By most measures of “token economics”, a meme should be worth close to zero (or even no value). Yet, three memes have made it into the top 25 by market cap ( $DOGE , $SHIB , and $PEPE ), and that number is likely to increase.
So what is going on here? How can we objectively decide which memes are worth holding onto?
I’ve been calling my internal framework “Attention Economics,” which focuses on metrics that are harder to quantify than token economics. These include, but are not limited to:
- Audience size. How broad of an audience will this meme appeal to? (Man’s best friend, the dog, obviously has more universal appeal than some obscure inside joke)
- Sustainability. Is this meme a flash in the pan, or is it relevant to long-term human interest? In other words, is it at least likely to continue to attract attention? For example, PolitiFi Coin has a lot of attention now, but what about the coins of the losers of the election? What about the winners?
- Gender appeal. Related to audience size, can this meme cross gender boundaries and attract more holders?
- Visualize. Can you create an iconic image that represents the essence of the meme? Even better would be to combine the visual elements of the meme with a new image (like putting a $WIF hat on someone).
- Accessibility. Is there a lot of capital active on this coin’s parent chain? For example, if you want to maximize your chances of a meme, you could issue it on $SOL .
- Category. Is this coin a pioneer or will it create a whole new meme category (like a national currency)?
- Endorsers. Are there any well-known or inspiring figures associated with this coin? For example, @elonmusk supports $DOGE or @blknoiz06 supports $WIF .
- Community. Are the creators or fans of this coin active on social media?
- Catalyst Event. Is there an upcoming news event that could spark more interest in this coin? For example, elections were a catalyst for memes like $BODEN and $TRUMP .
- Origin story. Is there an interesting story, mystery, or conspiracy surrounding the origin of this coin? Satoshi and Bitcoin are a great example of this. RSIC•GENESIS•RUNE on BTC is also a good example. Did Casey create it?
- Geographic coverage. Does the coin appeal to an international audience, or is it limited to specific jurisdictions?
- Vibe. Does this coin bring good feelings? Does it make you laugh? Do you want to share it on social media?
In general, the core idea of attention economics is that a coin's ability to attract attention is more important than other indicators. The stronger the ability to attract attention, the greater its potential upside. There are also some very real and identifiable factors that determine a coin's growth potential.
I remember when the term “token economics” first came out it felt really cheesy. It felt too academic, like Wall Street guys trying to get into the crypto party scene in suits. However, just a few years later, token economics has become widely accepted and scrutinized. Attention economics seems like a new addition to token economics.
Of course, over time, attention economics and token economics will converge. I’ve said before that I believe the biggest memes will evolve into giant monsters with chains, DEXs, branded apps, etc. (think Pepechain). They will gradually increase in utility (just like we saw with NFTs in the last cycle).
But first and foremost, attention is what matters, and that is the only factor I consider when buying a meme. If you can attract enough attention, the whole world will offer you its treasures.
