The Controversial Launch of Teacher Li's Memecoin: A Divisive Move in Chinese Activism

A Tale of Two Activisms

On Monday, two parallel visions of Chinese activism appeared on X. One showcased a video of a small protest outside a school in western Sichuan province, while the other promoted a memecoin and the so-called “$Li vision”, suggesting that “some of the greatest coins had a rocky start.”

The man behind both accounts is Li Ying, a Chinese art student turned activist based in Milan. His original X account, “Teacher Li is Not Your Teacher,” has become one of the most prominent news feeds in the Chinese diaspora, sharing uncensored happenings in China to nearly 2 million followers.

The Launch of the Memecoin

Li’s second account, created for his “$Li community”, has attracted fewer than 10,000 followers. He launched the memecoin last month, stating it was to “help people unite to build something together.” However, this move has divided his followers, with many viewing it as a crude attempt to monetize trust built through years of activism.

Since Li began sharing videos of the White Paper protests in 2022, his account has gained significant influence. These protests, which arose from public frustration with stringent COVID restrictions, represented a significant challenge to the Communist Party's authority. Beijing's swift censorship of news related to these protests further underscored the need for reliable information sources like Li's account.

The Challenges of Activism

Despite his success, life as an overseas Chinese dissident is fraught with challenges, including limited job opportunities and political pressure. Activists like Huang Yicheng have found it difficult to secure stable employment, leading some to seek financial support from their online audiences. Li has included information about his PayPal account on his profile, similar to other activists.

Li claims that his family in China faces harassment due to his activism, and he has experienced frozen bank accounts and crackdowns on his followers. Despite the challenges, he insists that launching the memecoin is a way to create a decentralized overseas Chinese community ecosystem.

The Reaction to the Memecoin

The memecoin has faced criticism from within the dissident community. Critics argue that Li is exploiting the trust he built through his activism, with some stating that his actions are tearing apart the overseas dissident community. Others, like Lu Yuyu, echo these sentiments, arguing that Li is leveraging his influence to promote an extremely risky memecoin.

Li defends his decision, stating that comparisons to previous scandals, like that of Guo Wengui, are unfair. He believes in the potential of cryptocurrency to create a new ecosystem that can help more people. Despite the skepticism, he remains hopeful that over time, people will recognize the significance of his project.