"GateLive Roundtable Discussion" 2026 - Issue 2: Crypto Debate: Counting the Merits and Demerits of Meme Coins

“Gate Live Roundtable Discussion” is a Chinese-language crypto roundtable interview program created by Gate Live, airing promptly every Tuesday at 20:00, focusing on the most discussed industry topics of the moment. It regularly invites core practitioners and frontline observers from fields such as blockchain, Web3, DeFi, Ethereum ecosystem, stablecoins, compliance, and policy to join in in-depth exchanges.

The roundtable mainly features a relaxed, open, and authentic dialogue atmosphere, exploring market trends, industry disagreements, and key variables from multiple perspectives, helping viewers form clearer and more rational judgments amid complex market narratives.

This episode’s theme: Crypto Debate: A Closer Look at the Pros and Cons of Meme Coins

Guests for this episode: well-known KOL in the Chinese crypto community — flyawei, 后山人, and 0xAxe.

The content of this program is for information exchange and opinion discussion only and does not constitute any investment advice.

(This content is compiled from the live replay, with text assisted and appropriately edited by AI. For the full content, please copy the link: https://www.gate.com/zh/live/video/5af5bd0b73ab9f9721a58eb1ce33adaa)

Host Jesse:

Good evening everyone, welcome to the GateLive roundtable discussion. I am your host Jesse. Every Tuesday at 8 PM, we gather here to focus on hot topics in the crypto market.

Recently, meme coin hype has been extremely high, especially in the past few days with Chinese meme coins flooding the internet. Looking back at previous bull cycles, meme coins have never been absent. From the revival of the pioneer Dogecoin, to the phenomenon-level explosion of Shiba Inu, and later animal-themed and meme pack coins, meme coins frequently enter mainstream attention.

However, in this cycle, meme coins seem to have undergone subtle changes, with many people holding mixed attitudes. Some supporters see them as representing grassroots anti-authority and entertainment-driven internet spirit, also bringing fairness and breaking barriers. Opponents see them as pure speculative tools filled with scams and market manipulation, distracting industry focus, etc. Today, we’ll discuss your views on meme tokens.

We are very honored to have three industry experts in crypto: teachers flyawei, 后山人, and 0xAxe. Thank you all for taking time out of your busy schedules to join us. Before diving into the topic, please briefly introduce yourselves. Following the poster order, let’s start with flyawei.

flyawei:

Hello everyone, I’m flyawei. Glad to participate in this roundtable. First, I am a Twitter blogger mainly focused on arbitrage and project research. As a grassroots blogger, I won’t miss opportunities to leverage small funds for big gains. Hope to explore the complex and love-hate relationship of meme coins with everyone today. Thank you.

后山人:

Hello everyone, I am 后山人, with the same name across the internet. I’ve been in the scene for a long time, recently playing 土狗 (ground dog). During the Binance bull run, I sat on the sidelines for a few weeks, glued to my computer daily, then took a break for a while. Recently, a wave of “I’m coming” blew through the BSC chain, and I sat on the sidelines again. Every time I sit out, I tweet a lot, and coincidentally, GateLive invited me to discuss meme coins. I’m very happy to join today’s discussion.

0xAxe:

Hello everyone, I am 0xAxe, also known by the same name on Twitter. I’ve been involved in meme and alpha new projects for several years. I believe there are many tracks in the crypto space, but I personally prefer meme coins because they are relatively fair and have higher odds compared to other tracks. Due to poor market conditions in recent months, I didn’t sit on the sidelines. Recently, I jumped into big headlines like “I’m coming” and “Trump,” and I also entered when market cap was low, achieving good results. I’m honored to join this roundtable with the host and two teachers to discuss the pros and cons of meme coins.

Jesse:

Thanks again to all teachers for being here. Let’s officially start the discussion.

Today we’re talking about meme coins. Since all of you are experienced players, I’d like to ask you to share your personal experiences of entering meme coins—what prompted you to join, and what’s your attitude towards meme coins?

flyawei:

My entry into meme coins was mainly led by friends. Initially, I didn’t participate in meme coins, which caused me to miss a huge opportunity—PEPE. Later, a friend told me to buy BOME, saying it was created by PEPE’s NFT artists, and everyone was extremely excited. I entered late, but it was my first meme purchase, and I got up to 10x returns. Although I didn’t buy many times, the community’s enthusiasm and the surge left a deep impression on me.

I then thought about why people have such high emotions. I believe it’s because there’s a philosophy behind it: using blockchain to preserve meme culture. The anti-elite, decentralized spirit of projects like BOME and PEPE is very similar to our initial Dogecoin, and relates greatly to ordinary people.

Another issue is speculation mentality. I saw many early participants investing small funds into stories of hundreds or thousands of times returns, which wasn’t hype but real experiences around me. Like Trump’s coin, many investors achieved high results. With “I’m coming,” some friends also got good outcomes, like single-token A7 results, which can generate FOMO. The current emotions and hype need to be distinguished; don’t let FOMO drive you blindly. Yesterday, I saw a tweet from a friend saying his followers took loans to chase meme coins and lost everything—that’s very dangerous.

Meme coins also carry huge risks. For example, BOME I bought dropped from a high of 0.027 to three zeros, shrinking from $1.4 billion to just over 40 million yuan, a 95% retracement. I’m not very involved in meme coins now, but I deeply participated in BOME before, and also played launchpads on Solana, Base, Bear Chain, etc. I’ve also participated in Gate’s Gate Fun launchpad and made good profits.

Overall, there are gains and losses. My takeaway is: don’t have a big-picture mindset or build communities casually. The main enjoyment in meme coins is the thrill of spotting trends early, buying low, and seeing rapid surges—then selling. I don’t focus on long-term community building. Although I often sell at the top, quick profits are always good. That’s it. Thank you.

后山人:

I entered the scene early in 2017. At that time, I had a studio, and DeFi was very hot. Then an unknown animal zoo craze appeared. That’s when I learned about 土狗 (ground dog), because I started with Bitcoin and spot contracts, then later got into 土狗.

The animal zoo craze was very wild back then, without the many tools or efficient info sources we have now, like launch platforms. Back then, many used Web3 wallets to buy 土狗, such as entering contract addresses in PancakeSwap and verifying them.

It wasn’t as convenient as today. I entered the 土狗 scene and definitely tasted some success; without that, I wouldn’t have kept participating. Back then, 10U “War God” was popular—betting $10 to chase dreams. Everyone has some dream of wealth, even if not as big as the big whales, hoping to turn around with 土狗. Recently, after “I’m coming” blew up, I bought that one coin and tweeted about it. After walking my kid, the price surged 10x, and I sold at the top. My principle is to take profits at double.

Now, all launch platforms have automatic take-profit strategies. When you buy, it can be set to automatically sell at double. Even with small funds, I find it hard to understand those holding 20-30% of chips at the bottom. For example, the recent hot “枯坐P小将,” with a few tens of thousands invested, can take out 30% or 50% of the pool, making the pool’s whales earn more than individual investors. I don’t understand how they keep chips at the bottom.

I watched their live stream today. Their use of Twitter monitoring tools and sensitivity to hot topics is very high—they sit in front of the computer 24/7. Their recent big results are due to a lot of time, effort, and cognition invested over the long term, which improves their understanding.

So, if you play 土狗, you must follow the principle of doubling out. For example, big players don’t sell everything at once during a rise but do it in parts, considering future development. The so-called “car head” (market leader) has influence and some followers.

I don’t recommend copying market leaders; instead, aim to be a leader yourself. Although unlikely, we can follow the leaders’ steps, letting them lift us, so we can get big results with small funds. Sometimes, it’s just a dream—like a 土狗 I usually bet 100U, and with three 10x coins, I could be a millionaire.

It seems simple now, but actually getting three 10x profits in the market is rare. Dreams are just dreams, but they motivate me to keep fighting in crypto. As for my attitude towards meme coins, I think they are an essential part of the scene, as I said before, a chance for ordinary people to turn their lives around.

I’ve played many spot contracts, including on-chain lending and prediction markets. I believe none offer as high returns as meme coins. So, meme coins attract ordinary people to get rich, with relatively low barriers. You don’t need deep knowledge, just simple trading.

As tools improve, our launch platforms also evolve. For example, our self-made launchpad Gate Fun on Sesame platform works like this: if you suddenly have an idea—see a hot topic, funny meme, or joke—you can create a token instantly. Previously, you needed to code smart contracts or find programmers; now, with a good idea, you can launch a token in a minute without coding.

I haven’t published one myself, but I tried it. Just input your desired name and symbol, set initial buy parameters, and click create. Your meme token is born on-chain. That’s all from me, host.

0xAxe:

I think the previous two teachers have covered a lot. I’ll share my own meme coin experience. I entered the scene at the end of 2021 during the bull market, with little money, just learning about meme coins from online Twitter. Some people made money by buying Dogecoin. The project attracted me because, in A-shares, a 1-year double is already considered a stock market genius, and in crypto, it’s easy to realize. I was very shocked at that time, played around with meme coins, and realized there are wins and losses, eventually going to zero.

The most shocking was BOME. When BOME launched, I bought in, and within three days, it was listed on Binance, which amazed me. A meme with no VC backing, no big whales, just viral word-of-mouth, directly on Binance—unbelievable. Then I started exploring on-chain, focusing on P small caps. Later, I got good results with swarms, Pnut squirrel, hippo, and case-insensitive Neiro, which were very good for me.

Regarding strategies, I think everyone’s funds and mindset differ. How much you can afford to lose varies. So I share my meme approach at this roundtable, which may not suit everyone. Retail investors have their ways; P small caps have theirs; market leaders have theirs. Today, we saw a small leader taking 30% chips from the bottom, then investing tens of thousands, which I think is hard for those of us not leading—just observe.

For doubling out, I think if you believe in the narrative, there’s no need to double out or set rigid rules. If you want big results, meme coins are essential. From initial CX plays, offline promotion, to now many tools, including Twitter monitoring and meme buying tools, data is clearer. All these are evolving with meme coins. The most important point: I believe the odds in the meme track are very high. I started with small gains, not big ones. I prefer to see results quickly, so I’m suited for meme tracks. For futures, like “endurance eagle,” the odds are lower.

On-chain market leaders like 0xSUN, Lengjing Ge, and Wang Xiaoer often get A9, A10 levels. So I think meme track is indispensable. I am very positive about meme coins and optimistic about the future. That’s roughly my view.

Jesse:

Meme coins indeed can create legends. As mentioned, meme coins have never been absent from bull markets. Recently, after “I’m coming” launched, there was much controversy on Twitter—praise and criticism. From your observations, do you think meme coins are more beneficial or harmful to the overall crypto industry?

flyawei:

Regarding this, I think meme coins contribute significantly but also cause serious problems. From a long-term perspective, I see meme as a necessary phase—mixed merits and demerits. We shouldn’t deny it entirely nor overemphasize it. I analyze mainly from data: first, wealth creation effect. According to the 2025 global crypto adoption report, in the US, 1% to 31% of first-time crypto buyers started with meme coins, and 94% of those deepened their involvement in crypto. This shows meme coins are an effective traffic entry and conversion tool.

Many see meme coins as speculative. In traditional finance, many only open accounts after a stock surge. “Chives” (retail investors) are everywhere—this is human nature. The key is whether meme coins can retain these people in crypto, making the ecosystem grow stronger, helping them understand crypto, learn gradually, grasp blockchain spirit, and promote decentralization. Data shows high conversion rates, community vitality, and innovation. For example, Pump Fun platform still issues 20,000 meme coins weekly during downturns, with weekly trading volume of $560 million and daily fees of $2.7 million, ranking among top five DEXs. This vitality surpasses many VC projects. Most Pump Fun users are genuine players. Third, capital circulation effect: on-chain data shows about 30% of meme coins on Solana, BSC, and Base circulate within our ecosystem, including DeFi protocols, liquidity mining, and lending platforms. So, meme coins are not just about quick surges and selling; they also replenish the entire product ecosystem.

But there are serious issues too. First, scams and rug pulls. Studies show 98.6% of tokens on Pump Fun are rug pulls. Even those that launch often see significant declines later. Also, among 7 million tokens on Pump Fun, only about 797,000 made over $1,000 profit. Among 707 high-return meme coins, 82% involve wash trading or liquidity manipulation, causing over 17,000 addresses to lose $9.3 million. This is very serious.

The most notorious scam was last year’s Argentine president Milán’s scheme, which drained the pool, causing $251 million in losses. Many who profited from Trump’s coin were also scammed. Such cases severely damage the industry’s reputation.

Overall, meme coins are a painful but necessary growth stage for crypto. Although the industry has been around for a long time, mainstream adoption remains niche. The “10U War God” can directly achieve A6, A7 with meme coins, which benefits large-scale user acquisition, community innovation, and gameplay. I believe we should view our field with a developmental perspective.

后山人:

If you firmly believe that the benefits outweigh the harms, that’s one-sided. Objectively, the crypto industry’s development is inevitable. As flyawei mentioned, scams and zeroing projects exist. But can you guarantee that altcoins listed on exchanges won’t go to zero? On October 11, many altcoins fell over 95%. Do you think those listed on exchanges are free of insider manipulation? Yes, some are. For example, listing on Binance requires giving certain chips and funds as a “listing fee,” plus community support, trading volume, and hot topics. Only then will they list.

Therefore, in crypto, 土狗 (ground dog) is an essential growth sector. Why do meme sectors always get hype in bull markets? When markets are down, why does the wind suddenly blow? Everyone rushes to meme coins, like the recent viral “呆呆” on TikTok, which created a wealth effect. Someone posted a video, and during a live stream, they received over 4 million in gifts and ads, with followers jumping from thousands to over a million. Why does this wealth creation happen?

I think TikTok aims to create wealth effects, showing the public that it’s a platform for wealth and dreams, encouraging more participation. 土狗 also offers many people a dream platform—they see those who started from the bottom, became market leaders, and gained smart wallets.

Is this good for the industry? It attracts newcomers and expands outside participation, broadening the user base. The spot market is bottomless and always traps people. So, attracting those inside or outside the scene and pulling their attention closer is beneficial. I think the benefits slightly outweigh the harms.

0xAxe:

Hello, host. I agree very much with 后山人. I think altcoins are mostly trash—99% have no real application, just hype, with project teams scamming retail investors for yachts and models. But meme coins are relatively fair.

Regarding whether benefits outweigh harms, I believe for someone like me, a small player, benefits are greater. Since Bitcoin’s inception, meme coins have brought countless outsiders into crypto. The Trump coin wave, at least, even my grandma knows Trump issued a coin, showing how strong the ability to break into mainstream is. Without new entrants, the industry won’t keep growing, and the cake won’t get bigger. But there are negatives too—many meme coins involve schemes and scams, harming the industry’s reputation.

These are not good for the industry’s image or future development. Meme coins are in a wild growth phase. It’s undeniable that their rapid promotion helps crypto grow. So I think benefits are greater than harms.

Jesse:

Although meme coins have many flaws, their ability to break into mainstream consciousness is unmatched. As the industry develops, new paradigms for meme coins are emerging. For example, teachers just mentioned that current meme coin strategies incorporate various tools and technologies, vastly different from earlier days. What trends do you see for meme coins’ future development?

flyawei:

Good question. Based on my observations, I see four clear directions forming, which are actually already trends—not guesses, but ongoing realities.

First, functionalization attempts. Meme coins are evolving from mere investment tools to part of our crypto infrastructure. This means adding practical functions—no longer just concepts but real-world applications.

For example, look at mainstream meme coins: Dogecoin has integrated payment functions, with increasing merchant acceptance. Shiba Inu launched Shib L2, transforming from a simple meme into an L2 infrastructure, running a complete chain. For long-term development, meme coins must connect with tangible or meaningful projects—like games with IP, or collateralized lending, or launchpad incentives.

Second, community tokens. Incorporating meme coins into governance models is crucial for long-term growth. Why? Because traditional meme coins have issues—centralized control, concentrated chips, lack of community decision-making, and front-runners dumping on others. DAO can solve this, and some interesting cases already exist. Notably, AI16z evolved from a meme into a governance AI DAO—an excellent model of combining meme with AI.

Third, the trend I mentioned earlier—IP and physical entity integration. This trend has exploded since late 2025. The most typical example is the politicization of IPs: Trump’s official coin once hit a market cap of $9 billion, now around $1.1 billion, but it proved that celebrity IP can ignite markets.

Finally, I care about cross-chain and multi-chain ecosystems. I hope this develops rapidly. Do you remember that Solana and BSC often have meme coins with the same name, competing for market cap, causing fragmentation? That’s not good. I hope to see native multi-chain meme coins—single tokens that work across chains, integrating funds and attracting more capital. That would be very comfortable. That’s my view.

后山人:

From the development of meme coins to now, I think a trend has gradually formed. First, celebrity effect—recently, BSC meme coins with celebrity influence, like Binance’s “Double Saint.” I don’t know if the live audience has heard of “枯坐P小将,” but I notice that whenever a tweet from a celebrity or influencer appears, at least a dozen launch platforms pop up simultaneously.

Second, launch platforms are evolving and maturing. The ecosystem of launchers is becoming more sophisticated. Launchpads have become the main battlefield. Despite some fragmentation, the trading volume difference is huge. Tokens launched on big platforms definitely outperform those on small ones. As long as there’s hotness and hype, they have potential to become “Golden Dogs.”

Third, the so-called functions include many aspects, like on-chain lending. As flyawei mentioned, many examples have been given. Functional meme coins will definitely increase in the future.

Additionally, my personal prediction: if institutions participate in 土狗, the scale will increase significantly—imagine a meme ETF. Whether approved or not, once it appears, meme coins could become index-like assets, greatly increasing liquidity and legitimacy. If institutional narratives emerge, that could be a key turning point—bringing 土狗 into Wall Street, turning P小将 into financial giants. That’s my four points.

0xAxe:

Hello, host. I agree with the previous teachers’ points and think they’re very good. I believe meme coins’ future mainly trends toward celebrity/IP involvement and community development. More importantly, practical payment applications—for example, Elon Musk accepting Dogecoin for Tesla, or meme coins used in various payment scenarios, like gaming or physical retail—are likely directions. I think the future of meme coins will focus on real-world payment and similar use cases. Beyond that, I personally am a P小将 and don’t consider the future of meme coins; I follow the trend and aim to maximize each profit. That’s roughly my view.

Jesse:

We’ve been talking for a long time. Let’s ask one last question: based on your experience, could each of you share some strategic advice for retail investors participating in meme coins?

flyawei:

Retail investors face big issues. As I mentioned earlier, current strategies mainly focus on capital preservation—keeping principal safe, with some arbitrage and meme play, but not too large. I only look for small capital bets for big gains, not risking all assets for 10x or 100x returns. Before playing meme coins, strictly control your funds and positions. For example, allocate 80% of your capital to exchange or on-chain stable investments, and only use 20% for high-risk bets. Don’t gamble with all your funds and end up with nothing.

Second, choose your approach based on personal preference. If you dislike certain angles—like I now despise keyword-focused plays—you can follow different friends or sectors, which offers many opportunities. Third, strictly set stop-loss points. You can try a $10U approach to test favorable trends, but don’t go all-in. Even with good trends, if others see you entering too early or with too much, they won’t take your order. Be cautious.

Finally, avoid chasing high positions. Even if aiming for 10x or 20x, if I want a $20 million market cap, I don’t need to chase. I look for the next opportunity. Don’t fear missing out; opportunities are plentiful. As long as you find good angles and good entry points, you can profit—this depends on personal skill. Also, learn to use on-chain tools; don’t jump into dog chasing blindly. That’s my advice, thank you.

后山人:

As someone experienced, I’ll share some personal tips. Playing 土狗 requires good tools. For practical application, I watched the “枯坐P小将” live stream and saw many joking that I can’t beat the big whales and leaders. I also think so. When they click a coin, I don’t see them buy during the stream; only after checking comments do I realize they have dedicated buy buttons. So, good tools are essential—they determine whether you get front-row chips or enter at all.

Sharp intuition and angle discovery are prerequisites. After getting good tools, you need to combine them with your experience—finding angles, analyzing chip distribution, etc. I think front-row chips are very important. If a leader holds 30% or 20% of chips, no one dares to buy at higher prices because, after the surge, if you don’t sell, the market could collapse.

If you buy a coin and see no upward movement or volume, immediately shift your focus to another same-name coin. Sometimes, you buy a coin that isn’t launching, but it’s linked to a launch that you missed. I’ve encountered many such cases—funds not interested in the coin itself but in the name, or better angles, more data, etc.

Everyone should have this awareness: after doubling, sell out the principal. Once the principal is out, the coin might still rise, but it’s hard to hold without the principal. For me, after selling the principal, I don’t care about the ups and downs; I stop watching the charts.

If I buy in and it doesn’t rise or rises slowly, then drops, I get anxious during sideways consolidation. After doubling out, I let the market decide. If it can go viral, I earn more; I won’t lose money. If it rises again, I set some sell points—selling 50% or 25% in parts as it continues to rise. If a long lower shadow or heavy sell-offs appear, I might clear the position. These are lessons learned from losses. Lastly, always control risk. I hope everyone can finally make their first big profit in meme coins. That dream must exist—it’s the stimulant for you to survive in the market. Thank you.

0xAxe:

I haven’t achieved big results like the market leaders. Based on my view, newcomers should first control their finances—set a limit on how much they can lose. About 20% of assets is ideal for high-risk bets, always thinking small for big gains. The on-chain market has high odds for retail, but it’s easy to go to zero. I suggest playing meme coins with a story, preferably with hype and potential alpha, as these have high odds.

For retail, focus on “dip half, full out” strategies—don’t let every coin go to zero. Most coins that drop 50% are already dead. So, managing funds, observing narratives, and using monitoring bots are crucial. Because meme coins are driven by emotion and narratives, Twitter monitoring is very necessary.

A friend told me that to play well on Solana, you need to learn Western culture. The gameplay on Solana is very different from BSC; many foreigners are involved. I think understanding Western culture and politics helps grasp memes and improve sensitivity.

Most importantly, avoid frequent trading during low liquidity. For example, those who got A7 or A8 on chain, usually made money during liquidity explosions—like this year’s Binance Life. They made money when liquidity was abundant.

I think retail shouldn’t trade just for trading. Previously, I was itchy and traded when I was losing, which was wrong and caused big drawdowns. Managing mindset and funds is part of it. You need to learn to sit still, avoid arrogance, and learn from tools and narratives to improve gradually. I hope all meme players listening can achieve good results by 2026. Wishing everyone big wealth in 2026.

Jesse:

Thanks to all three guests for the wonderful insights tonight. Meme coins are a native narrative of crypto, with enduring vitality. We also see new changes in the new cycle. Meme coins are prone to rapid rises and falls; retail investors must control risks and avoid gambling. I hope the meme track continues to reinvent itself and bring new momentum to crypto.

Finally, thank you all for participating. If you have your own ideas and insights, feel free to leave comments. See you next time.