The use of memes has become increasingly widespread in political discourse. However, there is a dearth of philosophical discussion on memes and their impact on political discourse. This paper addresses this gap in the literature and bridges the divide between the empirical and philosophical work on memes by offering a functionalist account which allows for a more in-depth analysis of the role memes play in political discourse. We offer a taxonomy of the eight key characteristics of memes: 1. humor; 2. (...) fostering in-group identity; 3. caricatures; 4. replicability; 5. context collapse; 6. hermeneutical resources; 7. low reputational cost; 8. signaling. On the positive side, the propensity memes have to foster in-group identity and to function as a hermeneutical tool for people to make sense of their own experiences are a boon especially to marginalized communities. On the flipside, the creation of an in-group/out-group dynamic can also be exploited by sinister political actors, especially since the low reputational cost of circulating memes allows for plausible deniability. We use the analysis in this paper to jumpstart a discussion of how we should understand memes and debate which norms should govern the novel speech act of posting a meme given its impact on political discourse. Based on our findings, we end with a call to adopt stricter norms for the act of posting a meme. (shrink)