Source: @hmalviya9
The formation process of the "MEME Coin Cult" is similar to the psychological and social formation process of other cults, but in this case, it is driven by financial losses, emotional dependence, and social recognition obtained through the cryptocurrency market and online communities. The following is a breakdown of the different psychological stages in the formation of the MEME Coin Cult:
Disillusionment with utility coins - Loss and distrust
The individual's investment journey begins with losses in utility coins or venture-backed projects, which is the initial psychological turning point:
- Cognitive dissonance - The individual had previously believed in the utility or long-term value of these coins, but after experiencing financial losses, their thinking is in conflict. They trusted these assets would yield returns, but reality did not match their expectations.
- Loss of trust - The mindset becomes disillusioned with the commitment to utility coins. Financial losses lead to a loss of confidence in the system (venture-backed or utility-oriented projects), triggering a psychological need to seek alternative narratives to explain their own mistakes.
- Seeking redemption - After disappointment, the mindset becomes open to new ideas, especially those that promise faster or more significant financial gains. This openness lays the foundation for the eventual turn towards MEME coins.
Success in MEME coins - Reinforcing beliefs through gains
Next, the individual makes some money by investing in MEME coins, leading to an emotional transformation:
- Relief and a sense of belonging - After losing money on utility coins, the profits from MEME coins provide a sense of validation. The mindset begins to associate MEME coins with success, triggering a confirmation bias: they start to believe that MEME coins are not only profitable, but also a reasonable alternative to utility tokens.
- Reinforcement of biases - At this stage, the mindset begins to create narratives about MEME coins rapidly increasing in value. Despite the lack of fundamental support, the bias has shifted towards MEME coins, seeing them as a new path to financial success. The mindset no longer requires MEME coins to have deep utility, as profits and emotional relief are sufficient.
Social frustration - Efforts to convince others
The individual begins to promote their new beliefs about MEME coins to others, but encounters resistance:
- Inability to articulate the vision clearly - Although the individual is convinced of the potential of MEME coins, they struggle to effectively convey this vision. This may be due to a lack of a coherent theory about MEME coins, leaving only emotional beliefs rather than logical support.
- Social friction - The resistance from others triggers a sense of frustration. The mindset craves social recognition, but without external peer confirmation, the belief remains personalized and internal. This prompts them to become more adamant about their beliefs and actively promote MEME coins on social media.
- Cognitive entrenchment - The more the individual faces rejection from others, the more deeply entrenched their beliefs become. At this stage, the mindset begins to seek external reasons to explain why others cannot understand what they "see".
Encountering a charismatic MEME coin theorist - Emotional connection
A turning point occurs when the individual encounters a charismatic figure who provides a compelling narrative around the future of MEME coins:
- Emotional appeal - The charismatic theorist provides the individual with the missing intellectual framework to support their beliefs. These theories explain the chaos and speculative world of MEME coins and provide legitimate reasons for why they are the future.
- Personal connection - By studying the charismatic figure, the individual discovers similarities in their stories, forming an emotional bond. The theorist's background resonates with the individual's experiences - financial losses, disillusionment, and redemption through MEME coins - further strengthening their trust in the theorist's views.
- Cognitive closure - The mindset finally feels a sense of relief. The charismatic theorist's narrative resolves the internal conflict between the individual's past losses and current gains, and provides a structured way to explain why MEME coins are the future. The theorist's framework becomes the new intellectual pillar of the individual's belief system.
Proselytizing on social media - Dopamine stimulation
As the individual begins to spread the theorist's views on social media, their influence starts to expand, leading to powerful psychological reinforcement:
- Dopamine feedback loop - Whenever the individual receives likes, comments, or new followers on social media, their brain releases dopamine stimulation. This reward mechanism reinforces the behavior of spreading the theory, allowing the mindset to feel validated through external recognition.
- MEME coin performance reinforcement - If MEME coin prices rise during this period, the individual receives additional validation, further solidifying their beliefs in these coins and the theorist's views. The brain begins to associate financial success with the propagation of the ideology, forming a powerful feedback loop of financial and social rewards.
- Transformation of social identity - As their social media influence grows, the individual begins to identify themselves as a MEME coin evangelist or promoter. Their sense of identity becomes intertwined with the success of MEME coins and the theorist's views.
Formation of the MEME Coin Cult - The leader and a shared belief system
Ultimately, the individual's beliefs become part of a larger movement, as others with similar biases and frustrations find the same charismatic theorist:
- Discovering the cult leader - Other enthusiasts who have also lost faith in utility coins and are optimistic about MEME coins eventually find the same charismatic leader. This creates a critical mass of followers around the leader's narrative, and the individual realizes they are part of something larger than themselves.
- Shared belief system - The MEME Coin Cult forms around the theorist's views, the profitability of MEME coins, and the emotional and financial success they promise. The charismatic leader becomes the center of this belief system, providing intellectual and emotional validation for the collective biases of the group.
- Echo chamber and group reinforcement - As more people join, the group becomes an echo chamber, with members constantly reinforcing each other's beliefs in MEME coins. The theorist's views become almost sacred, and questioning them is seen as taboo. The individual's thinking now operates within a closed system, where dissent is excluded, and the collective faith in MEME coins grows stronger.
Cult-like behavior - Complete cognitive commitment
At this stage, the individual is fully invested in the MEME coin movement:
- In-group/Out-group Mentality——The individual is now viewing MEME coin believers as the "in-group", while anyone who questions MEME coin is seen as the "out-group". The mindset becomes one of protecting the belief system of this cult, excluding skeptics, and further entrenching the narrative around MEME coin.
- Cognitive Rigidity and Social Identity——The individual's identity is now inseparable from the MEME coin movement. Their self-worth is derived from social media influence and the performance of MEME coin, while the theorists' views are accepted as absolute truth.
- Persistent Dopamine Rewards——The individual continuously receives dopamine stimulation from social media interactions and MEME coin price fluctuations, making it increasingly difficult for them to detach from this belief system.
In this process, the individual's thinking evolves from financial disillusionment to emotional connection with the charismatic leader, to intellectual validation of biases, and ultimately to a comprehensive cognitive and social commitment to the MEME Coin Cult. This cycle is driven by the reinforcement of emotional, social, and financial factors, creating a powerful feedback loop that is difficult to break. The MEME Coin Cult, as a shared belief system, provides financial hope and a sense of social belonging, all of which are driven by its central charismatic theorist.
