Prethodno priopćenje
https://doi.org/10.51680/ev.39.1.17
Financial nihilism and the phenomenon of memecoins
Domagoj Sajter
orcid.org/0000-0001-5492-3570
; Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, Croatia
*
Matija Kuzmić
; Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, Croatia
* Dopisni autor.
Sažetak
Purpose: To introduce a conceptual framework of financial nihilism and demonstrate how memecoins embody it, while proposing measurable macro- and micro-level proxies that can track its emergence.
Methodology: Conceptual synthesis and desk research are paired with an empirical illustration: daily data for the 20 largest memecoins active ≥1 year (Dec/2013 – Oct/2025) against Bitcoin. We report distribution diagnostics and correlations, and assemble a proxy basket from FRED (money supply, housing prices/affordability, consumer credit, real wages, consumer sentiment, a real 1-year rate, and a personal saving rate; 2020–2025).
Results: Memecoin returns exhibit extreme volatility, positive skew and fat tails, with medians near zero and infrequent, outsized upside bursts. Major memecoins co-move tightly with Bitcoin, while smaller tokens decouple idiosyncratically. Dogecoin dominates capitalization, yet issuance velocity and failure rates point to pervasive turnover. The macro backdrop (elevated liquidity, housing inflation, rising household debt, stagnant real compensation, depressed sentiment, and a shift from near-zero to positive real short rates alongside subdued saving) creates conditions favoring short-horizon, attention-driven speculation.
Conclusion: Memecoins operate less as value-based investments and more as cultural-financial performances, making them useful proxies of a broader turn toward financial nihilism. Tracking the proposed proxy basket alongside memecoin activity can help policymakers and regulators anticipate retail risk-on/off waves and calibrate macroprudential, literacy, and consumer-protection responses.
Ključne riječi
financial nihilism; memecoins; proxy variables; speculative assets
Hrčak ID:
348514
URI
Datum izdavanja:
28.6.2026.
Posjeta: 0 *