissed as speculative entertainment rather than serious financial assets.”
This conservative approach reflects a broader hesitance among traditional finance institutions to embrace assets that cannot be easily modeled or regulated.
Despite institutional skepticism, Carlson-Wee argued that meme coins derive their strength from retail investors who rally around viral narratives and online communities.
“Meme coins are not about balance sheets or discounted cash flows. They are about culture, virality, and shared online experiences,” Carlson-Wee said during his keynote.
Retail traders see meme coins less as risky bets and more as participatory tools of internet culture. A meme that gains traction on platforms like X (formerly Twitter) or Reddit can trigger massive trading activity. This enthusiasm often translates into significant price movements, regardless of whether institutional investors take notice.
For regulators and traditional banks, this divergence highlights a growing challenge: financial value is increasingly being created outside of traditional models of utility and revenue.
Carlson-Wee went further, suggesting that meme coins represent a blueprint for how online engagement could be monetized on a global scale. By drawing parallels between viral internet content and tokenized assets, he proposed that social media could move beyond ad-driven revenue models to blockchain-based ecosystems.
“The future of content monetization is not banner ads or sponsorship contracts. It’s tokenization — where every post, meme, or viral moment can be minted, traded, and generate on-chain value,” Carlson-Wee explained.
This vision, if realized, could have significant implications for the European banking system. As more value is created and exchanged in tokenized form, banks may face mounting pressure to integrate decentralized financial mechanisms into their services.
Financial experts have echoed this view. If meme-driven markets gain legitimacy, banks cannot afford to ignore them, said Maria Thompson, senior fintech researcher at the European Banking Authority. The European banking system must prepare for scenarios where cultural capital is directly monetized in financial markets.
Building on this thesis, Carlson-Wee envisioned a radical transformation of social media. Instead of algorithms determining which posts gain visibility, blockchain-powered markets could decide which content carries the most financial weight.
Under such a model, posts could be minted as tokens, traded, and even generate yield profits for both creators and participants. Viral content would not only earn attention but also translate into measurable income on-chain.
For creators, this could mean shifting from passive metrics like likes and follows to direct, liquid value. For the European banking system, it could require developing custody, compliance, and settlement tools tailored for assets that blur the line between finance and internet culture.
Banks will need to rethink what constitutes an asset, noted Thompson. If the European banking system does not adapt, decentralized platforms may capture the value streams banks once monopolized.
While Carlson-Wee’s vision highlights exciting opportunities, it also poses regulatory dilemmas. Tokenized memes and social media posts could generate markets prone to manipulation, volatility, and fraud which are issues regulators within the European banking system are already grappling with in crypto markets.
The European Central Bank (ECB) has repeatedly warned of the risks surrounding unbacked crypto-assets. In a recent report, the ECB noted: Retail enthusiasm does not remove the fundamental instability of speculative tokens, including meme coins.
This duality enthusiasm from retail and skepticism from institutions and underscores the uncertainty that continues to surround meme coins. Whether they evolve into lasting financial instruments or remain speculative fads, their growing popularity forces banks, especially those in the European banking system, to re-examine the boundary between culture and capital.
Carlson-Wee’s remarks at Token2049 were not just about meme coins but about a shifting paradigm in finance. As meme-driven markets demonstrate the power of collective attention, institutions such as the European banking system face a strategic decision: dismiss them as cultural noise, or explore how these emerging dynamics could reshape the very structure of money and markets.
For now, the debate continues but what is clear is that meme coins have become impossible for the European banking system and global finance to ignore.
