But how did the phrase travel from the niche online fitness subculture of young nerdy men to become the most relentlessly positive catchphrase in crypto?Memes from one subculture travel to another together when an influx of participants occurs, and this is what likely happened.
“This is of course true for communities that value the authentic or original in internet culture. Using 4chan lingo won't get you much social credit in a group of elderly cat lovers on Facebook,” Nissenbaum said. “I think it's safe to assume crypto is very much one of these communities, as it tends to be composed of young, nerdy people with available income and free time. WAGMI embeds the claim to being an authentic, informed member of ‘hardcore’ internet culture, aligning yourself with its subcultural and exlusive origins (even if you're not completely aware of its full geneology), which is something the crypto crowd values.”
“The stakes are high, we need all the memes we can get”
“It’s a rallying cry to work together to solve the world's problems. The stakes are high, we need all the memes we can get,” MacMannis said. “Seizing the memes of production and using them for good, to solve the world’s biggest challenges. With language that resonates with internet natives, with degens.”But for others like Joseph “Hutch” Dahari, business advisor at crypto token project $WGMI (intentionally spelled without the A) and former professional trader in traditional finance, WAGMI expresses “toxic positivity" and "false hopium.” Indeed, WAGMI is often explicitly a promotional slogan, deployed to boost confidence in the frothy crypto market, where financial ruin is just as common as success, if not more. “Especially for younger investors, false hopium is risky, people lose money in crypto so the idea that we're all gonna make it can influence irresponsible behavior,” Dahari said. “I dig a good rap hit as much as the next guy, but am old enough to look out for those short on experience and education, which the crypto industry sorely needs more of.”“When Zyzz said ‘we're all going to make it bro,’ he meant it,” Lewis told Motherboard. “Crypto Twitter says it and hopes to pull more naive dumb money into the ecosystem.”
“People lose money in crypto so the idea that we're all gonna make it can influence irresponsible behavior”