This Planet Money Indicator podcast episode explores the phenomenon of meme coins, cryptocurrencies based on internet memes. The discussion begins with the story of Peanut the Squirrel, whose death led to the creation of a meme coin that briefly skyrocketed in value, illustrating the volatility and speculative nature of these assets. Experts explain the mechanics of meme coins, including the role of blockchain technology and the practice of "rugging," where developers manipulate prices to their advantage. The episode contrasts the decentralized nature of some meme coins with examples like TrumpCoin, where a significant portion is controlled by insiders, highlighting the risks involved. Ultimately, the podcast suggests that meme coin investment is largely speculative and akin to gambling, driven partly by a sense of financial nihilism among younger investors.
