The Dark Side of Web3: The Rise of Controversial Meme Coins
Meme coins were once considered unserious. Over the years, they have become a powerful and, at times, dangerous tool.
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It all began with Dogecoin, a fun token featuring the Shiba Inu dog, which seemed like an innocent meme on the blockchain. But as the hype grew over the years, a new wave exploded thanks to $PEPE, $WIF, $FLOKI, and $BONK. Users, founders, and scammers suddenly realized: anything can be turned into a meme coin. What started as fun is now balancing between good and bad.
Can Meme Coins be Used as Propaganda?
Political humor is nothing new. But what if meme coins are a new format for propaganda? A joke is an effective way to deliver a message. When you laugh, the idea sticks. Add tokenomics to the mix, and the meme becomes a belief system with financial backing.
What Are Some Examples?
• Let’s Go Brandon ($LGB, $FJB)
The infamous slogan “Let’s Go Brandon,” which actually meant “F*** Joe Biden,” quickly became a cryptocurrency. The token supported the MAGA movement, was promoted by politicians (including Madison Cawthorn), and even sponsored a NASCAR team. Eventually, the token crashed, accusations of fraud emerged, and public apologies followed.
• Trump Token vs. Biden & Co
In 2023, the $TRUMP (MAGA) token was launched to support Donald Trump's campaign. It surged again after his 2025 victory and was even followed by an official Trump Token on Solana. Melania Token followed shortly after. Notably, 90% of Melania's token supply was held in a single wallet, and predictably, the price collapsed. Trump tweeted again → price spiked → one trader lost $207K.
• LIBRA by Milei
The president of Argentina, Javier Milei, promoted a token called Libra, presenting it as an alternative to the peso. People believed it, and the price soared. Then, within hours, it dropped by 94%, Milei deleted his posts and claimed his account was hacked. Some knew in advance and profited. Others didn’t.
How Does the Political Meme Coin Economy Work?
At first glance, political meme coins may seem like nothing more than edgy jokes. But dig deeper, and they represent a loyalty economy. A meme coin with a political message is not just a tool for satire or fandom. It’s a new way to monetize political identity.
This creates a financial-emotional bond that can be stronger than traditional political campaigning. Now, instead of waving a flag, voters hold tokens. Their beliefs are encoded on-chain. A meme coin becomes a donation.
Meme coins also give politicians:
- a way to mobilize young and crypto-savvy audiences;
- an independent fundraising channel, bypassing legacy systems;
- censorship resistance (DeFi is hard to control);
- influence over the information (users shill, meme, and promote tokens organically).
This isn’t just Web3. This is a ballot.
Game mechanics (referrals, quests, and engagement battles) are becoming a critical part of the meme coin economy. According to data, gaming and meme coin projects show the highest quest engagement rates, with 35–40% of users actively participating. In comparison, the average across all campaigns is around 18%, while more complex projects see engagement closer to 12%.
Platforms like QuestN also reflect this trend. Their data shows that over 271 million users have taken part in airdrop-related activities, highlighting the scale of gamified participation across Web3.
What Are Hatecoins, and Why Are They Dangerous?
A new subgenre of meme coins that exploit controversial or outright radical themes has recently emerged. These projects often walk the line between provocation, satire, and hate speech. Creators may defend their coins as artistic statements or exercises in free speech, but the social consequences are real.
In February 2025, one of the most talked-about cases emerged. Swasticoin (YZY), a token linked to musician and entrepreneur Kanye West (aka Ye). Following a string of controversies over antisemitic remarks and Nazi symbolism, a series of posts appeared on Ye’s X (formerly Twitter) account teasing the token’s upcoming launch. In them, Ye claimed that Jewish individuals, friends, and family would receive priority access to the Swasticoin smart contract, further escalating public backlash.
These posts have since been deleted.
Ye also asked his followers which blockchain he should use (Ethereum, Solana, or BNB Chain), creating confusion about whether the project was serious or a provocation. On March 15, the smart contract address was posted, triggering a brief pump and an inevitable dump.
The crypto community was divided: some saw a typical pump-and-dump; others viewed it as an attempt to normalize hateful symbolism under the guise of Web3 experimentation. Regardless of intent, Swasticoin highlighted a disturbing trend. The term “hatecoins” is now used to describe tokens built around hate speech, conspiracy theories, or extremist narratives. These assets rarely appear on centralized exchanges, instead circulating through DEXs, pseudonymous wallets, and fringe online communities.
The phenomenon requires deeper analysis. Web3’s lack of censorship enables not just innovation but also toxic content. Unlike ironic meme coins, hatecoins can build communities around extremist ideologies, using the same mechanics as legitimate crypto marketing: airdrops, quests, and exclusive NFTs.
Related: PolitiFi – Blending Meme Coins with Politics
Is Solana a Hub for Controversial Tokens?
The ease of launching tokens on Solana has made it fertile ground for scams and hate-based projects. Swasticoin wasn’t the only one: tokens referencing Hitler, 9/11, and the KKK have all appeared on the chain. Most never reach CEXs, and platforms like DEX Screener and Coingecko have started filtering them out.
Solana Foundation representatives have already raised the issue of filtering or even blacklisting such tokens. But where is the line? And who draws it?
Meme coins are no longer just “digital jokes.” They’re a cultural, political, and social phenomenon. They can:
• Spread narratives
• Build communities
• Push ideologies
• Unite (or divide) people
As the line between entertainment and influence blurs, the stakes are getting higher. The question isn’t just what meme coins represent. It's who controls the narrative behind them.
Related: Trump Disavows Profits from TRUMP Token, Admits Project Influence
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