A sociological analysis of the memecoin phenomenon using actor-network theory

Abstract

A sociological analysis of the memecoin phenomenon has been carried out through the prism of actor-network theory with the addition of some concepts of symbolic interactio­ nism. The purpose of the study is to overcome the limitations of a purely economic approach and to show that memecoins are hybrid sociotechnical entities whose value is constituted in the narrative economy by the power of collective attention, rather than by a utilitarian value. The methodological framework of actor-network theory has been used to identify key actors such as viral memes, media images, algorithmic mechanics, and the networks they form in alliance with human communities. The empirical basis ofthe study is a comparative multiple case study of 6 representative memecoins (Dogecoin, Shiba Inu, Pepe, TRUMP, Hamster Kombat, and Pythia), selected according to the popularity and diversity principle. Based on their material, the typology of actor networks has been identified and analyzed, from media-dependent and politicized models torhizomatic communities and scientific-philanthropic hybrids. The specifics of Russian participation have been revealed as a special case of hybridization and translation of global narratives into a local socio-economic context, which is supported by the survey data in the conclusion. The final conclusion of the study is that the memecoin field is a heterogeneous space of competition among different models of social reality assembly. The research contributes to digital sociology by offering a theoretical framework for analyzing narrative economics as a force shaping new financial practices on a global scale.