Hey there, meme token enthusiasts! If you’ve been diving into the wild world of crypto, you might’ve come across a fascinating thread by Eugene 有劲 on X (@eugenegeu). Posted on June 26, 2025, this post draws a brilliant parallel between the Dotcom Bubble of the late 1990s and the crypto bubbles of 2017 and 2021. As someone who’s spent years covering the crypto space (yep, I used to helm CoinDesk!), I’m excited to break this down for you, especially with a focus on how it ties into the meme token craze we love at meme-insider.com.

The Dotcom Bubble: A Blast from the Past

Let’s start with a quick rewind. During the Dotcom Bubble, about 1,000 internet companies went public, riding a wave of hype. Most crashed and burned, but a few—like Nvidia (IPO 1999), Amazon (IPO 1997), and Google (IPO 2004)—turned into giants, delivering 1,000x returns to early investors. The secret? Relentless revenue growth and market share dominance. Eugene suggests this “power law” (where a tiny fraction of winners drive massive value) might apply to crypto too, given the sheer number of token generation events (TGEs)—over 1 million since 2015 compared to 1,000 IPOs back then.

Crypto’s Wild West vs. Dotcom’s Regulated Playground

Here’s where it gets juicy. Unlike the Dotcom era, where stock investors had legal protections, crypto token buyers are largely on their own. This makes picking winners tougher but also highlights why the power law could be even more pronounced. Eugene points out that liquid funds are flocking to heavyweights like Bitcoin (BTC), dubbed “digital gold,” and HYPE, a token pioneering France’s onchain future with over $1 billion in annual buybacks for holders. Other contenders include AAVE (a leader in permissionless lending) and PENDLE (tapping into the $5T high-yield bond market). These tokens stand out because they generate real revenue and show consistent growth.

The Winning Formula for Meme Tokens

So, how do we spot the next big thing—maybe even a meme token that could rival Dogecoin or Shiba Inu? Eugene lays out a killer formula:

1. Significant Revenue: The token’s project needs to make money, like through fees or trading volume.
2. Consistent Growth: Look for rising total value locked (TVL) or user activity—steady progress beats hype alone.
3. Direct Value Accrual: Features like buybacks (where the project buys back tokens to boost value) or staking rewards are gold for investors.
4. Minimal Token Unlock Risk: Avoid tokens where venture capitalists (VCs) can dump huge supplies, crashing the price.

Points 1 and 2 echo successful stocks, but 3 and 4 are crypto-specific. Without legal safeguards, investors demand tight tokenomics (the rules governing token supply and distribution) and direct benefits to hold value. This narrows the field dramatically, but as Eugene notes, the next Amazon or Google of crypto could be hiding among them.

Meme Tokens in the Mix

Now, let’s talk meme tokens! While Eugene’s thread doesn’t dive deep into them, the formula applies. Take a meme coin like HYPE—its buybacks and France-focused narrative show value accrual and growth potential. Even jokey tokens like Fartcoin (mentioned in a playful reply) could fit if they build communities and revenue streams (think NFT drops or gaming integrations). The key? Avoid pumps-and-dumps with loose tokenomics. Researching a token’s whitepaper and team alignment can save you from a VC dump.

Lessons for Blockchain Practitioners

For those in the blockchain game, this thread is a goldmine. It’s a reminder to focus on fundamentals—revenue, growth, and investor alignment—over hype. Tools like Dune Analytics can track TVL and fee generation, while Etherscan helps spot token unlock schedules. As a practitioner, building projects with these principles could position you for the next big wave.

What’s Next?

Eugene’s thread sparked some great replies, with users like @0xLouisT and @YacineGhalim (from Heartcore Capital) nodding to the thesis. Others, like @DegenMQ, suggest middle-tier successes (think Adobe in the Dotcom era) might emerge in crypto too—not every winner needs to be a moonshot. As of 02:14 AM JST on June 28, 2025, the convo’s still buzzing, and we’re watching closely at meme-insider.com.

So, fellow meme token hunters, what’s your take? Got a token in your bag that fits this formula? Drop your thoughts below or check our meme token knowledge base for more insights. Godspeed, and happy hunting!