Revisiting 3 Big Cycle Narratives: Meme Coins, Gaming & AI

Key Takeaways

• Meme coins are thriving on social energy and low-cost chains like Solana but still face high risks and regulatory overhangs.
• Blockchain gaming has real momentum through devices like SuiPlay and involvement from major studios like Ubisoft, yet still struggles with user retention.
• The AI narrative remains powerful, fuelled by widespread use of models like ChatGPT, though most crypto projects in this space lack utility.

Meme Coins

These are cryptocurrencies inspired by internet memes or trends, often driven by hype and community engagement rather than underlying utility or technology.

Why meme coins are here to stay

Memecoins have never really gone away. DOGE launched in 2013 and still holds a multi-billion dollar valuation. SHIB and PEPE, released in 2020 and 2023, respectively, also remain active with strong communities. These tokens show that long-term survival is possible. Memecoins thrive on speculation and community spirit—something they deliver in spades.

Solana has become the new home for meme coin experimentation. Thanks to its fast and low-cost transactions, creators can rapidly launch tokens and test ideas without barriers. This environment encourages high-volume trading, community engagement, and viral growth. It’s helped transform Solana into a vibrant memecoin ecosystem during this current market cycle.

Unanswered questions surrounding meme coins

Despite the short-term buzz, meme coins still lack fundamental utility. Most are pump-and-dump by design, with few surviving beyond the initial hype cycle. Regulators like the SEC have warned that meme coin buyers have little to no investor protection, and without a sustainable use case, many projects eventually collapse or are abandoned.

The oversupply of meme coins dilutes market interest and makes it difficult for any one project to stand out. Copycats and scams further erode trust. While a few tokens might moon, the majority become worthless within weeks. This volatile landscape can damage retail confidence, especially among newer entrants to crypto.

Gaming

Crypto gaming combines video games with blockchain technology, allowing players to earn, trade, or own in-game assets as cryptocurrencies or NFTs. It gives players real ownership and often includes play-to-earn mechanics or token-based economies.

The latest on blockchain gaming

Blockchain gaming continues to attract serious interest, particularly through purpose-built platforms like SuiPlay0X1. The handheld gaming device integrates Sui's native blockchain technology, allowing players to securely own and trade in-game assets. Importantly, it also supports traditional PC gaming platforms like Steam and Epic Games, making it accessible to a wider audience and bridging the gap between web3 and mainstream gaming.

Traditional gaming giants are also stepping into the blockchain space. Ubisoft, best known for blockbuster titles like Assassin’s Creed, has continued experimenting with web3 integration. In late 2024, the company released Captain Laserhawk: The G.A.M.E, a multiplayer shooter that incorporates NFTs as a core gameplay component. Although launched with little fanfare and mixed feedback, the game shows that legacy studios are still actively exploring blockchain as a tool for player ownership and monetisation.

Notable challenges for blockchain gaming

Despite heavy investment and promising tech, blockchain gaming still struggles with mainstream adoption. Many games fail to deliver engaging content, leaning too heavily on token incentives rather than fun, replayable gameplay. Play-to-earn mechanics, once hailed as revolutionary, have mostly failed to retain users after their initial reward structures taper off. Illuvium, one of the space’s most anticipated titles, saw lengthy delays in delivery and, when finally released, disappointed many with its gameplay. A lack of active users followed, contributing to a significant price collapse of its native token.

Further, some argue that blockchain gaming is troubled by an identity problem. Too many games feel like finance apps with a gaming skin, which turns off traditional gamers. Furthermore, poor onboarding experiences, complex wallet setups and inconsistent quality control continue to limit growth. Until games can be enjoyed purely for their gameplay—with blockchain as a bonus—mainstream traction will remain limited.

Artificial Intelligence (AI)

Crypto AI refers to the integration of artificial intelligence with blockchain technology, enabling decentralised, transparent, and secure AI applications. It can involve training models on-chain, using AI to enhance crypto systems, or powering decentralised AI marketplaces and services.

Crypto combined with AI

AI remains one of the most dominant and fast-moving narratives in tech. Tools like ChatGPT, Midjourney, and Claude have brought AI into everyday life—powering search, writing, art and productivity in ways that are reshaping how people interact with technology.

This explosion in consumer-facing models has made AI a household topic and sparked massive demand for infrastructure, talent and innovation. The buzz surrounding AI in the traditional tech world continues to fuel crypto excitement about potential AI use cases powered by blockchain technology.

The market size of AI software is expanding rapidly, opening opportunities for possible blockchain use cases

In crypto, the focus has turned to supporting the compute and data demands of these AI models. High-performance blockchains and decentralised infrastructure platforms are positioning themselves as enablers—powering AI tools in more open, transparent ways. Even if many AI tokens are speculative, the appeal of democratising access to AI and blending it with blockchain principles remains a strong narrative in the market.

Worthy of consideration

Despite the hype, many AI-related crypto projects are thin on substance. Several tokens launched under the AI banner offer little more than vague whitepapers and flashy branding. Without tangible products or clear use cases, these projects struggle to justify valuations and often lose momentum quickly after launch. It remains unclear whether blockchain integration is genuinely needed for most AI applications or simply tacked on to ride a trend.

AI Crypto Marketcap sector decline. Highs of $70B USD now down to $30B USD

There may also be a growing credibility gap. In trying to merge two highly complex fields, some projects overpromise and underdeliver—risking fatigue. What’s more, many users still can't explain what an AI crypto project actually does, beyond holding its token. Until more teams deliver working products with clear utility, the AI narrative in crypto may remain more hype than reality.

Conclusion

These three sectors—meme coins, gaming, and AI—each reflect different facets of crypto’s current identity. Meme coins offer explosive community-driven speculation, gaming is bridging the gap between web2 and web3, and AI captures global imagination through rapid innovation. All three are still alive and kicking, but not without serious hurdles.

Their futures depend on whether they can evolve beyond their early hype cycles. Projects that deliver real user value, strong communities, and accessible tech stand to lead the next leg of growth. As we move deeper into the cycle, these narratives will likely define which parts of crypto stick and which get left behind.