Author: redphone Source: X, @redphonecrypto Translation: Shan Ouba, Jinse Finance
By most “token economics” standards, memecoins should be worth roughly $0. However, three memecoins are already in the top 25 ($DOGE, $SHIB, and $PEPE), and that percentage looks set to grow.
So, what’s going on? And how can we objectively determine which memecoins are worth owning?
I’ve been calling my internal framework “Attention Economics”… it focuses on metrics that are harder to quantify than token economics. Specifically, but not limited to:
Audience size : How broad or niche an audience does this meme appeal to? (Man’s best friend, the dog, has a much broader appeal than some obscure inside joke.)
Sustainability : Is this meme a flash in the pan, or is it tied to something that humans care about over the long term? In other words, does it have at least the potential to generate sustained interest over time? Political tokens come to mind. There’s a lot of attention right now, but what happens to the tokens of the losers of an election? What about the winners?
Gender appeal : Related to audience size, can the meme cross gender lines to attract the largest number of holders?
Visualization : Can you easily represent the spirit of the meme with an iconic image? Bonus points if you can combine the visual elements of the meme with a new image (like putting a $WIF hat on Kim Kardashian).
Accessibility : Is there an active group of holders on the coin’s parent chain? If you want to maximize the success of your meme coin, publish it on $SOL.
Category : Is this coin a pioneer, or does it have the potential to create an entirely new category of memecoins (like national coins)?
KOL : Is there anyone exciting (or at least well-known) associated with this coin? For example, Elon Musk x $DOGE or @blknoiz06 x $WIF?
Community : Is the coin’s creator or fans active on social media?
Catalyst : Is there an upcoming news event that could spark more interest in this coin? For example, elections are obvious catalysts for coins like $TRUMP and $BODEN.
Origin : Is there an interesting story, mystery, or intrigue surrounding the origin of this coin? Satoshi and Bitcoin are the ultimate gods here. RSIC•GENESIS•RUNE on BTC is another great example. Did Casey create it?
Geographical : Can the coin appeal to an international audience, or will it be forever tied to a specific jurisdiction?
Vibe : Does the coin have a good vibe? Does it make you laugh? Does it make you want to share it on crypto twitter?
In short, the essence of attention economics is that the ability of a coin to capture attention is more important than other indicators. The greater the ability to capture attention, the greater its potential upside.
There are some very real and identifiable factors that determine how big a coin will grow.
I remember the days when “token economics” seemed really cheesy. It felt too academic, like Wall Street guys in suits trying to enter the clown arena of crypto.
Now, just a few years later, token economics has become widespread and critically scrutinized. Attention economics feels like a new add-on to the token economics arsenal.
Of course, over time, attention economics and token economics will blur. I’ve said before that I believe the largest memecoins will evolve into unrecognizable monsters with their own chains, decentralized exchanges, branded apps, etc. (think Pepechain). They will gradually increase in utility (as we saw with NFTs in the last cycle).
But most importantly, attention is the key to everything, and this is the only thing I consider when buying meme coins. As long as you capture enough attention, the treasures of the world will appear at your feet.
