Note: I’m happy I shared Doginals in the private chat before writing this because sometimes you don’t have the time to go through the diligent research before the ship leaves without you.
Many people struggle to grasp the concept of memecoins and crypto culture in general because “it’s so stupid” and makes no sense. What the market has taught us over the last few years that fundamentals are a small matter of the total value that can drive an asset to astronomical value, GME in 2021 was a prime example of this and was a pre-cursor for the absolute ridiculousness we proceeded to see with DOGE and SHIB that followed afterward.
What has happened is that people started viewing memecoins as a lottery ticket get out of the hell hole but there is more to it. Memecoins are a form of internet culture where people can band together and create memetic value out of nothing. Anybody that is good at identifying culture early will most likely be able to play memecoins well as they will have a natural affinity for where attention could flow to in the future.
Memetic value = Attention
Considering we are living in an attention economy with our dopamine receptors having been consistently fried over the past years, it is no surprise when you compartmentalize it that memetic value can rise to billions in short amount of time.
However, considering how short our attention spans also are nowadays, it is a double edged sword that leads to people getting bored when price doesn’t go up anymore which is also why you see these flash crashes as people rotate onto the next big thing.
So why does this all matter?
Well let’s enter DOGE for a second.