The Rise of Blockchain Egregores

Abstract

This paper explores the emergence of cryptocurrencies like Dogecoin and Shiba Inu in the “crypto-carnival” and their ties to the Trickster archetype. It discusses the concept of tokens and the surge of tokenization in the crypto-summer of 2020–2021. This paper explains how Shiba Inu became a purely recursive token with no external measure of value. It also explores the creation of egregores, which are created intentionally or unintentionally by groups of people who share a common belief or interest. Finally, this paper discusses how digital assets born out of a countermovement may eventually fall prey to the same system they were trying to escape from, using the carnivalesque to trigger the emergence of an egregore that brings monetary value to worthless objects.

Citation

de Filippi, P., Mannan, M. and Reijers, W. (2024), "The Rise of Blockchain Egregores", DuPont, Q., Kavanagh, D. and Dylan-Ennis, P. (Ed.) Defining Web3: A Guide to the New Cultural Economy (Research in the Sociology of Organizations, Vol. 89), Emerald Publishing Limited, Leeds, pp. 129-136. https://doi.org/10.1108/S0733-558X20240000089011