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Coop
@coopahtroopa.eth
Memecoins are attention currency. It's really easy to get frustrated watching them pump to $1B+ market caps when you're heads down building products, protocols or IP. But it's important to understand the psychology behind why memecoins are attractive and find ways to apply it to whatever you're building.
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eggman 🔵
@eggman.eth
Memecoins are a wonderful capture of market attention, and excess liquidity - but 99.99% of them only serve to return that excess liquidity back to the market in concentrated fashion. They’re a bull market phenomenon - and definitely cannot be compared to builder projects or protocols.
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Coop
@coopahtroopa.eth
For the vast majority of memecoins I totally agree. But take BONK and Bonkbot for example. Or TOSHI and the tools they've been building. I think people drastically underestimate how hard it is to build a successful memecoin and that the energy that could go into product often goes into community (which is essential)
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eggman 🔵
@eggman.eth
Oh yeah, absolutely - some memecoins make the transition to utility-based platforms. Floki is one that stands out in the last bear for me, one of the few I didn't stop hearing about thanks to their lockers and such I'm talking more on the sub-$10mil tokens (99% of em) which have their day and exit.
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anyaa.eth 👒🎩
@annacher
But what’s the use case for BONK? I talked to the team once, and the message was basically that the coin comes first and then comes the use case, I think you can’t compare it to builders
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