Meme coins shouldn’t work, but somehow, they do. A random token with a frog on it is worth billions, a dog-faced coin still commands attention years after its supposed peak, and people keep pouring money into assets that function more like inside jokes than financial instruments.

But that game only lasts as long as people are entertained. Right now, Bitcoin is flirting with all-time highs, Trump is back in the picture, and meme coins are pulling off wild swings thanks to social media buzz. PEPE’s whales are backing off, DOGE just took a political hit, and yet, people are still rolling the dice.